Common use of Insolvency of the Ceding Company Clause in Contracts

Insolvency of the Ceding Company. (a) In the event the Ceding Company has entered into or has otherwise become subject to an order of supervision, rehabilitation, liquidation or other proceeding that is in substance the same type of proceeding as the aforementioned, but conducted under a different name, whether involuntary or otherwise, this reinsurance shall be payable directly to the Ceding Company or to its liquidator, rehabilitator, receiver or statutory successor on the basis of liability of the Ceding Company, without diminution by reason of the insolvency of the Ceding Company or because the liquidator, rehabilitator, receiver or statutory successor of the Ceding Company has failed to pay all or a portion of any claim. It is agreed, however, that the liquidator, receiver or statutory successor of the Ceding Company shall give written notice of the pendency of a claim against the Ceding Company on the Covered Insurance Policy within a reasonable time after such claim is filed in the insolvency proceeding. It is further agreed that during the pendency of such claim the Reinsurer may investigate such claim and interpose, at its own expense, in the proceeding where such claim is to be adjudicated, any defenses which it deems available to the Ceding Company, its liquidator, receiver or statutory successor. Such expense shall be chargeable, subject to court approval, against the Ceding Company as part of the expense of liquidation to the extent of a proportionate share of the benefit which may accrue to the Ceding Company solely as a result of the defense undertaken by the Reinsurer.

Insolvency of the Ceding Company. (a) In the event of the insolvency of the Ceding Company has entered into Company, all reinsurance made, ceded, renewed or has otherwise become subject becoming effective under this Agreement with respect to an order of supervision, rehabilitation, liquidation or other proceeding that is in substance the same type of proceeding as the aforementioned, but conducted under a different name, whether involuntary or otherwise, this reinsurance Reinsured Liabilities shall be payable by the Reinsurer directly to the Ceding Company or to its statutory liquidator, rehabilitator, receiver or statutory successor or directly to the owners, policyholders or beneficiaries entitled to receive payment under the Covered Insurance Policies (a “Payee”) on the basis of liability the Liability of the Ceding Company, Company under the Covered Insurance Policies without diminution by reason because of the insolvency of the Ceding Company or because the liquidator, rehabilitator, receiver or statutory successor of the Ceding Company has failed to pay all or a portion of any claimCompany. It is agreedunderstood, however, that in the event of the insolvency of the Ceding Company, the liquidator, receiver or statutory successor of the Ceding Company shall give written notice of the pendency of a Reinsured Liability claim against the Ceding Company on the a Covered Insurance Policy within a reasonable period of time after such claim is filed in the insolvency proceeding. It is further agreed proceedings and that during the pendency of such claim the Reinsurer may investigate such claim and interpose, at its own expense, in the proceeding where such claim is to be adjudicated, any defense or defenses which that it deems may deem available to the Ceding Company, Company or its liquidator, receiver or statutory successor. Such It is further understood that the expense thus incurred by the Reinsurer shall be chargeable, subject to court approvalapplicable Law, against the Ceding Company as part of the expense of liquidation to the extent of a proportionate share of the benefit which that may accrue to the Ceding Company solely as a result of the defense undertaken by the Reinsurer.

Insolvency of the Ceding Company. (a) In the event of the insolvency of the Ceding Company has entered into Company, all reinsurance made, ceded, renewed or has otherwise become subject to an order of supervision, rehabilitation, liquidation or other proceeding that is in substance the same type of proceeding as the aforementioned, but conducted becoming effective under a different name, whether involuntary or otherwise, this reinsurance Agreement shall be payable by the Reinsurer directly to the Ceding Company or to its statutory liquidator, rehabilitator, receiver or statutory successor on the basis of the liability of the Ceding Company, Company under the Reinsured Contracts without diminution by reason because of the insolvency of the Ceding Company or because the liquidator, rehabilitator, receiver or statutory successor of the Ceding Company has failed to pay all or a portion of any claimCompany. (b) It is agreedunderstood, however, that in the event of such an insolvency of the Ceding Company, the liquidator, receiver or statutory successor of the Ceding Company shall give written notice of the pendency of a claim against the Ceding Company on the Covered Insurance Policy a Reinsured Contract within a reasonable period of time after such claim is filed in the applicable insolvency proceeding. It is further agreed proceedings and that during the pendency of such claim the Reinsurer may investigate such claim and interpose, at its own expense, in the proceeding where such claim is to be adjudicated, any defense or defenses which it deems may deem available to the Ceding Company, Company or its liquidator, receiver or statutory successor. Such It is further understood that the expense shall thus incurred by the Reinsurer will be chargeable, subject to Applicable Law and court approval, against the Ceding Company as part of the expense of liquidation to the extent of a proportionate share of the benefit which may accrue to the Ceding Company solely as a result of the defense undertaken by the Reinsurer.. (c) In the event of the insolvency of the Ceding Company, subject to Applicable Law, the Reinsurer shall pay any amounts otherwise due and payable by the Reinsurer to the

Insolvency of the Ceding Company. (a) In Subject to Section 6.1(a), in the event of the insolvency of the Ceding Company has entered into Company, all reinsurance made, ceded, renewed or has otherwise become subject becoming effective under this Agreement with respect to an order of supervision, rehabilitation, liquidation or other proceeding that is in substance the same type of proceeding as the aforementioned, but conducted under a different name, whether involuntary or otherwise, this reinsurance General Account Liabilities shall be payable by the Reinsurer directly to the Ceding Company or to its statutory liquidator, rehabilitator, receiver or statutory successor on the basis of liability the Liability of the Ceding Company, Company under the Covered Insurance Policies without diminution by reason because of the insolvency of the Ceding Company or because the liquidator, rehabilitator, receiver or statutory successor of the Ceding Company has failed to pay all or a portion of any claimCompany. It is agreedunderstood, however, that in the event of the insolvency of the Ceding Company, the liquidator, receiver or statutory successor of the Ceding Company shall give written notice of the pendency of a General Account Liability claim against the Ceding Company on the a Covered Insurance Policy within a reasonable period of time after such claim is filed in the insolvency proceeding. It is further agreed proceedings and that during the pendency of such claim the Reinsurer may investigate such claim and interpose, at its own expense, in the proceeding where such claim is to be adjudicated, any defense or defenses which it deems may deem available to the Ceding Company, Company or its liquidator, receiver or statutory successor. Such It is further understood that the expense thus incurred by the Reinsurer shall be chargeable, subject to court approvalApplicable Law, against the Ceding Company as part of the expense of liquidation to the extent of a proportionate share of the benefit which may accrue to the Ceding Company solely as a result of the defense undertaken by the Reinsurer.