Common use of Rate Filings Clause in Contracts

Rate Filings. a) Reinsurer may direct Administrator to make filings with applicable insurance regulatory authorities, such filings to be in the name of Ceding Company and indicate the respective roles of Administrator and Reinsurer, to request increases or decreases in the premium rates that may be charged for the Insurance Policies from time to time, and Ceding Company will fully cooperate in the making of such filings, provided the following: i) Such rate increase requests may only be on a class basis and in accordance with the provisions of the Insurance Policies and Applicable Law; ii) Such rate increase requests must be actuarially justified and comply with the Florida Order; iii) Such rate increase requests may be filed no more frequently than three (3) times every six (6) calendar years per state, or as otherwise agreed to in writing by Ceding Company. For the avoidance of doubt, such filings shall not include “re-filings” pursuant to negotiations or discussions with the applicable insurance regulatory authority; iv) A complete copy of any filing shall be delivered to Ceding Company at least sixty (60) calendar days in advance of the date that Reinsurer desires to direct Administrator to make such filing and Ceding Company shall have the opportunity to comment on such filing, including the actuarial rate calculations, assumptions and supporting documentation; v) Administrator promptly provides to Ceding Company notice of any insurance regulatory authority objection or other action with respect to such filing and copies of all correspondence between Administrator and/or Reinsurer and the applicable insurance regulatory authority; vi) If a rate increase filing is disapproved (or otherwise not approved) by the applicable insurance regulatory authority, Administrator shall not appeal such decision (or non-decision as the case may be) without the prior written consent of Reinsurer and Ceding Company, such consent not to be unreasonably delayed or withheld. For the avoidance of doubt, such “appeals” shall include a formal appeal process (whether with the same insurance regulatory authority, another regulatory agency or court of competent jurisdiction) but shall not include “re-filings” pursuant to negotiations or discussions with the applicable insurance regulatory authority; vii) Reinsurer will pay all out-of-pocket costs associated with such filing, including, but not limited to, reimbursing Ceding Company for any travel and outside actuarial costs incurred by Ceding Company in connection therewith; and viii) Ceding Company shall have the right to review, comment upon and suggest changes to all customer communications relating to any proposed rate increase including, but not limited to, letters to policyholders and agents, and scripts for agents and customer service representatives; Administrator and Ceding Company will mutually agree to the final form of any such communications. b) In the process of implementing any premium rate increase, Administrator will give the policyholders the option to accept reduced benefits in lieu of the premium rate increase, if such reduced benefit option is available to the policyholder.

Rate Filings. a) Reinsurer may direct Administrator to make filings with applicable insurance regulatory authorities, such filings to be in the name of New York Ceding Company and indicate the respective roles of Administrator and Reinsurer, to request increases or decreases in the premium rates that may be charged for the New York Insurance Policies from time to time, and New York Ceding Company will fully cooperate in the making of such filings, provided the following: i) Such rate increase requests may only be on a class basis and in accordance with the provisions of the New York Insurance Policies and Applicable Law; ii) Such rate increase requests must be actuarially justified and comply with the Florida Orderjustified; iii) Such rate increase requests may be filed no more frequently than three (3) times every six (6) calendar years per state, or as otherwise agreed to in writing by New York Ceding Company. For the avoidance of doubt, such filings shall not include “re-filings” pursuant to negotiations or discussions with the applicable insurance regulatory authority; iv) A complete copy of any filing shall be delivered to New York Ceding Company at least sixty (60) calendar days in advance of the date that Reinsurer desires to direct Administrator to make such filing and New York Ceding Company shall have the opportunity to comment on such filing, including the actuarial rate calculations, assumptions and supporting documentation; v) Administrator promptly provides to New York Ceding Company notice of any insurance regulatory authority objection or other action with respect to such filing and copies of all correspondence between Administrator and/or Reinsurer and the applicable insurance regulatory authority; vi) If a rate increase filing is disapproved (or otherwise not approved) by the applicable insurance regulatory authority, Administrator shall not appeal such decision (or non-decision as the case may be) without the prior written consent of Reinsurer and New York Ceding Company, such consent not to be unreasonably delayed or withheld. For the avoidance of doubt, such “appeals” shall include a formal appeal process (whether with the same insurance regulatory authority, A - 2 another regulatory agency or court of competent jurisdiction) but shall not include “re-filings” pursuant to negotiations or discussions with the applicable insurance regulatory authority; vii) Reinsurer will pay all out-of-pocket costs associated with such filing, including, but not limited to, reimbursing New York Ceding Company for any travel and outside actuarial costs incurred by New York Ceding Company in connection therewith; and viii) Ceding Company shall have the right to review, comment upon and suggest changes to all All customer communications relating to any proposed rate increase including, but not limited to, letters to policyholders and agents, and scripts for agents and customer service representativesrepresentatives are subject to the prior approval of New York Ceding Company; Administrator and New York Ceding Company will mutually agree to the final form of any such communications. b) In the process of implementing any premium rate increaseincrease and subject to the prior approval of the New York Department of Financial Services, Administrator will give the policyholders the option to accept reduced benefits in lieu of the premium rate increase, if such reduced benefit option is available to the policyholder.

