Common use of OFAC Compliance Clause in Contracts

OFAC Compliance. The Ceding Company and the Reinsurer each represents that it has policies and procedures in place to ensure compliance with all laws, regulations, judicial and administrative orders applicable to the party and to the business reinsured under this Agreement, as they pertain to sanction laws administered by the U.S. Treasury Department's Office of Foreign Assets Control ("OFAC"), and with Trade Embargo Laws (collectively (the "Laws"). Neither party will be required to take any action under this Agreement that would violate said Laws, including, but not limited to, making any payments in violation of the Laws. The Ceding Company agrees to, prior to ceding any risk to the Reinsurer under this Agreement, screen each risk to ensure that an owner, insured, or beneficiary is not on the OFAC list of Specially Designated National and Blocked Persons (a "Prohibited Person"). The Ceding Company will not cede or otherwise transfer to the Reinsurer any liabilities under any policy if an owner, insured, or beneficiary of such policy is a Prohibited Person. Should either party discover or otherwise become aware that a reinsurance transaction has been entered into or a payment has been made in violation of the Laws, the party who first becomes aware of the violation will notify the other party within five (5) business days of such discovery and the Ceding Company will provide to the Reinsurer written notice of all information known by the Ceding Company regarding the identity of the Prohibited Person, including the name, date of birth, residence, social security number or other governmental identification number of such Prohibited Person. The parties will cooperate in order to take all necessary corrective actions to comply with the Laws.

OFAC Compliance. The Ceding Company and the Reinsurer each represents that it has policies and procedures in place to ensure compliance with all laws, regulations, judicial and administrative orders applicable to the party and to the business reinsured under this Agreement, as they pertain to sanction laws administered by the U.S. Treasury Department's Office of Foreign Assets Control ("OFAC"), and with Trade Embargo Laws (collectively (the "Laws"). Neither party will be required to take any action under this Agreement that would violate said Laws, including, but not limited to, making any payments in violation of the Laws. The Ceding Company agrees to, prior to ceding any risk to the Reinsurer under this Agreement, screen each risk to ensure that an owner, insured, or beneficiary is not on the OFAC list of Specially Designated National and Blocked Persons (a "Prohibited Person"). The Ceding Company will not cede or otherwise transfer to the Reinsurer any liabilities under any policy if an owner, insured, or beneficiary of such policy is a Prohibited prohibited Person. Should either party discover or otherwise become aware that a reinsurance transaction has been entered into or a payment has been made in violation of the Laws, the party who first becomes aware of the violation will notify the other party within five (5) business days of such discovery and the Ceding Company will provide to the Reinsurer written notice of all information known by the Ceding Company regarding the identity of the Prohibited Person, including the name, date of birth, residence, social security number or other governmental identification number of such Prohibited Person. The parties will cooperate in order to take all necessary corrective actions to comply with the Laws.

OFAC Compliance. The Ceding Company and the Reinsurer each represents and warrants that it has policies and procedures is in place to ensure compliance with all laws, regulations, judicial and administrative orders applicable to the party Party and to the business reinsured under this Agreement, as they pertain to sanction laws administered by the U.S. Treasury Department's Office of Foreign Assets Control ("OFAC"), and with Trade Embargo Laws Laws, as such laws may be amended from time to time (collectively (collectively, the "Laws"). Neither party Party will be required to take any action under this Agreement that would violate said Laws, including, but not limited to, making any payments in violation of the Laws. The Ceding Company agrees to, prior to ceding any risk to the Reinsurer under this Agreement, screen screen, in accordance with current industry standards for the U.S. life insurance industry, each risk to ensure that an owner, insured, owner or beneficiary insured is not on the OFAC list List of Specially Designated National and Blocked Persons (a "Prohibited Person"). The Ceding Company agrees to, prior to making payment of any claim on a policy reinsured under this Agreement, screen the risk to also ensure that the beneficiary is not a Prohibited Person. The Company will not cede or otherwise transfer to the Reinsurer Reinsurer, any liabilities under any policy if an owner, insured, or beneficiary of such policy is a Prohibited Person. Should either party Party discover or otherwise become aware that a reinsurance transaction has been entered into or a payment has been made in violation of the Laws, the party Party who first becomes aware of the violation will notify the other party Party within five (5) business days of such discovery discovery, and the Ceding Company will provide to the Reinsurer written notice of all information known by the Ceding Company regarding the identity of the Prohibited Person, including the name, date of birth, residencecountry, state or province and street address of the residence and/or business, social security number, driver's license number or other governmental government identification number number, and telephone number(s) of such Prohibited Person. The parties Parties will cooperate in order to take all necessary corrective actions to comply with the Laws.

