Common use of INSOLVENCY OF THE COMPANY Clause in Contracts

INSOLVENCY OF THE COMPANY. In the event of the insolvency of the Company, all reinsurance payments due under this Agreement will be payable directly to the liquidator, rehabilitator, receiver, or statutory successor of the Company, without diminution because of the insolvency, for those claims allowed against the Company by any court of competent jurisdiction or by the liquidator, rehabilitator, receiver or statutory successor having authority to allow such claims. In the event of insolvency of the Company, the liquidator, rehabilitator, receiver, or statutory successor will give written notice to the Reinsurer of all pending claims against the Company on any policies reinsured within a reasonable time after such claim is filed in the insolvency proceeding. While a claim is pending, the Reinsurer may investigate and interpose, at its own expense, in the proceeding where the claim is adjudicated, any defense or defenses that it may deem available to the Company or its liquidator, rehabilitator, receiver, or statutory successor. The expense incurred by the Reinsurer will be chargeable, subject to court approval, against the Company as part of the expense of liquidation to the extent of a proportionate share of the benefit that may accrue to the Company solely as a result of the defense undertaken by the Reinsurer. Where two or more reinsurers are participating in the same claim and a majority in interest elects to interpose a defense or defenses to any such claim, the expense will be apportioned in accordance with the terms of this Agreement as though such expense had been incurred by the Company. The Reinsurer will be liable only for the amounts reinsured and will not be or become liable for any amounts or reserves to be held by the Company on policies reinsured under this Agreement.

INSOLVENCY OF THE COMPANY. In the event of the insolvency of the Company, all reinsurance payments due under this Agreement will be payable directly to the liquidator, rehabilitator, receiver, or statutory successor of the Company, without diminution because of the insolvency, for those claims allowed against the Company by any court of competent jurisdiction or by the liquidator, rehabilitator, receiver or statutory successor having authority to allow such claims. In the event of insolvency of the Company, the liquidator, rehabilitator, receiver, or statutory successor will give written notice to the Reinsurer of all pending claims against the Company on any policies reinsured within a reasonable time after such claim is filed in the insolvency proceeding. While a claim is pending, the Reinsurer may investigate and interpose, at its own expense, in the proceeding where the claim is adjudicated, any defense or defenses that it may deem available to the Company or its liquidator, rehabilitator, receiver, or statutory successor. The expense incurred by the Reinsurer will be chargeable, subject to court approval, against the Company as part of the expense of liquidation to the extent of a proportionate share of the benefit that may accrue to the Company solely as a result of the defense undertaken by the Reinsurer. Where two or more reinsurers are participating in the same claim and a majority in interest elects elect to interpose a defense or defenses to any such claim, the expense will be apportioned in accordance with the terms of this Agreement as though such expense had been incurred by the Company. The Reinsurer will be liable only for the amounts reinsured and will not be or become liable for any amounts or reserves to be held by the Company on policies reinsured under this Agreement.

INSOLVENCY OF THE COMPANY. In the event of the insolvency of the Company, all reinsurance payments due under this Agreement will the Company by the Reinsurer shall be payable directly to the liquidator, rehabilitator, receiver, or statutory successor of the Company, without diminution because of the insolvency, for those claims allowed against the Company by any court of competent jurisdiction or by the its liquidator, rehabilitator, receiver or statutory successor having authority to allow such claimson the basis of the liability of the Company under the policies reinsured without diminution because of insolvency of the Company. In the event of insolvency of the Company, the liquidator, rehabilitator, receiver, receiver or statutory successor will shall give the Reinsurer written notice to of the Reinsurer pendency of all pending claims against the Company a claim on any policies a policy reinsured within a reasonable time after such the claim is filed in the insolvency solvency proceeding. While a claim is pendingDuring the pendency of the claim, the Reinsurer may investigate and interpose, at its own expensethe claim and, in the a proceeding where the claim is to be adjudicated, the Reinsurer may, at the Reinsurer's own expense, interpose in the name of the Company (its liquidator, receiver or statutory successor) any defense or defenses that it which the Reinsurer may deem available to the Company or its liquidator, rehabilitator, receiver, receiver or statutory successor. The Subject to court approval, the expense thus incurred by the Reinsurer will shall be chargeable, subject to court approval, chargeable against the Company as part of the expense of liquidation to the extent of a the proportionate share of the benefit that which may accrue to the Company solely as a result of the defense undertaken by the Reinsurer. Where two (2) or more reinsurers are participating participate in the same claim and a majority in interest elects elect to interpose a defense or defenses to any such the claim, the expense will shall be apportioned in accordance with the terms of this Agreement the reinsurance agreements as though such if the expense had been incurred by the Company. The Reinsurer will be liable only for the amounts reinsured and will not be or become liable for any amounts or reserves to be held by the Company on policies reinsured under this Agreement.

