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 made, ceded, renewed or otherwise becoming effective under this Agreement shall be payable by the Reinsurer directly to the Company or to its statutory liquidator, receiver or statutory successor on the basis of the liability of the Company under the Covered Insurance Contracts without diminution because of the insolvency of the Company. It is understood, however, that in the event of the insolvency of the Company, the liquidator, receiver or statutory successor of the Company shall give written notice of the pendency of a claim against the Company on a Covered Insurance Contract within a reasonable period of time after such claim is filed in the insolvency 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 may deem available to the Company or its liquidator, receiver or statutory successor. It is further understood that the expense thus incurred by the Reinsurer 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 which may accrue to the Company solely as a result of the defense undertaken by the Reinsurer.

INSOLVENCY OF THE COMPANY. In the event of the insolvency of the Company, all the reinsurance made, ceded, renewed or otherwise becoming effective under this Agreement shall proceeds will be payable by the Reinsurer directly paid to the Company or to its statutory the liquidator, receiver or statutory successor with reasonable provision for verification, on the basis of the liability claim allowed in the insolvency proceeding without diminution by reason of the inability of the Company under to pay all or part of the Covered Insurance Contracts without diminution because claim, except as otherwise specified in the statutes of any state having jurisdiction of the insolvency proceedings or except where the Agreement, or other written agreement, specifically provides another payee of the Company. It is understood, however, that such reinsurance in the event of the insolvency of the Company, the liquidator, receiver or statutory successor of the Company insolvency. The Reinsurer shall give be given written notice of the pendency of a each claim against the Company on a Covered Insurance Contract the policy(ies) reinsured hereunder within a reasonable period of time after such claim is filed in the insolvency proceedings and that during proceedings. The Reinsurer shall have the pendency of such claim the Reinsurer may right to investigate each such claim and to interpose, at its own expense, in the proceeding where such claim is to be adjudicated, any defense or defenses which it may deem available to the Company or its liquidator, receiver or statutory successor. It is further understood that the The expense thus incurred by the Reinsurer shall be chargeable, subject to court approval, against the insolvent Company as part of the expense of liquidation to the extent of a proportionate share of the benefit which may accrue to the Company solely as a result of the defense undertaken by the Reinsurer.

INSOLVENCY OF THE COMPANY. In the event of the insolvency of the Company, all reinsurance coinsurance made, ceded, renewed or otherwise becoming effective under this Agreement shall be payable by the Reinsurer directly to the Company or to its statutory liquidator, receiver or statutory successor on the basis of the liability of the Company under the Covered Insurance Contracts without diminution because of the insolvency of the Company. It is understood, however, that in the event of the insolvency of the Company, the liquidator, receiver or statutory successor of the Company shall give written notice of the pendency of a claim against the Company on a Covered Insurance Contract within a reasonable period of time after such claim is filed in the insolvency 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 may deem available to the Company or its liquidator, receiver or statutory successor. It is further understood that the expense thus incurred by the Reinsurer 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 which may accrue to the Company solely as a result of the defense undertaken by the Reinsurer.

INSOLVENCY OF THE COMPANY. In the event of the insolvency of the Company, all reinsurance coinsurance made, cededretroceded, renewed or otherwise becoming effective under this Agreement shall be payable by the Reinsurer Retrocessionaire directly to the Company or to its statutory liquidator, receiver or statutory successor on the basis of the liability of the Company under the Covered Insurance Contracts Treaties without diminution because of the insolvency of the Company. It is understood, however, that in the event of the insolvency of the Company, the liquidator, liquidator or receiver or statutory successor of the Company shall give written notice of the pendency of a claim against the Company on a Covered Insurance Contract Treaty within a reasonable period of time after such claim is filed in the insolvency proceedings and that during the pendency of such claim the Reinsurer Retrocessionaire may investigate such claim and interpose, at its own expense, in the proceeding where such claim is to be adjudicated, adjudicated any defense or defenses which it may deem available to the Company or its liquidator, liquidator or receiver or statutory successor. It is further understood that the expense thus incurred by the Reinsurer Retrocessionaire 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 which may accrue to the Company solely as a result of the defense undertaken by the ReinsurerRetrocessionaire.

INSOLVENCY OF THE COMPANY. In the event of the insolvency of the Company, all reinsurance coinsurance made, cededretroceded, renewed or otherwise becoming effective under this Agreement shall be payable by the Reinsurer Retrocessionaire directly to the Company or to its statutory liquidator, receiver or statutory successor on the basis of the liability of the Company under the Covered Insurance Contracts Treaties without diminution because of the insolvency of the Company. It is understood, however, that in the event of the insolvency of the Company, the liquidator, liquidator or receiver or statutory successor of the Company shall give written notice of the pendency of a claim against the A-41 Company on a Covered Insurance Contract Treaty within a reasonable period of time after such claim is filed in the insolvency proceedings and that during the pendency of such claim the Reinsurer Retrocessionaire may investigate such claim and interpose, at its own expense, in the proceeding where such claim is to be adjudicated, adjudicated any defense or defenses which it may deem available to the Company or its liquidator, liquidator or receiver or statutory successor. It is further understood that the expense thus incurred by the Reinsurer Retrocessionaire 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 which may accrue to the Company solely as a result of the defense undertaken by the ReinsurerRetrocessionaire.

INSOLVENCY OF THE COMPANY. In the event of the insolvency of the Company, all reinsurance coinsurance made, ceded, renewed or otherwise becoming effective under this Agreement shall be payable by the Reinsurer directly to the Company or to its statutory liquidator, receiver or statutory successor on the basis of the liability of the Company under the Covered Insurance Contracts without diminution because of the insolvency of the Company. It is understood, however, that in the event of the insolvency of the Company, the liquidator, receiver or statutory successor of the Company shall give written notice of the pendency of a claim against the Company on a Covered Insurance Contract within a reasonable period of time after such claim is filed in the insolvency 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 may deem available to the Company or its liquidator, receiver or statutory successor. It is further understood that the expense thus incurred by the Reinsurer 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 which that may accrue to the Company solely as a result of the defense undertaken by the Reinsurer.