Common use of Insolvency of the Reinsured Clause in Contracts

Insolvency of the Reinsured. In the event of the declared insolvency of the Reinsured, and the appointment of a domiciliary liquidator, receiver, conservator or statutory successor for the Reinsured, this reinsurance shall be payable immediately upon demand, with reasonable provision for verification, directly to the Reinsured or its domiciliary liquidator, receiver, conservator or statutory successor, on the basis of the liability of the Reinsured as a result of claims allowed against the Reinsured by any court of competent jurisdiction or any liquidator, receiver, conservator or statutory successor having authority to allow such claims without diminution because of the insolvency of the Reinsured or because the liquidator, receiver, conservator or statutory successor of the Reinsured has failed to pay all or a portion of any claim. Every liquidator, receiver, conservator or statutory successor of the Reinsured or guaranty fund or association shall give written notice to the Reinsurer of the pendency of a claim involving the Reinsured indicating which of the policies would involve possible liability on the part of the Reinsurer to the Reinsured or its domiciliary liquidator, receiver, conservator or statutory successor, within a reasonable amount of time after the claim is filed in the conservation, liquidation, receivership or other proceeding. During the pendency of any claim, the Reinsurer may investigate the same and interpose, at its own expense, in the proceeding where that claim is to be adjudicated, any defense or defenses that it may deem available to the Reinsured, to its policyholder, or to any liquidator, receiver or statutory successor of the Reinsured or guaranty fund or association. The expenses thus incurred by the Reinsurer will be chargeable, subject to approval of the applicable court, against the Reinsured as part of the expense on conservation or liquidation to the extent of a pro rata share of the benefit which may accrue to the Reinsured as a result of the defense undertaken by the Reinsurer. This reinsurance shall be payable directly by the Reinsurer to the Reinsured or to its domiciliary liquidator, receiver, conservator or statutory successor, except as expressly required otherwise by applicable insurance law.

Insolvency of the Reinsured. In The Reinsurer shall be liable only for the event of amounts reinsured and shall not be or become liable for any amounts or reserves to be held by the declared insolvency of Reinsured on policies reinsured under this Agreement. All reinsurance under this Agreement shall be payable by the Reinsurer directly to the Reinsured, and the appointment of a domiciliary its liquidator, receiver, conservator or statutory successor for the Reinsured, this reinsurance shall be payable immediately upon demand, with reasonable provision for verification, directly to the Reinsured or its domiciliary liquidator, receiver, conservator receiver or statutory successor, on the basis of the liability of the Reinsured as a result of claims allowed against under the Reinsured by any court of competent jurisdiction policy or any liquidator, receiver, conservator or statutory successor having authority to allow such claims policies reinsured without diminution because of the insolvency of the Reinsured Reinsured. It is understood, however, that in the event of such insolvency, the liquidator or because the liquidator, receiver, conservator receiver or statutory successor of the Reinsured has failed to pay all or a portion of any claim. Every liquidator, receiver, conservator or statutory successor of the Reinsured or guaranty fund or association shall give written notice to the Reinsurer of the pendency of a claim involving against the Reinsured indicating which of the policies would involve possible liability on the part of the Reinsurer to the Reinsured or its domiciliary liquidator, receiver, conservator or statutory successor, policy reinsured within a reasonable amount of time after the such claim is filed in the conservationinsolvency proceedings, liquidation, receivership or other proceeding. During and that during the pendency of any claim, such claim the Reinsurer may investigate the same such claim, and interpose, at its own expense, in the proceeding proceedings where that such claim is to be adjudicated, any defense or defenses that which it may deem available to the Reinsured, to Reinsured or its policyholder, liquidator or to any liquidator, receiver or statutory successor of successor. It is further understood that the Reinsured or guaranty fund or association. The expenses expense thus incurred by the Reinsurer will shall be chargeable, subject to approval of the applicable courtcourt approval, against again the Reinsured as part of the expense on conservation or of liquidation to the extent of a pro rata proportionate share of the benefit which may accrue to the Reinsured solely as a result of the defense undertaken by the Reinsurer. This reinsurance Where two or more reinsurers are involved in the same claim and a majority in interest elect to interpose defense to such claim, the expense shall be payable directly apportioned in accordance with the terms of the reinsurance agreement as though such expense had been incurred by the Reinsurer to the Reinsured or to its domiciliary liquidator, receiver, conservator or statutory successor, except as expressly required otherwise by applicable insurance lawReinsured.

