FORMS, MANUAL, ISSUE RULES AND CLAIMS PRACTICES. The Ceding Company affirms that it has supplied the Reinsurer with the underwriting guidelines, issue rules and policy forms in use as of the Effective Date of this Agreement for the policies reinsured hereunder. Further, the Ceding Company affirms that it follows claims handling practices and procedures which are standard and customary to the life insurance industry. The Ceding Company will promptly notify the Reinsurer of any proposed Material Changes in its underwriting guidelines, issue rules, policy forms and claims practices and procedures. This Agreement will not extend to policies issued pursuant to a Material Change unless the Reinsurer has consented in writing to accept policies subject to the Material Change. It is the Ceding Company’s responsibility to ensure that its practice and applicable forms are in compliance with current Medical Information Bureau (MIB) guidelines.
FORMS, MANUAL, ISSUE RULES AND CLAIMS PRACTICES. The Ceding Company affirms that it has supplied the Reinsurer with the underwriting guidelines, issue rules, reinstatement rules policy forms in use as of the Effective Date of this Agreement for the policies reinsured hereunder. Further, the Ceding Company affirms that it follows claims handling practices and procedures which are standard and customary to the life insurance industry. The Ceding Company will promptly notify the Reinsurer of any proposed Material Changes in its underwriting guidelines, issue rules, reinstatement rules, policy forms and claims practices and procedures. This Agreement will not extend to policies issued pursuant to a Material Change unless the Reinsurer has consented in writing to accept policies subject to the Material Change. In the event that the Reinsurer does not respond within thirty (30) days, the Reinsurer shall be deemed to have accepted such proposed change. It is the Ceding Company’s responsibility to ensure that its practice and applicable forms are in compliance with current Medical Information Bureau (MIB) guidelines.
FORMS, MANUAL, ISSUE RULES AND CLAIMS PRACTICES. The Ceding Company affirms that its underwriting guidelines, issue rules, policy forms and claims practices and procedures applicable to the reinsured policies and in use as of the Effective Date of this Agreement, have been supplied to the Reinsurer. The Ceding Company will promptly notify the Reinsurer of any proposed Material Changes in its underwriting guidelines, issue rules, policy forms and claims practices and procedures. This Agreement will not extend to policies issued pursuant to a Material Change unless the Reinsurer has consented in writing to accept policies subject to the Material Change. It is the Ceding Company's responsibility to ensure that its practice and applicable forms are in compliance with current Medical Information Bureau (MIB) guidelines.
FORMS, MANUAL, ISSUE RULES AND CLAIMS PRACTICES. The Ceding Company affirms that it has supplied the Reinsurer with the underwriting guidelines, issue rules, reinstatement rules, policy forms and Proxy Economic Reserves factors in use as of the Effective Date of this Agreement for the policies reinsured hereunder or will supply them to the Reinsurer, upon request, within five (5) business days. Further, the Ceding Company affirms that it follows claims handling practices and procedures which are standard and customary to the life insurance industry. The Ceding Company will promptly notify the Reinsurer in writing of any proposed Material Changes in its underwriting guidelines, issue rules, reinstatement rules, policy forms, Proxy Economic Reserves factors and claims practices and procedures. The Reinsurer will in turn respond in writing within fifteen (15) business days following receipt of written notice of such requested changes. If the Reinsurer fails to advise in writing at the end of the fifteen (15) business day review period, whether it approves or rejects the proposed change, the Reinsurer will be deemed to have automatically approved the changes on the basis that the Ceding Company requested. If the Reinsurer appropriately responds in writing at the end of the fifteen (15) business day review period, but rejects the proposed changes, the Reinsurer shall have liability with respect to the policy issued pursuant to such changes only if the policy would have been issued and reinsured under the terms of this Agreement in the absence of such change. If such policy is issued, the Reinsurer’s liability will correspond to that which exists absent the change. If the Ceding Company does not provide the Reinsurer with the appropriate written notice of such Material Changes, the Reinsurer shall have no liability with respect to the policies issued pursuant to such changes. It is the Ceding Company’s responsibility to ensure that its practice and applicable forms are in compliance with current Medical Information Bureau (MIB) guidelines.