INSOLVENCY OF THE COMPANY. In the event that the Company is deemed Insolvent, all payments made in accordance with the terms of this Agreement shall be payable by the insolvency of Reinsurer directly to the Company, all reinsurance payments due under this Agreement will be payable directly to the its liquidator, rehabilitator, receiver, receiver or statutory successor of the Companysuccessor, without diminution because of the insolvencyInsolvency of the Company. It is understood, for those claims allowed against however, that in the Company by any court event of competent jurisdiction or by such Insolvency, the liquidator, rehabilitator, receiver or statutory successor having authority to allow such claims. In the event of insolvency of the Company, the liquidator, rehabilitator, receiver, or statutory successor will Company shall give written notice to the Reinsurer of all pending claims the pendency of a claim against the Company on any policies a risk reinsured hereunder within a reasonable time after such claim is filed in the insolvency Insolvency proceeding. While Such notice shall indicate the Policy reinsured and whether the claim could involve a claim is pendingpossible liability on the part of the Reinsurer. During the pendency of such claim, the Reinsurer may investigate such claim and interpose, at its own expense, in the proceeding where the such claim is to be adjudicated, any defense or defenses that it may deem available to the Company or Company, its liquidator, rehabilitator, receiver, receiver or statutory successor. The It is further understood that the expense thus incurred by the Reinsurer will shall be chargeable, subject to court approval, against the Company as part of the expense of liquidation to the extent of a proportionate share of the benefit that may accrue to the Company solely as a result of the defense undertaken by the Reinsurer. Where two or more reinsurers are participating in the same claim and a majority in interest (determined with respect to shares of amount at risk) elects to interpose a defense or defenses to any such claim, the expense will shall be apportioned among the reinsurers in accordance with the terms same proportion that the reinsurers’ net liability bears to the sum of this Agreement as though such expense had been incurred by the Companynet liability of all reinsurers. The Reinsurer will shall be liable only for the amounts reinsured payable under this Agreement and will shall not be or become be, nor become, liable for any amounts or reserves to be held by the Company on policies reinsured under this Agreementthe Policies.

