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. All reinsurance ceded under this Agreement may be recaptured by the Ceding Company as of the date the Reinsurer fails to meet its obligations under this Agreement.
Appears in 4 contracts
Samples: Reinsurance Agreement Effective December (Hartford Life & Annuity Ins Co Separate Acount Vlii), Reinsurance Agreement Effective December (Hartford Life Insurance Co Separate Account Vl Ii), Reinsurance Agreement Effective December (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. All reinsurance ceded under this Agreement may be recaptured by the Ceding Company as of the date the Reinsurer fails to meet its obligations under this Agreement.
Appears in 2 contracts
Samples: Reinsurance Agreement (Separate Account Vl I of Hartford Life Insurance Co), Reinsurance Agreement (Hartford Life & Annuity Insurance Co Sep Account Vl I)
