Insolvency of the Reinsurer. If the Reinsurer becomes insolvent as determined by the Regulatory Agency responsible for such determination, amounts due the Reinsurer will be paid net of the terms of this Agreement and directly to the liquidator, receiver, or statutory successor without decrease. In addition, upon the Reinsurer's insolvency, the Ceding Company may cancel this Agreement for future new business as described in Article XX. In the event that the Reinsurer is deemed insolvent, the Ceding Company may at its own option within thirty (30) days of the occurrence of this event, give written notice to the Reinsurer of its intention to recapture reinsurance and reserves under this Agreement.
Appears in 3 contracts
Samples: Reinsurance Agreement (Separate Account Vl I of Hartford Life Insurance Co), Reinsurance Agreement (Hartford Life & Annuity Insurance Co Sep Account Vl I), Reinsurance Agreement (Hartford Life Insurance Co Separate Account Vl Ii)
Insolvency of the Reinsurer. If the Reinsurer becomes insolvent as determined by the Regulatory Agency responsible for such determination, amounts due the Reinsurer will be paid net of the terms of this Agreement and directly to the liquidator, receiver, or statutory successor without decrease. In addition, upon the Reinsurer's insolvency, the Ceding Company may cancel this Agreement for future new business as described in Article XXXIX. In the event that the Reinsurer is deemed insolvent, the Ceding Company may at its own option within thirty (30) days of the occurrence of this event, give written notice to the Reinsurer of its intention to recapture reinsurance and reserves under this Agreement.
Appears in 2 contracts
Samples: Reinsurance Agreement (Hartford Life & Annuity Insurance Co Sep Account Vl I), Reinsurance Agreement (Separate Account Vl I of Hartford Life Insurance Co)
Insolvency of the Reinsurer. If the Reinsurer becomes insolvent as determined by the Regulatory Agency responsible for such determination, amounts due the Reinsurer will be paid net of the terms of this Agreement and directly to the liquidator, receiver, or statutory successor without decrease. In addition, upon the Reinsurer's insolvency, the Ceding Company may cancel this Agreement for future new business as described in Article XXXIX. In the event that the Reinsurer is deemed insolvent, the Ceding Company may at its own option within thirty (30) days of the occurrence of this event, give written notice to the Reinsurer of its intention to recapture reinsurance and reserves under this Agreement.
Appears in 2 contracts
Samples: Reinsurance Agreement (Hartford Life & Annuity Ins Co Separate Acount Vlii), Reinsurance Agreement (Hartford Life Insurance Co Separate Account Vl Ii)
