LIABILITY FOR REINSURANCE Sample Clauses

LIABILITY FOR REINSURANCE. A. The Reinsurer's liability for Automatic Reinsurance will begin simultaneously with the Ceding Company's liability, but in no event prior to the Effective Date. B. In no event shall reinsurance be in force and binding if the issuance and delivery of such insurance constituted the doing of business in a jurisdiction in which the Ceding Company knowingly was not properly licensed. C. The Reinsurer's liability for coverage under the Ceding Company's conditional receipt or temporary insurance agreement, whichever the Ceding Company uses (a sample copy of which is included as Exhibit VI and, for the purpose of this Section D, hereinafter called the "Insurance Receipt"), is limited to the amount the Reinsurer would reinsure under this Agreement on an Automatic Reinsurance basis (whether the risk qualifies for Automatic Reinsurance or not) if the coverage under the policy applied for would have been approved and issued, as limited by the terms of the Insurance Receipt, provided: 1. The Ceding Company has followed its normal cash-with-application procedures for such coverage; and Allocated Retention Pool (Non-Excess Risks) -- Effective October 1, 2008 Between Canada Life and HLAIC 2. The Ceding Company's original underwriting assessment for the risk was not a decline (if it was a decline, the Reinsurer would have no liability for such coverage); and 3. There is no coverage in effect on the life in the Automatic Pool through any other Insurance Receipt having an effective date preceding, or the same as, the effective date of such coverage; and 4. The Ceding Company has not yet accepted any final underwriting offer(s) for facultative reinsurance on the risk. The Reinsurer's liability for coverage under the Insurance Receipt shall terminate simultaneously with the termination of the Ceding Company's liability under the Insurance Receipt. D. The Reinsurer's liability for reinsurance on each risk will terminate when the Ceding Company's liability terminates, unless it terminates earlier as specified otherwise in this Agreement. E. The liability of each reinsurer in the Automatic Pool shall be separate and not joint with the other pool reinsurers. In no way will the liability of the Reinsurer be increased by reason of the inability of the Ceding Company to collect from any other reinsurers, whether specific or general, any amounts which may be due from them, whether such inability arises from insolvency of such other reinsurers or otherwise.
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LIABILITY FOR REINSURANCE. A. The Reinsurer's liability for Automatic Reinsurance will begin simultaneously with the Ceding Company's liability, but in no event prior to the Effective Date. B. The Reinsurer's liability for any risk reported as reinsured on an automatic basis that did not meet the requirements for Automatic Reinsurance as specified in Article III shall be limited to a refund of any net Reinsurance Premiums paid under this Agreement with respect to such risk. Such refund shall be made without interest. C. The Reinsurer's liability under this Agreement for Facultative Reinsurance on a risk: 1. Shall be subject to the terms and conditions of the accepted final underwriting offer Allocated Retention. Pool -- Effective 10/1/2008 Between HLIC and TFLIC 7 for that risk; and 2. Shall begin simultaneously with the Ceding Company's liability once: a. The Reinsurer has made a written final underwriting offer to the Ceding Company on its application for Facultative Reinsurance; and b. The Ceding Company has accepted the Reinsurer's final underwriting offer: (1) While life insurance coverage (if any) is in effect under the Ceding Company's Insurance Receipt, as provided below in Section E; or (2) Otherwise, by written acceptance provided to the Reinsurer. However, the Reinsurer reserves the right to rescind its liability under this Agreement for Facultative Reinsurance on such risk, by written notice to the Ceding Company, if the Ceding Company has not, within 240 days after the date of the final underwriting offer:
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LIABILITY FOR REINSURANCE. A. The Reinsurer's liability for Automatic Reinsurance will begin simultaneously with the Ceding Company's liability, but in no event prior to the Reinsurance Effective Date. B. The Reinsurer's liability for any risk reported as reinsured on an automatic basis that did not meet the requirements for Automatic Reinsurance as specified in Article III shall be limited to a refund of any net Reinsurance Premiums paid under this Agreement with respect to such risk. Such refund shall be made without interest. C. The Reinsurer's liability under this Agreement for Facultative Reinsurance on a risk: 1. Shall be subject to the terms and conditions of the accepted final underwriting offer for that risk; and 2. Shall begin simultaneously with the Ceding Company's liability once: a. The Reinsurer has made a written final underwriting offer to the Ceding Company on its application for Facultative Reinsurance; and b. The Ceding Company has accepted the Reinsurer's final underwriting offer: (1) While life insurance coverage (if any) is in effect under the Ceding Company's Insurance Receipt, as provided below in Section E; or (2) Otherwise, by written acceptance provided to the Reinsurer. However, the Reinsurer reserves the right to rescind its liability under this Agreement for Facultative Reinsurance on such risk, by written notice to the Ceding Company, if the Ceding Company has not, within 240 days after the date of the final underwriting offer: 1. Reported the risk to the Reinsurer; or 2. Remitted the applicable first Reinsurance Premium for the risk. D. In no event shall reinsurance be in force and binding if the issuance and delivery of such insurance constituted the doing of business in a jurisdiction in which the Ceding Company knowingly was not properly licensed. E. The Reinsurer's liability for coverage under the Ceding Company's conditional receipt or temporary insurance agreement, whichever the Ceding Company uses (a copy of which has been provided to the Reinsurer and hereinafter called the "Insurance Receipt"), is limited to the amount the Reinsurer would reinsure under this Agreement on an Automatic Reinsurance basis, not to exceed the Insurance Receipt Limit for Basic TIA Coverage shown in Exhibit II, (whether the risk qualifies for Automatic Reinsurance or not) if the coverage under the policy applied for would have been approved and issued, as limited by the terms of the Insurance Receipt, provided: Allocated Retention. Pool -- Effective 11/1/2012 Between...
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Related to LIABILITY FOR REINSURANCE

