Common use of Option Letter Clause in Contracts

Option Letter. (a) Subject to Section 11.1 and Section 11.3(b), the Reinsurer, promptly following receipt of the requisite approvals of applicable Governmental Entities, shall transmit by mail to every Required Party an option letter (the “Option Letter”), together with a Notice and Certificate of Assumption, including, where required as reasonably determined by the Reinsurer, a form for rejection or acceptance, as permitted by applicable Law, and a self-addressed return envelope (the “Notice and Certificate of Assumption”). Option Letters and Notices and Certificates of Assumption shall not be sent with respect to a Reinsured Policy unless and until all requisite approvals of applicable Governmental Entities have been received with respect to such Reinsured Policy, including approval of the requisite form and rate filings. 1006844591v17

Option Letter. (a) Subject to Section 11.1 and Section 11.3(b), the Reinsurer, promptly following receipt of the requisite approvals of applicable Governmental Entities, shall transmit by mail to every Required Party an option letter (the “Option Letter”), together with a Notice and Certificate of Assumption, including, where required as reasonably determined by the Reinsurer, a form for rejection or acceptance, as permitted by applicable Law, and a self-addressed return envelope (the “Notice and Certificate of Assumption”). Option Letters and Notices and Certificates of Assumption shall not be sent with respect to a Reinsured Policy unless and until all requisite approvals of applicable Governmental Entities have been received with respect to such Reinsured Policy, including approval of the requisite form and rate filings. 1006844591v17.