RECAPTURE OF REINSURANCE Sample Clauses

RECAPTURE OF REINSURANCE. In the event the Ceding Company increases its limits of retention, it may reduce all reinsurance effected under this Agreement by giving written notice to the Pool of its desire to initiate a recapture program, subject to the following restrictions: 1. A mutually agreed-to beginning date of recapture shall be established. This beginning date of recapture may be any date on or following the date of notification by the Ceding Company of its intention to initiate a recapture program. 2. Reduction of reinsurance shall take effect on the later of (i) the anniversary of such reinsurance on or next following the beginning date of recapture and (ii) the minimum in force period as shown in Exhibit B for the plan or plans reinsured. However, reinsurance of additional benefits, such as Disability effected under a Life cession will be eligible for recapture as of the date the Life reinsurance based on the Ceding Company's same policy is eligible for recapture regardless of the beginning effective date of such benefits. 3. No reduction may be made in the reinsurance on any individual policy unless the Ceding Company retained its applicable limit of retention on the life at the time of issue. For purposes of recapture, if the Ceding Company's previous retention for a particular age or mortality classification was zero and a subsequent retention change increases the retention for that age or classification, the Ceding Company will be considered to have kept its maximum retention at issue. 4. Reduction in reinsurance will be for an amount which, when added to the proportionate reduction of recapturable reinsurance with other reinsurers on the same life, will increase the Ceding Company's retention to its new limit of retention for the age of issue and rating of the last policy issued on the life. 5. If any reduction is made in reinsurance than all recapturable reinsurance effected under this Agreement must be similarly reduced. If the Ceding Company overlooks any reduction or termination of reinsurance, subsequent acceptance of reinsurance premiums by the Pool shall not create a liability of the Pool except for refund of the unearned reinsurance premiums received. If there is in force reinsurance on policies or amounts issued under a Guaranteed Insurability Option, the Ceding Company may elect to include these policies or amounts in any particular recapture program. However, if the election is applied to any single in force Option Policy, it must be applied to all in forc...
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RECAPTURE OF REINSURANCE. (a) The Reinsurer, or any of its affiliates to whom the Reinsurer has retroceded any of the Policies reinsured herein, shall permit the Company to recapture the Policies reinsured hereunder, at fair market value, based on procedures outlined in Schedule H, without any penalty, if the Reinsurer's risk-based capital ratio as defined in the National Association of Insurance Commissioners "Risk-Based Capital for Life and/or Health Insurers Model Act", falls below 150% of the "Company Action Level" at the end of any calendar quarter and remains below such level at the end of the next two calendar quarters. The recapture shall commence at the end of the calendar quarter during which 30 days notice is given to the Reinsurer by the Company of the Company's intent to recapture. The initial recapture shall relate to no more than 33 1/3% of the Policies reinsured in the hereunder, with the remainder of the recapture, in substantially equal amounts, to occur over a period not to exceed more than 36 months thereafter. (b) The Reinsurer shall provide the Company with its annual risk-based capital report and shall furnish estimated proforma risk-based capital calculations for the quarters ending March 31, June 30, and September 30 of each year. (c) The Policies recaptured pursuant to subsection (a) above will thereafter be held at the Company's own risk and the Reinsurer's obligations with respect to such Policies shall cease to exist.
Sample 1
RECAPTURE OF REINSURANCE. Once each calendar year, the Company shall have the option to recapture existing contracts reinsured hereunder. If the Company elects to recapture, recapture will occur subject to a mutually acceptable schedule determined at the time recapture is elected.
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RECAPTURE OF REINSURANCE. 13 SECTION 25.
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RECAPTURE OF REINSURANCE. An increase in the Ceding Company's Maximum Limits of Retention will not increase the amount that may be ceded on an automatic basis to the Reinsurer unless mutually agreed to by the parties. This provision does not prohibit the Ceding Company from reinsuring any portion of amounts it has retained on the Reinsured Business under catastrophic reinsurance programs or, risk pooling arrangements or financial or surplus relief type reinsurance transactions.
Sample 1
RECAPTURE OF REINSURANCE. A. Increases to Maximum Limits of Retention If the Ceding Company increases its Maximum Limits of Retention in accordance with Section 16 - Retention Limit Changes, the Ceding Company has the option to recapture risk amounts (the "Affected Business") as set out herein. [REDACTED] B. Recapture in the Event of Reinsurer's Insolvency [REDACTED]
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RECAPTURE OF REINSURANCE 
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Related to RECAPTURE OF REINSURANCE