  • Credit for Reinsurance Retrocessionaire shall take all actions reasonably necessary, if any, to permit Retrocedant to obtain full financial statement credit in all applicable U.S. jurisdictions for all liabilities assumed by the Retrocessionaire pursuant to this Agreement, including but not limited to loss and loss adjustment expense reserves, unearned premium reserves, reserves for incurred but not reported losses, allocated loss adjustment expenses and ceding commissions, and to provide the security required for such purpose, in a form reasonably acceptable to Retrocedant. Any reserves required by the foregoing in no event shall be less than the amounts required under the law of the jurisdiction having regulatory authority with respect to the establishment of reserves relating to the relevant Reinsurance Contracts. For purposes of this Article XIX, such "actions reasonably necessary" may include, without limitation, the furnishing of a letter of credit or the establishment of a custodial or trust account, as permitted under applicable law, to secure the payment of the amounts due the Retrocedant under this Agreement.

  • Reinsurance The Contractor shall purchase reinsurance from a commercial reinsurer and shall establish reinsurance agreements meeting the requirements listed below. The Contractor shall submit new policies, renewals or amendments to OMPP for review and approval at least one hundred and twenty (120) calendar days before becoming effective.  Agreements and Coverage  The attachment point shall be equal to or less than $200,000 and shall apply to all services, unless otherwise approved by OMPP. The Contractor electing to establish commercial reinsurance agreements with an attachment point greater than $200,000 must provide a justification in its proposal or submit justification to OMPP in writing at least one hundred and twenty (120) calendar days prior to the policy renewal date or date of the proposed change. The Contractor must receive approval from OMPP before changing the attachment point.  The Contractor’s co-insurance responsibilities above the attachment point shall be no greater than twenty percent (20%).  Reinsurance agreements shall transfer risk from the Contractor to the reinsurer.  The reinsurer's payment to the Contractor shall depend on and vary directly with the amount and timing of claims settled under the reinsured contract. Contractual features that delay timely reimbursement are not acceptable.  The Contractor shall maintain a plan acceptable to the IDOI commissioner for continuation of benefits in the event of receivership. The Contractor must finance the greater of $1,000,000 or total projected costs as calculated by the form set forth in 760 IAC 1-70-8.  The Contractor shall obtain continuation of coverage insurance (insolvency insurance) to continue plan benefits for members until the end of the period for which premiums have been paid. This coverage shall extend to members in acute care hospitals or nursing facility settings when the Contractor’s insolvency occurs during the member’s inpatient stay. The Contractor shall continue to reimburse for its member’s care under those circumstances (i.e., inpatient stays) until the member is discharged from the acute care setting or nursing facility.  Requirements for Reinsurance Companies  The Contractor shall submit documentation that the reinsurer follows the National Association of Insurance Commissioners' (NAIC) Reinsurance Accounting Standards.  The Contractor shall be required to obtain reinsurance from insurance organizations that have Standard and Poor's claims-paying ability ratings of "AA" or higher and a Xxxxx’x bond rating of “A1” or higher, unless otherwise approved by OMPP.  Subcontractors  Subcontractors’ reinsurance coverage requirements must be clearly defined in the reinsurance agreement.  Subcontractors should be encouraged to obtain their own stop-loss coverage with the above-mentioned terms.  If subcontractors do not obtain reinsurance on their own, the Contractor is required to forward appropriate recoveries from stop-loss coverage to applicable subcontractors.

  • Reinsurer’s Liability The Reinsurer’s liability with respect to the Reinsured Risks will terminate on the earliest of: (i) the date the Company’s liability with respect to the Reinsured Risks is terminated and all amounts due the Company from the Reinsurer with respect to such Reinsured Risks are paid to the Company by or on behalf of the Reinsurer; and (ii) the date this Agreement is terminated upon the written agreement of the parties.

