Insolvency of Cedant. (a) In the event of the insolvency of the Cedant, all reinsurance made, ceded, renewed or otherwise becoming effective under this Agreement shall be payable by the Reinsurer on the basis of the liability of the Cedant under the Reinsured Policies reinsured hereunder without diminution because of the insolvency of the Cedant. In the event of insolvency and the appointment of a liquidator, receiver or statutory successor of the Cedant, such payments by the Reinsurer shall be made directly to the Cedant or its liquidator, receiver or statutory successor.
Appears in 4 contracts
Samples: BST Modified Coinsurance Agreement (MML Bay State Variable Life Separate Account I), Modified Coinsurance Agreement (Massachusetts Mutual Variable Life Separate Account I), BST Modified Coinsurance Agreement (MML Bay State Variable Life Separate Account I)
Insolvency of Cedant. (a) In the event of the insolvency of the Cedant, all reinsurance made, ceded, renewed or otherwise becoming effective under this Agreement shall be payable by the Reinsurer to the Cedant, its liquidator, receiver or statutory successor on the basis of the liability of the Cedant under the Reinsured Policies Subject Annuities reinsured hereunder without diminution because of any insolvency, rehabilitation, conservatorship or comparable status of the Cedant, except to the extent this Agreement specifically provides for another payee of such reinsurance in the event of an insolvency of the Cedant. In the event of insolvency and the appointment of a liquidator, receiver or statutory successor of the Cedant, such payments by the Reinsurer shall be made directly to the Cedant or its liquidator, receiver or statutory successor.
Appears in 2 contracts
Samples: Coinsurance Agreement (Jackson Financial Inc.), Coinsurance Agreement (Athene Holding LTD)
