Qualifying Insurers. Administrator shall obtain the coverage specified in Section 13.1 hereof from insurers having an A.M. Best Company claims-paying ability rating of at least “A”, a Standard & Poor’s Corporation insurer financial strength rating of at least “BBB+” and/or a Xxxxx’x Investors Services, Inc. claims-paying ability rating of at least “Baa1”. In the event that the ratings of an insurer which has issued the coverage specified in Section 13.1 are downgraded so that such insurer would no longer qualify to issue such coverage under the provisions of the preceding sentence, Administrator shall on renewal obtain replacement coverage from another insurer that so qualifies.
Appears in 3 contracts
Samples: Transition Services Agreement (AXA Equitable Holdings, Inc.), Transition Services Agreement (Protective Life Insurance Co), Transition Services Agreement (Protective Life Corp)
Qualifying Insurers. Administrator shall obtain the coverage specified in Section 13.1 hereof from insurers having an A.M. Best Company claims-paying ability rating of at least “A”, a Standard & Poor’s Corporation insurer financial strength rating of at least “BBB+” and/or a Xxxxx’x Mxxxx’x Investors Services, Inc. claims-paying ability rating of at least “Baa1”. In the event that the ratings of an insurer which has issued the coverage specified in Section 13.1 are downgraded so that such insurer would no longer qualify to issue such coverage under the provisions of the preceding sentence, Administrator shall on renewal obtain replacement coverage from another insurer that so qualifies.
Appears in 2 contracts
Samples: Administrative Services Agreement (Equitable America Variable Account L of Equitable Financial Life Insurance Co of America), Administrative Services Agreement (Equitable America Variable Account a of Equitable Financial Life Insurance Co of America)
Qualifying Insurers. Administrator shall obtain the coverage specified in Section 13.1 hereof from insurers having an A.M. Best Company claims-paying ability rating of at least “A”, a Standard & Poor’s Corporation insurer financial strength rating of at least “BBB+” and/or a Xxxxx’x Investors Moxxx’x Xnvestors Services, Inc. claims-paying ability rating of at least “Baa1”. In the event that the ratings of an insurer which has issued the coverage specified in Section 13.1 are downgraded so that such insurer would no longer qualify to issue such coverage under the provisions of the preceding sentence, Administrator shall on renewal obtain replacement coverage from another insurer that so qualifies.
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