  • Liability for Loss If Included Timber is destroyed or damaged by an unexpected event that significantly changes the nature of Included Timber, such as fire, wind, flood, insects, disease, or similar cause, the party holding title shall bear the timber value loss resulting from such destruction or damage; except that such losses after removal of timber from Sale Area, but before Scaling, shall be borne by Purchaser at Current Contract Rates and Required Deposits. Deterioration or loss of value of salvage timber is not an unexpected event, except for deterioration due to delay or interruption that qualifies for Contract Term Adjustment or under B8.33.

  • Liability for Damage Each party shall be liable to the other for all damage to the property of the other negligently, recklessly or intentionally caused by that party (or their agents, employees or invitees), except to the extent the loss is insured and subrogation is waived under the owner's policy.

  • Insurance Liability The HAC will not be responsible for damage to property or any exhibit caused by fire, xxxxx, xxxxxxx, lightening, national emergency, war, labor dispute, strikes, lockouts, civil disturbance, explosions, inevitable accidents, force majeure, or any other cause or for any loss if damage occasioned, if by reasoning of the happening of such events, the opening of the Exhibition is prevented or postponed or abandoned, or the building becomes wholly or partially unavailable for the holding of the Exhibition. The Exhibitor shall, from the time of assuming control over the rented space, maintain Public Liability and Property Damage Insurance, to a limit of CAN$2,000,000 inclusive, until the rented space is released back to the HAC. The Exhibitor agrees that they must be able to show proof of insurance in the amount of CAN$2,000,000 Bodily Injury and Property Damage. This provision also applies to any contractor they may employ. The Exhibitor agrees that this Insurance Policy held by the Exhibitor must name the Helicopter Association of Canada (HAC) as an Additional Insured. The Exhibitor assumes the entire responsibility and liability for losses, damage and claims arising out of any loss, injury or damage to exhibitor’s displays, equipment and other property brought onto the premises of The Vancouver Convention Centre and shall indemnify and hold harmless The Vancouver Convention Centre, the HAC, the Convention agents, servants and employees from any and all such losses, damages and claims. The Exhibitor acknowledges that The Vancouver Convention Centre shall not maintain insurance covering exhibitor’s property and it is the sole responsibility of the Exhibitor to obtain business interruption and property damage insurance, or any other such relevant coverage’s as may be required, covering such losses by the Exhibitor. The Exhibitor acknowledges that neither the HAC nor Vancouver Convention Centre provide security services for exhibits or Exhibitors under the terms of this Agreement, and Exhibitors in need of security services should contract those services independently, with the approval of the HAC.

  • Credit Union’s Liability for Errors If the Credit Union does not properly complete a transaction according to this Agreement, the Credit Union will be liable for your losses or damages not to exceed the amount of the transaction, except as otherwise provided by law. The Credit Union will not be liable if: (a) through no fault of the Credit Union, your account does not contain enough money to make the transaction; (b) circumstances beyond the Credit Union's control prevents the transaction; (c) your loss is caused by your negligence or the negligence of another financial institution; or (d) the money in your account is subject to legal process or other claim. The Credit Union will not be liable for consequential damages except liability for wrongful dishonor. The Credit Union's actions will constitute the exercise of ordinary care if such actions or nonactions are consistent with applicable state law, Federal Reserve regulations and operating letters, clearing house rules, and general banking practices followed in the area serviced by the Credit Union. You grant the Credit Union the right, in making payments of deposited funds, to rely exclusively on the form of the account and the terms of this Account Agreement. Any conflict between oral representations by you or Credit Union employees and any written form will be resolved by reference to this Agreement and applicable written form.

  • Insurance and Liability 13.1 The Contractor shall pay UNDP promptly for all loss, destruction, or damage to the property of UNDP caused by the Contractor’s personnel or by any of its subcontractors or anyone else directly or indirectly employed by the Contractor or any of its subcontractors in the performance of the Contract. 13.2 Unless otherwise provided in the Contract, prior to commencement of performance of any other obligations under the Contract, and subject to any limits set forth in the Contract, the Contractor shall take out and shall maintain for the entire term of the Contract, for any extension thereof, and for a period following any termination of the Contract reasonably adequate to deal with losses: 13.2.1 insurance against all risks in respect of its property and any equipment used for the performance of the Contract;

  • Other Reinsurance The Company shall be permitted to carry other reinsurance, recoveries under which shall inure solely to the benefit of the Company and be entirely disregarded in applying all of the provisions of this Contract.

  • Liability for Certain Acts The Manager shall perform the Manager’s duties in good faith, in a manner it reasonably believes to be in the best interests of the Company, and with such care as an ordinarily prudent person in a like position would use under similar circumstances. No Manager shall have any liability by reason of being or having been the Manager of the Company. No Manager in any way guarantees the return of the Members’ Capital Contributions or a profit for the Members from the operations of the Company. No Manager shall be liable to the Company or to any Member for any loss or damage sustained by the Company or any Member, unless the loss or damage shall have been the result of fraud, deceit, gross negligence, willful misconduct, breach of this Agreement or a wrongful taking by the Manager.

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