OFAC Compliance. The Ceding Company and the Reinsurer each represents that it has policies and procedures in place to ensure compliance with all laws, regulations, judicial and administrative orders applicable to the party and to the business reinsured under this Agreement, as they pertain to sanction laws administered by the U.S. Treasury Department's Office of Foreign Assets Control ("OFAC"), and with Trade Embargo Laws (collectively (the "Laws"). Neither party will be required to take any action under this Agreement that would violate said Laws, including, but not limited to, making any payments in violation of the Laws. The Ceding Company agrees to, prior to ceding any risk to the Reinsurer under this Agreement, screen each risk to ensure that an owner, insured, or beneficiary is not on the OFAC list of Specially Designated National and Blocked Persons (a "Prohibited Person"). The Ceding Company will not cede or otherwise transfer to the Reinsurer any liabilities under any policy if an owner, insured, or beneficiary of such policy is a Prohibited Person. Should either party discover or otherwise become aware that a reinsurance transaction has been entered into or a payment has been made in violation of the Laws, the party who first becomes aware of the violation will notify the other party within five (5) business days of such discovery and the Ceding Company will provide to the Reinsurer written notice of all information known by the Ceding Company regarding the identity of the Prohibited Person, including the name, date of birth, residence, social security number or other governmental identification number of such Prohibited Person. The parties will cooperate in order to take all necessary corrective actions to comply with the Laws. The parties agree that such reinsurance cessions will be null, void, and of no effect from its inception, to the same extent as if the policy had never been ceded. Each party will be restored to the position it would have occupied if the violation had not occurred, including the return of any payments received, unless prohibited by law.

OFAC Compliance. The Ceding Company represents and the Reinsurer each represents warrants that it has policies and procedures is in place to ensure compliance in all material respects with all laws, regulations, sanction laws (including related regulations and judicial and administrative orders applicable to the party and to the business reinsured under this Agreement, as they pertain to sanction laws orders) administered by the U.S. Treasury Department's ’s Office of Foreign Assets Control ("“OFAC")”) and laws designating certain countries as blocked countries (as such laws may be amended from time to time, and with Trade Embargo Laws (collectively (collectively, the "“Sanction Laws"”). Neither party the Ceding Company nor the Reinsurer will be required to take any action under this Agreement that would violate said Sanction Laws, including, but not limited to, making any payments in violation of the Sanction Laws. The Ceding Company agrees to, prior to ceding making any risk to the Reinsurer payment under a Policy reinsured under this Agreement, screen each risk screen, in accordance with current industry standards for the U.S. life insurance industry, the payee to ensure that an owner, insured, or beneficiary the payee is not on the OFAC list List of Specially Designated National and Blocked Persons (a "“Prohibited Person"”). The Reinsurer will have no obligation to indemnify the Ceding Company will not cede or otherwise transfer to the Reinsurer for any liabilities payment under any policy Policy reinsured under this Agreement if an owner, insured, or beneficiary of such policy the payee is a Prohibited Person. Should either party discover or otherwise become aware that a reinsurance transaction has been entered into or a payment has been made in violation of the Sanction Laws, the party who first becomes aware of the violation will notify the other party within five six (56) business days of such discovery discovery, and the Ceding Company will provide to the Reinsurer written notice of all information known by the Ceding Company regarding the identity of the Prohibited Person, including such as the name, date of birth, residencecountry, state or province and street address of the residence and/or business, social security number, driver’s license number or other governmental identification number number, and telephone number(s) of such Prohibited Person. The parties will cooperate in order to take all reasonably necessary corrective actions to comply with the Lawsactions.