Insolvency of the Reinsured. In the event of the declared insolvency of the Reinsured, and the appointment of a domiciliary liquidator, receiver, conservator or statutory successor for the Reinsured, Amounts due under this reinsurance Agreement shall be payable immediately upon demand, with reasonable provision for verification, directly to by the Reinsured or its domiciliary liquidator, receiver, conservator or statutory successor, Reinsurer on the basis of the liability of the Reinsured as a result of claims allowed against under the Reinsured by any court of competent jurisdiction or any liquidator, receiver, conservator or statutory successor having authority to allow such claims Policies without diminution because of the insolvency of the Reinsured Reinsured. In the event of the insolvency of the Reinsured, the Liquidator or because the liquidator, receiver, conservator Receiver or statutory successor Statutory Successor of the Reinsured has failed to pay all or a portion of any claim. Every liquidator, receiver, conservator or statutory successor of the Reinsured or guaranty fund or association shall give written notice to the Reinsurer of the pendency of a any claim involving against the insolvent Reinsured indicating which of the policies would involve possible liability on the part Policies within a reasonable time after such claim is filed in the insolvency proceedings. During the pendency of such claim the Reinsurer may investigate such claim and intervene, at their own expense, in the proceedings where such claim is to be adjudicated and interpose any defense or defenses which they may deem available to the Reinsured or its domiciliary liquidator, receiver, conservator Liquidator or statutory successor, within a reasonable amount of time after the claim is filed in the conservation, liquidation, receivership Receiver or other proceeding. During the pendency of any claim, the Reinsurer may investigate the same and interpose, at its own expense, in the proceeding where that claim is to be adjudicated, any defense or defenses that it may deem available to the Reinsured, to its policyholder, or to any liquidator, receiver or statutory successor of the Reinsured or guaranty fund or associationStatutory Successor. The expenses expense thus incurred by the Reinsurer will shall be chargeable, subject to approval of the applicable courtcourt approval, against the insolvent Reinsured as part of the expense on conservation or of liquidation to the extent of a pro rata proportionate share of the benefit which may accrue to the Reinsured solely as a result of the defense so undertaken by the Reinsurer. This reinsurance When two or more Reinsurers are involved in the same claim and a majority in interest elect to investigate the claim and/or to interpose defense to such claim, the expense shall be apportioned in accordance with the terms of the above paragraph as though such expense had been incurred by the Reinsured. In the event of the insolvency of the Reinsured, the amounts due to the Reinsured under this Agreement shall be payable directly by the Reinsurer directly to the Reinsured or to its domiciliary liquidatorLiquidator, receiver, conservator Receiver or statutory successorStatutory Successor, except (a) where the Agreement specifically nominates another payee of such reinsurance in the event of the insolvency of the Reinsured and (b) where the Reinsurer, with the consent of the Reinsured's original insureds or reinsured, has assumed such policy obligations of the Reinsured as expressly required otherwise by applicable insurance lawdirect obligations of the Reinsurer to the payees under such risks and in substitution for the obligations of the Reinsured to such payees.

Insolvency of the Reinsured. In the event of the declared insolvency of the Reinsured, and the appointment of a domiciliary liquidator, receiver, conservator or statutory successor for the Reinsured, this reinsurance shall be payable immediately upon demand, with reasonable provision for verification, directly to the Reinsured or its domiciliary liquidator, receiver, conservator or statutory successor, on the basis of the liability of the Reinsured as a result of claims allowed against the Reinsured by any court of competent jurisdiction or any liquidator, receiver, conservator or statutory successor having authority to allow such claims without diminution because of the insolvency of the Reinsured or because the liquidator, receiver, conservator or statutory successor of the Reinsured has failed to pay all or a portion of any claim. Every liquidator, . receiver, conservator or statutory successor of the Reinsured or guaranty fund or association shall give written notice to the Reinsurer of the pendency of a claim involving the Reinsured indicating which of the policies would involve possible liability on the part of the Reinsurer to the Reinsured or its domiciliary liquidator, receiver, conservator or statutory successor, within a reasonable amount of time after the claim is filed in the conservation, liquidation, receivership or other proceeding. During the pendency of any claim, the Reinsurer may investigate the same and interpose, at its own expense, in the proceeding where that claim is to be adjudicated, any defense or defenses that it may deem available to the Reinsured, to its policyholder, or to any liquidator, receiver or statutory successor of the Reinsured or guaranty fund or association. The expenses thus incurred by the Reinsurer will be chargeable, subject to approval of the applicable court, against the Reinsured as part of the expense on conservation or liquidation to the extent of a pro rata share of the benefit which may accrue to the Reinsured as a result of the defense undertaken by the Reinsurer. This reinsurance shall be payable directly by the Reinsurer to the Reinsured or to its domiciliary liquidator, receiver, receiver conservator or statutory successor, except as expressly required otherwise by applicable insurance law.