INSOLVENCY OF THE COMPANY. In the event of the insolvency of the Company, all reinsurance payments due under this Agreement will the Company by the Reinsurer shall be payable directly to the liquidator, rehabilitator, receiver, or statutory successor of the Company, without diminution because of the insolvency, for those claims allowed against the Company by any court of competent jurisdiction or by the its liquidator, rehabilitator, receiver or statutory successor having authority to allow such claimson the basis of the liability of the Company under the policies reinsured without diminution because of insolvency of the Company. In the event of insolvency of the Company, the liquidator, rehabilitator, receiver, receiver or statutory successor will shall give the Reinsurer written notice to of the Reinsurer pendency of all pending claims against the Company a claim on any policies a policy reinsured within a reasonable time after such the claim is filed in the insolvency solvency proceeding. While a claim is pendingDuring the pendency of the claim, the Reinsurer may investigate and interpose, at its own expensethe claim and, in the a proceeding where the claim is to be adjudicated, the Reinsurer may, at the Reinsurer's own expense, interpose in the name of the Company (its liquidator, receiver or statutory successor) any defense or defenses that it which the Reinsurer may deem available to the Company or its liquidator, rehabilitator, receiver, receiver or statutory successor. The Subject to court approval, the expense thus incurred by the Reinsurer will shall be chargeable, subject to court approval, chargeable against the Company as part of the expense of liquidation to the extent of a the proportionate share of the benefit that which may accrue to the Company solely as a result of the defense undertaken by the Reinsurer. Where two or more reinsurers are participating participate in the same claim and a majority in interest elects elect to interpose a defense or defenses to any such the claim, the expense will shall be apportioned in accordance with the terms of this Agreement the reinsurance agreements as though such if the expense had been incurred by the Company. The Reinsurer will be liable only for the amounts reinsured and will not be or become liable for any amounts or reserves to be held by the Company on policies reinsured under this Agreement.

INSOLVENCY OF THE COMPANY. In the event of the insolvency of the Company, all reinsurance payments due under this Agreement will be payable directly to the liquidator, rehabilitator, receiver, or statutory successor of the Company, without diminution because of the insolvency, for those claims allowed against the Company by any court of competent jurisdiction or by the liquidator, rehabilitator, receiver or statutory successor having authority to allow such claims. In the event of insolvency of the Company, the liquidator, rehabilitator, receiver, or statutory successor will give written notice to the Reinsurer of all pending claims against the Company on any policies reinsured within a reasonable time after such claim is filed in the insolvency proceeding. While a claim is pending, the Reinsurer may investigate and interpose, at its own expense, in the proceeding where the claim is adjudicated, any defense or defenses that it may deem available to the Company or its liquidator, rehabilitator, receiver, or statutory successor. The expense incurred by the Reinsurer will be chargeable, subject to court approval, against the Company as part of the expense of liquidation to the extent of a proportionate share of the benefit that may accrue to the Company solely as a result of the defense undertaken by the Reinsurer. Where two or more reinsurers are participating in the same claim and a majority in interest elects elect to interpose a defense or defenses to any such claim, the expense will be apportioned in accordance with the terms of this Agreement as though such expense had been incurred by the Company. The Reinsurer will be liable only for the amounts reinsured and will not be or become liable for any amounts or reserves to be held by the Company on policies reinsured under this Agreement.. …END OF ARTICLE XIII

INSOLVENCY OF THE COMPANY. In the event of the insolvency Insolvency of the Company, all reinsurance payments due under payable in accordance with the terms of this Agreement will shall be payable by the Reinsurer directly to the Company, its liquidator, rehabilitator, receiver, receiver or statutory successor of the Companysuccessor, without diminution because of the insolvencyInsolvency of the Company. It is understood, for those claims allowed against however, that in the Company by any court event of competent jurisdiction or by such Insolvency, the liquidator, rehabilitator, receiver or statutory successor having authority to allow such claims. In the event of insolvency of the Company, the liquidator, rehabilitator, receiver, or statutory successor will Company shall give written notice to the Reinsurer of all pending claims the pendency of a claim against the Company on any policies a risk reinsured hereunder within a reasonable time after such claim is filed in the insolvency Insolvency proceeding. While Such notice shall indicate the policy reinsured and whether the claim could involve a claim is pendingpossible liability on the part of the Reinsurer. During the pendency of such claim, the Reinsurer may investigate such claim and interpose, at its own expense, in the proceeding where the such claim is to be adjudicated, any defense or defenses that it may deem available to the Company or Company, its liquidator, rehabilitator, receiver, receiver or statutory successor. The It is further understood that the expense thus incurred by the Reinsurer will shall be chargeable, subject to court approval, against the Company as part of the expense of liquidation to the extent of a proportionate share of the benefit that may accrue to the Company solely as a result of the defense undertaken by the Reinsurer. Where two or more reinsurers are participating in the same claim and a majority in interest elects multiple reinsurers elect to interpose a defense or defenses to any such claim, the expense will shall be apportioned among the reinsurers in accordance with the terms same proportion that the reinsurers' net liability bears to the sum of this Agreement as though such expense had been incurred by the Companynet liability of all reinsurers participating in the defense. The Reinsurer will shall be liable only for the amounts reinsured payable under this Agreement and will shall not be or become be, nor become, liable for any amounts or reserves to be held by the Company on policies reinsured under this Agreementthe Policies.

