RECAPTURE PRIVILEGE Clause Samples
RECAPTURE PRIVILEGE. 1. If the Agreement has been terminated as to new business by either party pursuant to Article XII Section 2, then the Ceding Company may recapture the GB risks in full and terminate this Agreement on thirty (30) days written notice to the Reinsurer.
2. The Ceding Company retains the right to recapture portions of the reinsured business at any time when the Reinsurer's cumulative EPRC equal at least $250,000 upon thirty (30) days written notice to the Reinsurer. In order to exercise this right, the Ceding Company must recapture all of the specified risks within clearly defined ranges of any combination of the following categories: attained age, duration from issue, gender, type of benefit, and amount of MNAR or LNAR. If requested by the Ceding Company, the Reinsurer agrees to provide a new reinsurance quote reflecting the then current market conditions for automatic yearly renewable term reinsurance for the business reinsured. Such quote will be provided within thirty (30) days of the notice of recapture. The Ceding Company is under no obligation to accept such quote, and any reinsurance provided under such a quote shall be subject to the negotiation and execution by both parties of a reinsurance agreement acceptable to both parties.
3. In the event that more than 50% of the stock of the Reinsurer is ever held by an individual or entity who is not affiliated with the Ceding Company, then the Ceding Company may recapture the GB risks in full and terminate this Agreement on thirty (30) days written notice to the Reinsurer. The Reinsurer is obligated to provide the Ceding Company with written notice immediately upon the transfer of 50% or more of its stock to an individual or entity who is not affiliated with the Ceding Company.
RECAPTURE PRIVILEGE. If Continental elects to increase the reinsurance premiums on all inforce policies, the Ceding company will have the right to recapture, without penalty, all policies affected by the rate increase. Otherwise, recapture in not available.
RECAPTURE PRIVILEGE. If the Ceding Company increases its retention limits, the Ceding Company may reduce the reinsurance in accordance with the following provisions:
1) The Ceding Company kept its full retention in accordance with the retention limits in effect when the original insurance was issued. (Refer to the Retention Limits Schedule).
2) The Life and Waiver of Premium Benefits in the policy must have been reinsured with the Reinsurer for a period of ten (10) years.
3) The reduction in the reinsurance of Accidental Death Benefits will be effective on the first policy anniversary following the notice of election to recapture.
4) The amounts recaptured from all reinsurers will be sufficient to increase the Ceding Company's retention on the risk to the new limits.
RECAPTURE PRIVILEGE. Recapture is not available except to the extent specifically provided herein.
RECAPTURE PRIVILEGE. If the Ceding Company increases its retention limits, the Ceding Company may reduce the reinsurance in accordance with the following provisions. o The Ceding Company kept its full retention in accordance with the retention limits in effect when the original insurance was issued. (Refer to the Retention Limits Schedule). o The life and waiver of premium benefits in the policy must have been reinsured with Continental for a period of twenty (20) years. o The reduction in the reinsurance of Accidental Death Benefits will be effective on the first policy anniversary following the notice of election to recapture. o The amounts recaptured from all reinsurers will be sufficient to increase the Ceding Company's retention on the risk to the new limits. o If there are other reinsurers, the reduction on Continental's risk will be determined according to continental's portion of the total reinsurance on the risk. o If the reinsurance is reduced on any risk, similar reductions will be made on all risks eligible for recapture. This includes policies currently on waiver of premium claim. INSPECTION OF RECORDS Continental shall have the right, at any reasonable time, to inspect, at the office of the Ceding Company, all books, records and documents relating to the reinsurance under this Agreement. Insolvency o In the event of insolvency of the Ceding Company, Continental's liability for claims will continue to be in accordance with the terms of the agreement. Payment of reinsurance claims less any reinsurance premiums due Continental will be made directly to the liquidator, receiver or statutory successor of the Ceding Company without diminution of the insolvency of the Ceding Company. o In the event of insolvency of the Ceding Company, the liquidator, receiver or statutory successor will give Continental written notice of any pending claim and Continental may, at its own expense, investigate the claim and interpose any defense which it deems appropriate to the Ceding Company or its liquidator, receiver or statutory successor. If the Ceding Company benefits from the defense undertaken by Continental, an equitable share of the expenses incurred by Continental will be chargeable to the Ceding Company as part of the expense of liquidation. o In the event of insolvency of either the Ceding Company or Continental, any debts or credits due the other party, whether matured or unmatured, under this Agreement or any other agreement, which exist on the date of the entry of a receive...
RECAPTURE PRIVILEGE. If the Ceding Company increases its retention limits, the Ceding Company may reduce the reinsurance in accordance with the following provisions:
1) The Ceding Company kept its full retention in accordance with the retention limits in effect when the original insurance was issued. (Refer to the Retention Limits Schedule).
2) The Life and Waiver of Premium Benefits in the policy must have been reinsured with ___________ for a period of ten (10) years.
3) The reduction in the reinsurance of Accidental Death Benefits will be effective on the first policy anniversary following the notice of election to recapture.
4) The amounts recaptured from all reinsurers will be sufficient to increase the Ceding Company's retention on the risk to the new limits.
5) If there are other reinsurers, the reduction on ___________'s risk will be determined according to ___________'s portion of the total reinsurance on the risk.
6) If the reinsurance is reduced on any risk, similar reductions will be made on all risks eligible for recapture. This includes policies currently on waiver of premium claim.