  • Recapture In the event of a material breach of the requirements of this Agreement, GO-Biz will notify Taxpayer in writing of the breach and provide Taxpayer with the opportunity to cure the breach within thirty (30) business days or such longer period as mutually agreed to in writing between the Parties. If Taxpayer fails to cure the breach within the prescribed timeframe, GO-Biz will notify Taxpayer of the failure, the amount of the Allocation that it will recommend to the Committee to be recaptured, and may recommend termination of this Agreement to the Committee. If the material breach is solely the failure of Taxpayer to satisfy Milestones with respect to an Allocation for a particular taxable year, then the recapture will be limited to that particular taxable year’s Allocation and in no event shall a recapture under this Agreement include any Allocation or Allocations that Taxpayer had previously earned provided that Taxpayer satisfies its obligation to retain the required Milestones for three (3) subsequent taxable years. Upon receipt of recommendations from GO-Biz, the Committee will determine whether to accept or reject GO-Biz’s recommendation of recapture, the amount thereof, and the termination of this Agreement, based on Taxpayer’s failure to fulfill the terms and conditions of this Agreement. Upon approval of the Committee to recapture some or all of the Allocation awarded for failure of Taxpayer to fulfill the terms of this Agreement, GO-Biz will notify the FTB in writing as required under the applicable statutes and regulations. Any amount of additional tax resulting from that recapture shall be assessed by the FTB in the same manner as provided by RTC section 19051. The additional tax resulting from a recapture will be assessed in the taxable year of Taxpayer in which the Committee’s recapture determination occurred.

  • Other Reinsurance The Company shall be permitted to carry other reinsurance, recoveries under which shall inure solely to the benefit of the Company and be entirely disregarded in applying all of the provisions of this Contract.

  • Basis of Reinsurance Reinsurance under this Agreement will be on the Yearly Renewable Term basis on the portion of each policy that is reinsured as described in Schedule A.

  • Plan of Reinsurance A. Reinsurance of Life risks shall be on the risk premium basis. The risk amount on the policy reinsured shall be calculated monthly and shall be equal to the death benefit less the cash value. At the time of issue, the Ceding Company shall cede to North American Re a portion of the initial risk amount in excess of its retention. Thereafter, the Ceding Company and North American Re shall keep the same proportionate shares of the risk amount developed each month.

  • RECAPTURE OF FUNDS A . At its sole discretion, the System Agency may i) withhold all or part of any payments to Grantee to offset overpayments, unallowable or ineligible costs made to the Grantee, or if any required financial status report(s) is not submitted by the due date(s), or ii) require Grantee to promptly refund or credit - within thirty (30) calendar days of written notice - any funds erroneously paid by System Agency which are not expressly authorized under the Contract.