OFAC Compliance. The Ceding Company and the Reinsurer each represents and warrants that it has policies and procedures is in place to ensure compliance with all laws, regulations, sanction laws (including related regulations and judicial and administrative orders applicable to the party and to the business reinsured under this Agreement, as they pertain to sanction laws orders) administered by the U.S. Treasury Department's ’s Office of Foreign Assets Control ("“OFAC")”) and laws designating certain countries as blocked countries (as such laws may be amended from time to time, and with Trade Embargo Laws (collectively (collectively, the "“Laws")”. Neither party will be required to take any action under this Agreement that would violate said Laws, including, including but not limited to, making any payments in violation of the Laws. The Ceding Company agrees to, prior to ceding making any risk to the Reinsurer payment under a Reinsured Policy reinsured under this Agreement, screen each risk screen, in accordance with current industry standards for the U.S. life insurance industry, the payee to ensure that an owner, insured, or beneficiary the payee is not on the OFAC list List of Specially Designated National and Blocked Persons (a "“Prohibited Person"”). The Reinsurer will have no obligation to indemnify the Ceding Company will not cede or otherwise transfer to the Reinsurer for any liabilities payment under any policy Reinsured Policy if an owner, insured, or beneficiary of such policy the payee is a Prohibited Person. Should either party discover or otherwise become aware that a reinsurance transaction has been entered into or a payment has been made under a Reinsured Policy in violation of the Laws, the party who first becomes aware of the violation will notify the other party within five (5) business days of such discovery discovery, and the Ceding Company will provide to the Reinsurer written notice of all information known by the Ceding Company regarding the identity of the Prohibited Person, including such as the name, date of birth, residencecountry, state or province and street address of the residence and/or business, social security number, driver’s license number or other governmental identification number number, and telephone number(s) of such Prohibited PersonXxxxxx. The parties will cooperate in order to take all reasonably necessary corrective actions to comply with the Lawsactions.

OFAC Compliance. The Ceding Company and the Reinsurer each represents and warrants that it has policies and procedures is in place to ensure compliance with all laws, regulations, judicial and administrative orders applicable to the party Party and to the business reinsured under this Agreement, as they pertain to sanction laws administered by the U.S. Treasury Department's ’s Office of Foreign Assets Control ("“OFAC"”), and with Trade Embargo Laws Laws, as such laws may be amended from time to time (collectively (collectively, the "“Laws"”). Neither party Party will be required to take any action under this Agreement that would violate said Laws, including, but not limited to, making any payments in violation of the Laws. The Ceding Company agrees to, prior to ceding any risk to the Reinsurer under this Agreement, screen screen, in accordance with current industry standards for the U.S. life insurance industry, each risk to ensure that an owner, insured, or beneficiary is not on the OFAC list List of Specially Designated National and Blocked Persons (a "“Prohibited Person"”). The Ceding Company will not cede or otherwise transfer to the Reinsurer Reinsurer, any liabilities under any policy if an owner, insured, or beneficiary of such policy is a Prohibited Person. Should either party Party discover or otherwise become aware that a reinsurance transaction has been entered into or a payment has been made in violation of the Laws, the party Party who first becomes aware of the violation will notify the other party Party within five (5) business days of such discovery discovery, and the Ceding Company will provide to the Reinsurer written notice of all information known by the Ceding Company regarding the identity of the Prohibited Person, including the name, date of birth, residencecountry, state or province and street address of the residence and/or business, social security number, driver’s license number or other governmental government identification number number, and telephone number(s) of such Prohibited Person. The parties Parties will cooperate in order to take all necessary corrective actions to comply with the Laws.