Common use of Payment of Reinsurance Proceeds Clause in Contracts

Payment of Reinsurance Proceeds. The Ceding Company will deliver a copy of the proof of death, check copy or proof of payment, and the claimant's statement to the Reinsurer. The Reinsurer will pay the Ceding Company the reinsurance proceeds within fifteen (15) days of final notification of the Ceding Company making the final decision to pay the policy proceeds. The Reinsurer shall reimburse the Ceding Company for its proportionate share of any interest paid on claims. Participation in accrued interest by the Reinsurer shall be in accordance with the applicable state statutory regulations. Payment of life reinsurance proceeds will be made in a single sum regardless of the Ceding Company's mode of settlement with the payee.