  • Reinsurance The Contractor shall purchase reinsurance from a commercial reinsurer and shall establish reinsurance agreements meeting the requirements listed below. The Contractor shall submit new policies, renewals or amendments to OMPP for review and approval at least one hundred and twenty (120) calendar days before becoming effective.  Agreements and Coverage  The attachment point shall be equal to or less than $200,000 and shall apply to all services, unless otherwise approved by OMPP. The Contractor electing to establish commercial reinsurance agreements with an attachment point greater than $200,000 must provide a justification in its proposal or submit justification to OMPP in writing at least one hundred and twenty (120) calendar days prior to the policy renewal date or date of the proposed change. The Contractor must receive approval from OMPP before changing the attachment point.  The Contractor’s co-insurance responsibilities above the attachment point shall be no greater than twenty percent (20%).  Reinsurance agreements shall transfer risk from the Contractor to the reinsurer.  The reinsurer's payment to the Contractor shall depend on and vary directly with the amount and timing of claims settled under the reinsured contract. Contractual features that delay timely reimbursement are not acceptable.  The Contractor shall maintain a plan acceptable to the IDOI commissioner for continuation of benefits in the event of receivership. The Contractor must finance the greater of $1,000,000 or total projected costs as calculated by the form set forth in 760 IAC 1-70-8.  The Contractor shall obtain continuation of coverage insurance (insolvency insurance) to continue plan benefits for members until the end of the period for which premiums have been paid. This coverage shall extend to members in acute care hospitals or nursing facility settings when the Contractor’s insolvency occurs during the member’s inpatient stay. The Contractor shall continue to reimburse for its member’s care under those circumstances (i.e., inpatient stays) until the member is discharged from the acute care setting or nursing facility.  Requirements for Reinsurance Companies  The Contractor shall submit documentation that the reinsurer follows the National Association of Insurance Commissioners' (NAIC) Reinsurance Accounting Standards.  The Contractor shall be required to obtain reinsurance from insurance organizations that have Standard and Poor's claims-paying ability ratings of "AA" or higher and a Xxxxx’x bond rating of “A1” or higher, unless otherwise approved by OMPP.  Subcontractors  Subcontractors’ reinsurance coverage requirements must be clearly defined in the reinsurance agreement.  Subcontractors should be encouraged to obtain their own stop-loss coverage with the above-mentioned terms.  If subcontractors do not obtain reinsurance on their own, the Contractor is required to forward appropriate recoveries from stop-loss coverage to applicable subcontractors.

  • Payment of Reinsurance Premiums For automatic and facultative reinsurance, following the close of each calendar month, the Ceding Company will send the Reinsurer a statement and a listing of new business, changes and terminations. If a net reinsurance premium balance is payable to the Reinsurer, the Ceding Company will forward this balance within (60) sixty days after the close of each month. If a net reinsurance premium balance is payable to the Ceding Company, the balance due will be subtracted from the reinsurance premium payable by Ceding Company for the current month. The Reinsurer shall pay any remaining balance due the Ceding Company sixty days after the Ceding Company submits the statement.

  • Automatic Reinsurance For automatic reinsurance, the Reinsurer's liability will commence at the same time as the Ceding Company's liability, including liability under any conditional receipt or temporary insurance provision.

  • Insurance and Condemnation (i) The Issuer shall do or cause to be done all things that it may accomplish with a reasonable amount of cost or effort to cause each of the POAs for each Resort to (A) maintain one or more policies of “all-risk” property and general liability insurance with financially sound and reputable insurers, providing coverage in scope and amount which (x) satisfies the requirements of the declarations (or any similar charter document) governing the POA for the maintenance of such insurance policies and (y) is at least consistent with the scope and amount of such insurance coverage obtained by prudent POAs and/or management of other similar developments in the same jurisdiction; and (B) apply the proceeds of any such insurance policies in the manner specified in the relevant declarations (or any similar charter document) governing the POA and/or any similar charter documents of such POA. For the avoidance of doubt, the parties hereto acknowledge that the ultimate discretion and control relating to the maintenance of any such insurance policies is vested in the POAs in accordance with the respective declaration (or any similar charter document) relating to each Vacation Ownership Interest Regime. If any POA fails to maintain the insurance described in clause (A) of this subsection (k), the Issuer shall, to the extent it has knowledge of such failure, promptly give notice of such failure to each Rating Agency. (ii) The Issuer shall remit to the Collection Account the portion of any proceeds received by the Issuer pursuant to a condemnation of property in any Resort to the extent that such proceeds relate to any of the Vacation Ownership Interests.

  • Tenant Insurance Landlord is not liable to Tenant or any of Tenant's invitees, licensees, and/or guests for any damages not proximately caused by Landlord and Landlord will not compensate Tenant or any other person for damages proximately caused by any other source, including acts of God and nature. Tenant is therefore strongly encouraged to purchase insurance to protect Tenant, Tenant's personal property and any person on the Property for Tenant.

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