Offset and Recoupment Rights. Any debits or credits incurred on or after the Effective Time in favor of or against either the Ceding Company or the Reinsurer with respect to this Agreement are deemed mutual debits or credits and may be set off and recouped, and only the net balance shall be allowed or paid. In the event of any insolvency, rehabilitation, conservatorship or comparable proceeding (an “Insolvency”) by or against the Ceding Company or the Reinsurer, the rights of offset and recoupment set forth in this Section 3.6 shall apply to the fullest extent permitted by Applicable Law.
Appears in 4 contracts
Samples: Reinsurance Agreement (Variable Annuity 1 Series Account), Reinsurance Agreement (Variable Annuity 1 Series Account), Reinsurance Agreement (COLI VUL-2 Series Account of Great-West Life & Annuity Insurance Co of New York)
Offset and Recoupment Rights. Any debits or credits incurred on or after the Effective Time in favor of or against either the Ceding Company or the Reinsurer with respect to this Agreement are deemed mutual debits or credits and may be set off and recouped, and only the net balance shall be allowed or paid. In the event of any insolvencyliquidation, rehabilitation, conservatorship conservation, supervision, receivership or comparable similar proceeding (an “Insolvency”) by or against the Ceding Company or the Reinsurer, the rights of offset and recoupment set forth in this Section 3.6 shall apply to the fullest extent permitted by Applicable Law.
Appears in 2 contracts
Samples: Reinsurance Agreement (Union Security Insurance Co Variable Account C), Reinsurance Agreement (Hartford Life & Annuity Ins Co Separate Acount Vlii)
Offset and Recoupment Rights. Any debits or credits incurred on or after the Effective Time in favor of or against either the Ceding Company or the Reinsurer with respect to this Agreement are deemed mutual debits or credits and may be set off and recouped, and only the net balance shall be allowed or paid. In This Section 4.05 shall apply, to the event fullest extent permitted by applicable Law, notwithstanding the initiation or commencement of any a liquidation, insolvency, rehabilitation, conservatorship conservation, supervision or comparable similar proceeding (an “Insolvency”) by or against the Ceding Company or the Reinsurer, the rights of offset and recoupment set forth in this Section 3.6 shall apply to the fullest extent permitted by Applicable Law.
Appears in 1 contract
Samples: Reinsurance Agreement (Talcott Resolution Life Insurance Co Separate Account Two Dc Var Ac Ii)
