Common use of Insurance Contract Changes Clause in Contracts

Insurance Contract Changes. Except (i) as directed by or consented to in writing by the Reinsurer or as performed by the Reinsurer (or its duly appointed assignee or delegate) acting on behalf of the Ceding Company in the Reinsurer’s capacity as Administrator or (ii) for any amendment, waiver or change initiated by the holder of any Reinsured Policy or required by the terms of any Reinsured Policy, any Governmental Entity or applicable Law, the Ceding Company shall not, on its own initiative, amend, waive or change the terms or conditions of any Reinsured Policy except with the Reinsurer’s prior written consent. The Ceding Company shall not effect any amendment, waiver or change under the preceding clause (ii) unless it has notified and consulted with the Reinsurer and afforded the Reinsurer a reasonable opportunity, at the Reinsurer’s cost, to object to any such amendment, waiver or change under applicable administrative procedures (both formal and informal).