INSOLVENCY OF THE COMPANY. In the event of the insolvency of the Company, all reinsurance payments due under this Agreement will the Company by the Reinsurer shall be payable directly to the liquidator, rehabilitator, receiver, or statutory successor of the Company, without diminution because of the insolvency, for those claims allowed against the Company by any court of competent jurisdiction or by the its liquidator, rehabilitator, receiver or statutory successor having authority to allow such claimson the basis of the liability of the Company under the policies reinsured without diminution because of insolvency of the Company. In the event of insolvency of the Company, the liquidator, rehabilitator, receiver, receiver or statutory successor will shall give the Reinsurer written notice to of the Reinsurer pendency of all pending claims against the Company a claim on any policies a policy reinsured within a reasonable time after such the claim is filed in the insolvency solvency proceeding. While a claim is pendingDuring the pendency of the claim, the Reinsurer may investigate and interpose, at its own expensethe claim and, in the a proceeding where the claim is to be adjudicated, the Reinsurer may, at the Reinsurer's own expense, interpose in the name of the Company (its liquidator, receiver or statutory successor) any defense or defenses that it which the Reinsurer may deem available to the Company or its liquidator, rehabilitator, receiver, receiver or statutory successor. The Subject to the court approval, the expense thus incurred by the Reinsurer will shall be chargeable, subject to court approval, chargeable against the Company as part of the expense of liquidation to the extent of a the proportionate share of the benefit that which may accrue to the Company solely as a result of the defense undertaken by the Reinsurer. Where two (2) or more reinsurers are participating participate in the same claim and a majority in interest elects elect to interpose a defense or defenses to any such the claim, the expense will shall be apportioned in accordance with the terms of this Agreement the reinsurance agreements as though such if the expense had been incurred by the Company. The Reinsurer will be liable only for the amounts reinsured and will not be or become liable for any amounts or reserves to be held by the Company on policies reinsured under this Agreement.

INSOLVENCY OF THE COMPANY. In the event of the insolvency of the Company, all reinsurance payments due under this Agreement will be payable directly to Company and the appointment of a liquidator, rehabilitator, receiver, conservator or statutory successor successor, the reinsurance provided hereunder shall be payable immediately upon demand, with reasonable provision for verification, on the basis of the Company, without diminution because liability of the insolvency, for those Company on the basis of claims allowed against the Company by any court of competent jurisdiction or by the any liquidator, rehabilitatorreceiver, receiver conservator or statutory successor having authority to allow such claims, without diminution because of such insolvency or because such liquidator, receiver, conservator or statutory successor has failed to pay all or a portion of any claims. Payment by the Reinsurer shall be made directly to the Company or to its liquidator, receiver, conservator or statutory successor, except where this Agreement specifies another payee in the event of the insolvency of the Company, and the Reinsurer with the consent of the direct insureds has assumed such policy obligations of the Company as its direct obligations to the payees under such policies, in substitution for the obligations of the Company to such payees. In the event of the insolvency of the Company, the liquidatorliquidators, rehabilitatorreceivers, receiver, conservator or statutory successor will of the Company shall give written notice to the Reinsurer of all pending claims the pendency of a claim against the insolvent Company on any the policy or policies reinsured within a reasonable time after such claim is filed in the insolvency proceeding. While a During the pendency of such claim is pending, the Reinsurer may investigate such claim and interpose, at its own expense, in the proceeding where the such claim is adjudicated, to be adjudicated any defense or defenses that which it may deem available to the Company or its liquidator, rehabilitator, receiver, conservator or statutory successor. The Such expense incurred by the Reinsurer will shall be chargeable, chargeable subject to court approval, approval against the insolvent Company as part of the expense of liquidation to the extent of a proportionate share of the benefit that which may accrue to the Company solely as a result of the defense undertaken by the Reinsurer. Where two or more reinsurers are participating in the same claim and a majority in interest elects to interpose a defense or defenses to any such claim, the expense will be apportioned in accordance with the terms of this Agreement as though such expense had been incurred by the Company. The Reinsurer will be liable only for the amounts reinsured and will not be or become liable for any amounts or reserves to be held by the Company on policies reinsured under this Agreement.

