LIABILITY OF REINSURER. The Reinsurer shall be liable to the Ceding Company in the same manner as the Ceding Company is liable on the particular policy form(s) reinsured under this Agreement to the extent such terms and conditions are not contrary to the terms and conditions of this Agreement.
LIABILITY OF REINSURER. Reinsurer's liability for reinsurance under this Agreement shall follow that of Ceding Company in every case, and be subject in all respects to the general stipulations, terms, clauses, conditions, waivers and modifications of the Variable Annuity Contracts. In no event shall Reinsurer have any reinsurance liability unless the Variable Annuity Contract issued by Ceding Company is in force and the underwriting and issuance of coverage by Ceding Company constitutes the doing of business in a state of the United States of America or in territories of the United States of America in which Ceding Company is properly licensed and authorized to do business.
LIABILITY OF REINSURER. The liability of the Reinsurer with respect to each cession shall commence obligatorily and simultaneously with that of the Company according to the terms, conditions and limitations hereinafter set forth. The Reinsurer shall benefit from all reductions of losses by compromise, Third Party Reinsurance or otherwise.
LIABILITY OF REINSURER. (i) Company will cede and Reinsurer will assume 100% of the Net Liability in the $250,000 in excess of $250,000 layer (the “Property Cession”) arising under or as a result of all commercial property insurance policies written by the Company; and (ii) Company will cede and Reinsurer will assume 100% of the Net Liability in the $350,000 in excess of $250,000 layer (the “Casualty Cession”) arising under or as a result of all commercial casualty insurance policies written by the Company (the insurance business covered under the Property Cession and Casualty Cession, shall exclude glass, crime, fidelity and forgery, and shall be collectively referred to as “Subject Business”). All such insurance policies issued under the Subject Business shall be called the “Policies”. Reinsurer’s liability, with respect to each Loss under this Agreement, will commence obligatorily and simultaneously with that of the Company, subject to this Agreement’s terms.
1.2 Company shall retain the first $250,000 of the Net Liability of the commercial property insurance and shall retain the first $250,000 of the Net Liability of the commercial casualty insurance as respects each risk in any one Loss. The Reinsurer shall then be liable for 100% of the amount by which the Company’s Net Liability (including Loss, Allocated Loss Adjustment Expenses, and Extra Contractual Obligations) exceeds the Company’s retention of $250,000 for the commercial property insurance business, or $250,000 for the commercial casualty insurance business, but the liability of Reinsurer shall never exceed $250,000 for each risk of any one Loss of the property insurance business and shall never exceed $350,000 for the casualty insurance business, nor shall the Reinsurer’s liability from all risks in each Loss Occurrence for commercial property insurance business exceed $750,000, nor shall the Reinsurer’s liability from all risks in each Loss Occurrence for commercial casualty business exceed $1,050,000. However, as respects of all Acts of Terrorism, the Reinsurer shall never be liable for more than $250,000 in any calendar year.
1.3 The Company’s retention and the Reinsurer’s limit of liability for each Loss and Loss Occurrence, set forth in Section 1.2 above, shall apply irrespective of the number of Policies affected or number of hazards in one Policy, and regardless of the number of classes or types of insurance involved.
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LIABILITY OF REINSURER. The Company shall cede to Reinsurer, and Reinsurer shall accept, the following:
A. As quota share reinsurance, ninety percent (90%) of the ultimate net loss in all policies written under this Agreement after all inuring reinsurance, subject to a maximum limit of ninety percent (90%) of $1,000,000 any one loss occurrence. Notwithstanding anything to the contrary in this Agreement, the maximum aggregate liability of Reinsurer under this subsection shall not exceed ninety percent (90%) eighty-seven and one-half percent (87.5%) of AGP.
B. As an aggregate excess of loss cover, the ultimate net loss excess of sixty-seven and one-half percent (67.5%) of AGP with respect to the Company’s retention of ten percent (10%) of the primary limits up to $1,000,000 any one loss occurrence. The maximum aggregate liability of Reinsurer under this subparagraph (B) shall not exceed ten percent (10%) of twenty percent (20%) of AGP. The above notwithstanding, the Company shall maintain a minimum amount of collateral which will not be allowed to be less than US$1,666,592.00. In the event a loss settlement, verdict, judgment or award is reduced by any process other than by the trial court, resulting in an ultimate saving to Reinsurer, or judgment is reversed outright, the expenses incurred in securing such reduction or reversal shall be prorated between the Company and Reinsurer in the proportion that each benefits from such reduction or reversal, and the expenses incurred up to the time of the original loss settlement, verdict, judgment, or award shall be prorated in proportion to each party’s interest in such original loss settlement, verdict, judgment or award.
LIABILITY OF REINSURER. (9) ARTICLE VI - OVERSIGHTS ........................................ (10) Restoration ................................................ (10)
LIABILITY OF REINSURER. 1.1 Company will cede, and Reinsurer will assume 100% of the Assumed Liability arising under or as a result of all insurance policies written by the Company on risks located in the State of Missouri ("Subject Business"). The Subject Business includes homeowners, dwelling fire, vacancy and commercial insurance policies. All such insurance policies issued under the Subject Business are called the "Policies." Reinsurer's liability with respect to each cession under this Agreement will commence obligatorily and simultaneously with that of the Company, subject to this Agreement's terms. Because Reinsurer does not qualify for full credit with the Company's regulators, Reinsurer will assure that Company is given this full credit by funding its obligations under this Agreement by a trust or escrow arrangement with a bank of Reinsurer's choosing, which must be acceptable to Company's regulators.
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LIABILITY OF REINSURER. 3.1 The reinsurance provided under this Agreement is indemnity reinsurance. No right or legal relation whatsoever is created between Reinsurer and the insured members, owner, or any beneficiary of any insurance policy or contract of Northwestern Mutual.
3.2 The liability of Reinsurer shall begin and end simultaneously with that of Northwestern Mutual except as otherwise expressly provided for in this Agreement. The reinsurance will remain in force as long as the underlying policy remains in force except as otherwise expressly provided for in this Agreement. Reinsurer shall not reinsure any claims initially incurred after Northwestern Mutual assumes the administration of new claims.
3.3 Reinsurer agrees to pay to Northwestern Mutual the Reinsurer’s Risk Share, as set forth in Exhibit A, of all benefits paid under the policies reinsured under this Agreement including, but not limited to, claims, experience rated refunds, or other similar payments (but not including dividends) made pursuant to the group policies reinsured under this Agreement.
3.4 Reinsurer agrees to establish statutory reserves for Reinsurer’s Risk Share. Such statutory reserves will be calculated on the same basis and use the same assumptions as Northwestern Mutual uses for the same policies. Northwestern Mutual agrees that it will not change the basis or assumptions used for calculating statutory reserves without first discussing any such change with Reinsurer.
3.5 If this Agreement is terminated for new business, Reinsurer shall remain liable for its share of Incurred Claims (as defined in Section 8.2.1) unless those risks are recaptured by Northwestern Mutual as provided elsewhere in this Agreement.
3.6 If Northwestern Mutual recaptures risk ceded under this Agreement, the Reinsurer’s liability with respect to the recaptured policies is set forth in Section 8 of this Agreement.
