Policy Changes. 9 a. NOTICE...............................................................9 b. INCREASES............................................................9 c.
Policy Changes. The termination shall become effective on the date specified in the written notice, but not less than after written notice is given.
Policy Changes. If the plan, the amount of reinsurance or the premiums of a Reinsured Policy are changed, the company will promptly inform the Reinsurer. Whenever a Reinsured Policy is changed and the COMPANY'S UNDERWRITING RULES DO NOT REQUIRE that full evidence be obtained, the reinsurance will remain in effect with the Reinsurer. The suicide, contestability and recapture period applicable to the original Reinsured Policy will apply to the reissued Reinsured Policy and the duration will be measured from the effective date of the original Reinsured Policy. Whenever any Reinsured Policy is changed and the COMPANY'S UNDERWRITING RULES REQUIRE that full evidence be obtained, the change will be subject to the Reinsurer's approval, if:
6.2.1 The new amount of the Reinsured Policy would be in excess of the Automatic Acceptance Limit, in effect at the time of the change, as set out in Exhibit E; or
6.2.2 The new amount of the policy and the amount already in force on the same life exceeds the Jumbo Limit stated in Exhibit E; or
6.2.3 The Reinsured Policy is on a facultative basis. The amount of any non-contractual increase will be subject to the terms stated in Exhibit C. The Company will report the details of all changes according to the terms outlined in Exhibit F, Reinsurance Reports. For changes not covered under this Agreement, which affect the terms of any Reinsured Policy, the Company must obtain the Reinsurer's approval before such changes become effective.
Policy Changes. The Cedent must provide written notification to the Reinsurer of any program to change the original terms or conditions of the Policies which would result in an increase in liabilities of more than two percent (2%) of all Policies not later than fifteen (15) days after the change takes effect. The Reinsurer shall provide written notification to the Cedent of the Reinsurer's acceptance or rejection of the change within fifteen (15) days after receipt of notice of the change. If the Reinsurer accepts any such change then it shall (a) assume that portion of any increase in the Cedent's liability, resulting from the change, that corresponds to the reinsured portion of the Policies, and (b) receive credit for that portion of any decrease in the Cedent's liability, resulting from the change, that corresponds to the reinsured portion of the Policies. If the Reinsurer rejects any such change then its liabilities shall be determined as though no such change had occurred.
Policy Changes. Neither the Company nor the Reinsurer shall make any changes to the Company’s policy forms except with the express written consent of the other party (which consent shall not be unreasonably withheld) or if (a) the changes are required by Applicable Law and (b) the Reinsurer gives the Company prior notice in writing of the nature of such required changes in the manner provided by the NY Administrative Services Agreement.
Policy Changes. A. The Ceding Company shall notify the Reinsurer of all policy terminations and changes that affect the reinsurance. Unearned reinsurance premiums on such terminations or changes shall be refunded.
B. If any portion of the Ceding Company’s insurance risk is terminated, the reinsurance shall be reduced by a proportionate amount. If there are other reinsurers, each one shall share in the reduction according to its proportion of the total reinsurance.
C. If a policy reinsured under this Agreement lapses to extended term or paid-up insurance, the Reinsurer shall share in an adjustment in the amount of reinsurance on the policy in the same proportion as the reinsurance amount had to the insurance amount immediately prior to the policy lapsing.
D. Reinsurance shall be terminated on any policy where the net amount at risk reinsured is less than $1, rounded to the nearest dollar.
E. Reinsurance shall be reinstated automatically if the original insurance is reinstated according to the policy provisions and rules of the Ceding Company. The Ceding Company shall pay all back reinsurance premiums to the Reinsurer in the same manner as it received insurance premiums under the reinstated policy.
G. Unearned reinsurance premiums on terminations or changes shall be refunded to the Ceding Company. The premium payable to the Reinsurer or premium refunds due to the Ceding Company shall be based on the exact number of days of effective insurance coverage upon termination or other change.
H. If the policy continues inforce without payment of premium during any days of grace pending its surrender, whether such continuance be as a result of a policy provision or a practice of the Ceding Company, the reinsurance will also continue without payment of premium and will terminate on the same date as the Ceding Company’s risk terminates.
I. New issues after the treaty Effective Date to cases issued prior to the effective date are reinsured under this Agreement, based on Underwriting Guidelines in effect at the time of new issue.
J. If the insurance reinsured under this Agreement increases and the increase is subject to new underwriting, the increase shall be handled in the same manner as a new policy and the provisions of Article I – Automatic and Facultative Reinsurance shall apply to the increase in reinsurance. If the increase is not subject to new underwriting evidence, the Reinsurer shall accept automatically the increase in reinsurance, not to exceed the automatic binding limit s...
Policy Changes. (a) The Ceding Company shall not, without the prior written consent of the Reinsurer, terminate, amend, modify or waive any provision or provisions of the Reinsured Policies, except to the extent required by applicable Law or the express terms of the Reinsured Policies.
(b) Any such terminations, amendments, modifications or waivers made without the prior written consent of the Reinsurer shall be disregarded for purposes of this Agreement, and the reinsurance with respect to the affected Reinsured Policy will continue as if such termination, amendment, modification or waiver had not been made.
Policy Changes. A. The Ceding Company shall notify the Reinsurer of all policy terminations and changes that affect the reinsurance. Unearned reinsurance premiums on such terminations or changes shall be refunded.
B. If any portion of the Ceding Company’s insurance risk is terminated, the reinsurance shall be reduced by a proportionate amount. If there are other reinsurers, each one shall share in the reduction according to its proportion of the total reinsurance.
C. If a policy reinsured under this Agreement lapses to extended term or paid-up insurance, the Reinsurer shall share in an adjustment in the amount of reinsurance on the policy in the same proportion as the reinsurance amount had to the insurance amount immediately prior to the policy lapsing.
D. If a portion of the insurance issued by the Ceding Company on a life reinsured hereunder is terminated, reinsurance on that life hereunder shall be reduced so as to restore, as far as possible, the retention level of the Ceding Company on the risk, provided, however, that the Ceding Company shall not assume on any policy being adjusted as provided in this Article an amount of insurance in excess of the greater of (1) its retention limit at the time of issue of that policy, and (2) the retention limit of that policy as already adjusted by the provisions of Article X –
Policy Changes. If the plan, the amount of reinsurance, or the premiums of a Reinsured Policy are changed, the Company will promptly inform the Reinsurer. Whenever a Reinsured Policy is changed and the Company's underwriting rules do not require that full evidence be obtained, the reinsurance will remain in effect with the Reinsurer. The suicide, contestability and recapture periods applicable to the original Reinsured Policy will apply to the reissued Reinsured Policy and the duration will be measured from the effective date of the original Reinsured Policy. Whenever a Reinsured Policy is changed and the Company's underwriting rules require that full evidence be obtained, the change will be subject to the Reinsurer's approval, if:
7.2.1 The new amount of the Reinsured Policy would be in excess of the Automatic Acceptance Limit, in effect at the time of the change, as set out in Exhibit E; or
7.2.2 The new amount of the policy and the amount already in force on the same life exceeds the Inforce Limit stated in Exhibit E; or
7.2.3 The Reinsured Policy is submitted for facultative excess of Company's automatic binding capacity. The amount of any non-contractual increase will be subject to the terms stated in Exhibit C. For changes not covered under this Agreement, which affect the terms of any Reinsured Policy, the Company must obtain the Reinsurer's approval before such changes become effective.
Policy Changes. The College shall make any and all necessary changes in its policy, procedure and practice necessary to be consistent with the terms and conditions of this Agreement.