Rate Filings. a) Reinsurer may direct Administrator to make filings with applicable insurance regulatory authorities, such filings to be in the name of New York Ceding Company and indicate the respective roles of Administrator and Reinsurer, to request increases or decreases in the premium rates that may be charged for the New York Insurance Policies from time to time, and New York Ceding Company will fully cooperate in the making of such filings, provided the following: i) Such rate increase requests may only be on a class basis and in accordance with the provisions of the New York Insurance Policies and Applicable Law; ii) Such rate increase requests must be actuarially justified and comply with the Florida Orderjustified; iii) Such rate increase requests may be filed no more frequently than three (3) times every six (6) calendar years per state, or as otherwise agreed to in writing by New York Ceding Company. For the avoidance of doubt, such filings shall not include “re-filings” pursuant to negotiations or discussions with the applicable insurance regulatory authority; iv) A complete copy of any filing shall be delivered to New York Ceding Company at least sixty (60) calendar days in advance of the date that Reinsurer desires to direct Administrator to make such filing and New York Ceding Company shall have the opportunity to comment on such filing, including the actuarial rate calculations, assumptions and supporting documentation; v) Administrator promptly provides to New York Ceding Company notice of any insurance regulatory authority objection or other action with respect to such filing and copies of all correspondence between Administrator and/or Reinsurer and the applicable insurance regulatory authority; vi) If a rate increase filing is disapproved (or otherwise not approved) by the applicable insurance regulatory authority, Administrator shall not appeal such decision (or non-decision as the case may be) without the prior written consent of Reinsurer and New York Ceding Company, such consent not to be unreasonably delayed or withheld. For the avoidance of doubt, such “appeals” shall include a formal appeal process (whether with the same insurance regulatory authority, another regulatory agency or court of competent jurisdiction) but shall not include “re-filings” pursuant to negotiations or discussions with the applicable insurance regulatory authority; vii) Reinsurer will pay all out-of-pocket costs associated with such filing, including, but not limited to, reimbursing New York Ceding Company for any travel and outside actuarial costs incurred by New York Ceding Company in connection therewith; and viii) Ceding Company shall have the right to review, comment upon and suggest changes to all All customer communications relating to any proposed rate increase including, but not limited to, letters to policyholders and agents, and scripts for agents and customer service representativesrepresentatives are subject to the prior approval of New York Ceding Company; Administrator and New York Ceding Company will mutually agree to the final form of any such communications. b) In the process of implementing any premium rate increaseincrease and subject to the prior approval of the New York Department of Financial Services, Administrator will give the policyholders the option to accept reduced benefits in lieu of the premium rate increase, if such reduced benefit option is available to the policyholder.