INSOLVENCY OF THE COMPANY. In the event of the insolvency of the Company, all reinsurance payments due under this Agreement will the Company by the Reinsurer shall be payable directly to the liquidator, rehabilitator, receiver, or statutory successor of the Company, without diminution because of the insolvency, for those claims allowed against the Company by any court of competent jurisdiction or by the its liquidator, rehabilitator, receiver or statutory successor having authority to allow such claimson the basis of the liability of the Company under the policies reinsured without diminution because of insolvency of the Company. In the event of insolvency of the Company, the liquidator, rehabilitator, receiver, receiver or statutory successor will shall give the Reinsurer written notice to of the Reinsurer pendency of all pending claims against the Company a claim on any policies a policy reinsured within a reasonable time after such the claim is filed in the insolvency solvency proceeding. While a claim is pendingDuring the pendency of the claim, the Reinsurer may investigate and interpose, at its own expensethe claim and, in the a proceeding where the claim is to be adjudicated, the Reinsurer may, at the Reinsurers own expense, interpose in the name of the Company (its liquidator, receiver or statutory successor) any defense or defenses that it which the Reinsurer may deem available to the Company or its liquidator, rehabilitator, receiver, receiver or statutory successor. The Subject to court approval, the expense thus incurred by the Reinsurer will shall be chargeable, subject to court approval, chargeable against the Company as part of the expense of liquidation to the extent of a the proportionate share of the benefit that which may accrue to the Company solely as a result of the defense undertaken by the Reinsurer. Where two (2) or more reinsurers are participating participate in the same claim and a majority in interest elects elect to interpose a defense or defenses to any such the claim, the expense will shall be apportioned in accordance with the terms of this Agreement the reinsurance agreements as though such if the expense had been incurred by the Company. The Reinsurer will be liable only for the amounts reinsured and will not be or become liable for any amounts or reserves to be held by the Company on policies reinsured under this Agreement.

INSOLVENCY OF THE COMPANY. In the event of the insolvency of the Company, all reinsurance payments due under this Agreement the Company by the Reinsurer will be payable directly to the liquidator, rehabilitator, receiver, or statutory successor of the Company, without diminution because of the insolvency, for those claims payments allowed against the Company by any court of competent jurisdiction or by the liquidator, rehabilitator, receiver or statutory successor having authority to allow such claims. The Reinsurer will be liable only for the amounts reinsured and will not be or become liable for any amounts or reserves to be held by the Company on policies reinsured under this Agreement. In the event of the insolvency of the Company, the liquidator, rehabilitator, receiver, or statutory successor will give written notice to the Reinsurer of all a pending claims claim against the Company on any policies policy reinsured hereunder within a reasonable time after such claim is filed in the insolvency proceeding. While During the pendency of a claim is pendingclaim, the Reinsurer may investigate and interposethe claim and, in a proceeding where the claim is to be adjudicated, the Reinsurer may, at its own expense, interpose in the proceeding where the claim is adjudicated, proceedings any defense or defenses that it may deem available to the Company or its liquidator, rehabilitator, receiver, or statutory successor. The Subject to court approval, the expense incurred by the Reinsurer will be chargeable, subject to court approval, chargeable against the Company as part of the expense of liquidation to the extent of a the proportionate share of the benefit that may accrue to the Company solely as a result of the defense undertaken by the Reinsurer. Where two or more reinsurers are participating in the same claim and a majority in interest elects to interpose a defense or defenses to any such claim, the expense will be apportioned in accordance with the terms of this Agreement the reinsurance agreements as though such expense had been incurred by the Company. The Reinsurer will be liable only for the amounts reinsured and will not be or become liable for any amounts or reserves to be held by the Company on policies reinsured under this Agreement.

