Common use of FAILURE TO PAY REINSURANCE PREMIUMS Clause in Contracts

FAILURE TO PAY REINSURANCE PREMIUMS. If the reinsurance premiums are 60 days past due, for reasons other than those due to error or omission as defined below in Article 18, the premiums will be considered in default and the Reinsurer may terminate the reinsurance upon 30 days' prior written notice to the Ceding Company; provided, however, that the termination shall be of no force and effect if the Ceding Company cures the default within said 30 day period. The Reinsurer will have no further liability as of the termination date. The Ceding Company will be liable for the prorated reinsurance premiums to the termination date. The Ceding Company agrees that it will not force termination under the provisions of this paragraph to avoid the recapture requirements or to transfer the block of business reinsured to another reinsurer.

FAILURE TO PAY REINSURANCE PREMIUMS. If the reinsurance premiums are 60 days past due, for reasons other than those due to error or omission as defined below in Article 1819, the premiums will be considered in default and the Reinsurer may terminate the reinsurance upon 30 days' ’ prior written notice to the Ceding Company; provided, however, that the termination shall be of no force and effect if the Ceding Company cures the default within said 30 day period. The Reinsurer will have no further liability as of the termination date. The Ceding Company will be liable for the prorated reinsurance premiums to the termination date. The Ceding Company agrees that it will not force termination under the provisions of this paragraph to avoid the recapture requirements or to transfer the block of business reinsured to another reinsurer.

FAILURE TO PAY REINSURANCE PREMIUMS. If the reinsurance premiums are 60 days past due, for reasons other than those due to error or omission as defined below in Article 1819, the premiums will be considered in default and the Reinsurer may terminate the reinsurance upon 30 days' prior written notice to the Ceding Company; provided, however, that the termination shall be of no force and effect if the Ceding Company cures the default within said 30 day period. The Reinsurer will have no further liability as of the termination date. The Ceding Company will be liable for the prorated reinsurance premiums to the termination date. The Ceding Company agrees that it will not force termination under the provisions of this paragraph to avoid the recapture requirements or to transfer the block of business reinsured to another reinsurer.

FAILURE TO PAY REINSURANCE PREMIUMS. If the reinsurance premiums are 60 days past due, for reasons other than those due to error or omission as defined below in Article 1817, the premiums will be considered in default and the Reinsurer may terminate the reinsurance upon 30 days' prior written notice to the Ceding Company; provided, however, that the termination shall be of no force and effect if the Ceding Company cures the default within said 30 day period. The Reinsurer will have no further liability as of the termination date. The Ceding Company will be liable for the prorated reinsurance premiums to the termination date. The Ceding Company agrees that it will not force termination under the provisions of this paragraph to avoid the recapture requirements or to transfer the block of business reinsured to another reinsurer.