INSOLVENCY OF THE COMPANY. In the event of the insolvency of the Company, all reinsurance payments due under this Agreement will be payable directly to the liquidator, rehabilitator, receiver, or statutory successor of the Company, without diminution because of the insolvency, for those claims allowed against the Company by any court of competent jurisdiction or by the liquidator, rehabilitator, receiver or statutory successor having authority to allow such claims. In the event of insolvency Insolvency of the Company, the liquidator, rehabilitator, receiver, or statutory successor will give written notice to the Reinsurer of all pending claims against the Company on any policies reinsured within a reasonable time after such claim is filed in the insolvency Insolvency proceeding. While a claim is pending, the Reinsurer may investigate and interpose, at its own expense, in the proceeding where the claim is adjudicated, any defense or defenses that it may deem available to the Company or its liquidator, rehabilitator, receiver, or statutory successor. The expense incurred by the Reinsurer will be chargeable, subject to court approval, against the Company as part of the expense of liquidation to the extent of a proportionate share of the benefit that may accrue to the Company solely as a result of the defense undertaken by the Reinsurer. Where two or more reinsurers are participating in the same claim and a majority in interest elects to interpose a defense or defenses to any such claim, the expense will be apportioned in accordance with the terms of this Agreement as though such expense had been incurred by the Company. The Reinsurer will be liable only for the amounts reinsured and will not be or become liable for any amounts or reserves to be held by the Company on policies reinsured under this Agreement.

INSOLVENCY OF THE COMPANY. In the event of the insolvency of the Company, all reinsurance payments due under this Agreement will the Company by the Reinsurer shall be payable directly to the liquidator, rehabilitator, receiver, or statutory successor of the Company, without diminution because of the insolvency, for those claims allowed against the Company by any court of competent jurisdiction or by the its liquidator, rehabilitator, receiver or statutory successor having authority to allow such claimson the basis of the liability of the Company under the policies reinsured without diminution because of insolvency of the Company. In the event of insolvency of the Company, the liquidator, rehabilitator, receiver, receiver or statutory successor will shall give the Reinsurer written notice to of the Reinsurer pendency of all pending claims against the Company a claim on any policies a policy reinsured within a reasonable time after such the claim is filed in the insolvency solvency proceeding. While a claim is pendingDuring the pendency of the claim, the Reinsurer may investigate and interpose, at its own expensethe claim and, in the a proceeding where the claim is to be adjudicated, the Reinsurer may, at the Reinsurer's own expense, interpose in the name of the Company, its liquidator, receiver or statutory successor, any defense or defenses that it which the Reinsurer may deem available to the Company or its liquidator, rehabilitator, receiver, receiver or statutory successor. The Subject to court approval, the expense thus incurred by the Reinsurer will shall be chargeable, subject to court approval, chargeable against the Company as part of the expense of liquidation to the extent of a the proportionate share of the benefit that which may accrue to the Company solely as a result of the defense undertaken by the Reinsurer. Where two (2) or more reinsurers are participating participate in the same claim and a majority in interest elects to interpose a defense or defenses to any such the claim, the expense will shall be apportioned in accordance with the terms of this Agreement the reinsurance agreements as though such if the expense had been incurred by the Company. The Reinsurer will be liable only for the amounts reinsured and will not be or become liable for any amounts or reserves to be held by the Company on policies reinsured under this Agreement.