REINSURANCE CLAUSE Sample Clauses

REINSURANCE CLAUSE. Subject to the Aggregate Limit, the Reinsurer shall pay up to $50,000,000 Ultimate Net Loss in excess of $0 Ultimate Net Loss each and every Occurrence Incurred during the term of this Agreement. The Reinsurer shall pay to the Company as Ultimate Net Loss recoverable hereunder is Incurred. The Aggregate Limit of this Agreement is $50,000,000.
Sample 1
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REINSURANCE CLAUSE. Commencing with the effective date of this Agreement, the Company shall offer to cede to the Reinsurer in accordance with the Participant Agreement dated as of January 31, 1996 between the Company, Investors Re and its parent (the "Participant Agreement") in respect of periods ending on or prior to December 31, 1997, and may offer to cede to the Reinsurer in the sole discretion of the Company for periods subsequent to December 31, 1997, a quota share for a given Policy Year ("Quota Share"), as indicated on the applicable Endorsement for such Policy Year (which Endorsement shall be in the form of Annex 1 hereto), of the Company's Net Retained Line on all Contracts coming within the scope of this Agreement. The Reinsurer shall have the right to accept or reject such cession offer in respect of any Contract (or all such Contracts), in its sole discretion, but shall be deemed to have accepted each Contract cession not rejected by notice given in writing to the Company promptly following receipt of underwriting detail in respect of the proposed Contract cession. Each Contract cession accepted (or deemed accepted) by the Reinsurer shall be deemed a Contract ceded to, and in force under, this Agreement. An Endorsement shall be executed for each Policy Year during the term of this Agreement. For purposes of this Agreement, the term "
Sample 1
REINSURANCE CLAUSE. Commencing with the effective date of this Agreement, the Company shall inform the Reinsurer when the Company believes that it has the opportunity to offer Contract cessions to the Reinsurer in excess of the Company's Net Retained Line (as hereinafter defined). The Reinsurer shall have the right to accept or reject such cession offer in respect of any Contract upon notice given in writing promptly following receipt by the Reinsurer of underwriting detail in respect of the proposed Contract cession. The Company shall, after receiving the acceptance of the Reinsurer in respect of the business being offered to the Reinsurer, authorize acceptances for the Company's gross participation including that portion of each acceptance intended to be ceded to the Reinsurer under this Agreement. Specifically, the Company will first determine its Net Retained Line and increase its authorization per acceptance up to three hundred percent (300%) of the Company's Net Retained Line to allow for a cession to this Agreement subject to the understanding that said cessions to the Reinsurer shall never be greater than $500,000 per reinsurance program, unless specifically approved by the President or Board of Directors of the Reinsurer. When Company authorizations are accepted, whether in part or in full, that portion in excess of the Company's Net Retained Line (as outlined above) shall be ceded to the Reinsurer, and each such Contract cession shall be deemed a Contract ceded to, and in force under, this Agreement. Final participations by the Company that are equal to or less than the Company's authorized Net Retained Line require no cession hereunder to the Reinsurer.
Sample 1
REINSURANCE CLAUSE. Commencing with the effective date of this Agreement, the Company shall offer to cede to the Reinsurer the quota share ("Quota Share") set forth on the Quota Share Endorsement attached hereto of the Company's Net Retained Line on all Contracts coming within the scope of this Agreement. The Reinsurer shall have the right to accept or reject such cession offer in respect of any Contract (or all such Contracts), in its sole discretion, but shall be deemed to have accepted each Contract cession not rejected by notice given in writing to the Company promptly following receipt of underwriting detail in respect of the proposed Contract cession. Each Contract cession accepted (or deemed accepted) by the Reinsurer shall be deemed a Contract ceded to, and in force under, this Agreement. If this Agreement is renewed pursuant to Article III and the Parties desire to vary the Quota Share, the Parties shall execute a Quota Share Endorsement (substantially in the form of the Quota Share Endorsement attached hereto). Limitations per reinsurance program, if any, on cessions to this Agreement shall also be as set forth on the Quota Share Endorsement.
Sample 1
REINSURANCE CLAUSE. Commencing with the effective date of this Agreement and subject to the Aggregate Limit of Liability, the Reinsurer hereby reinsures the aggregate liability of the Company resulting from losses in excess of the Aggregate Retention that occur during the term of this Agreement under the Company's Contracts, in force at the inception of this Agreement or written or renewed during the term of this Agreement, subject to the terms and conditions set forth herein. In no event shall the Reinsurer be required to pay any losses hereunder (a) unless and until the Company's Ultimate Net Loss has exceeded the Aggregate Retention set forth in Annex I attached hereto; or (b) after the exhaustion of the Aggregate Limit of Liability set forth in Annex I attached hereto. If this Agreement is renewed pursuant to Article II and the Parties desire to vary the Aggregate Retention or Aggregate Limit of Liability, the Parties shall execute an endorsement (substantially in the form of the Annex I attached hereto).
Sample 1

Related to REINSURANCE CLAUSE

  • Reinsurance Reinsurance services including, but not limited to (i) agreement to reinsurance policy and/or contract wordings and endorsements to existing policies; (ii) processing of reinsurance policy cancellations, nonrenewals and endorsements and other amendatory addenda; (iii) collection of premiums due under reinsurance policies or contracts, audits and remittances; (iv) negotiation and purchase of reinsurance coverage; (v) administration of letters of credit and other arrangements for the provision of security; and (vi) administration of reinsurance contracts.

  • FACULTATIVE REINSURANCE For Facultative reinsurance, the Reinsurer’s liability will commence at the same time as the Ceding Company’s liability, provided that the Reinsurer has made a binding Facultative offer and that offer was accepted, during the lifetime of the insured, in accordance with the terms of this Agreement.

  • 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.

  • Reinsurer’s Liability The Reinsurer’s liability with respect to the Reinsured Risks will terminate on the earliest of: (i) the date the Company’s liability with respect to the Reinsured Risks is terminated and all amounts due the Company from the Reinsurer with respect to such Reinsured Risks are paid to the Company by or on behalf of the Reinsurer; and (ii) the date this Agreement is terminated upon the written agreement of the parties.

  • Reinsurance Agreements Promptly, notice of any material change or modification to any Reinsurance Agreements or Surplus Relief Reinsurance Agreements whether entered into before or after the Closing Date including Reinsurance Agreements, if any, which were in a runoff mode on the Closing Date, which change or modification could have a Material Adverse Effect;

  • LIFE REINSURANCE The reinsurance premiums per $1000 are shown in Schedule B. Reinsurance premiums for renewals will be calculated using (1) the issue age of the insured under the policy, (2) the duration since issuance of the policy and (3) the current underwriting classification.

  • Credit for Reinsurance Retrocessionaire shall take all actions reasonably necessary, if any, to permit Retrocedant to obtain full financial statement credit in all applicable U.S. jurisdictions for all liabilities assumed by the Retrocessionaire pursuant to this Agreement, including but not limited to loss and loss adjustment expense reserves, unearned premium reserves, reserves for incurred but not reported losses, allocated loss adjustment expenses and ceding commissions, and to provide the security required for such purpose, in a form reasonably acceptable to Retrocedant. Any reserves required by the foregoing in no event shall be less than the amounts required under the law of the jurisdiction having regulatory authority with respect to the establishment of reserves relating to the relevant Reinsurance Contracts. For purposes of this Article XIX, such "actions reasonably necessary" may include, without limitation, the furnishing of a letter of credit or the establishment of a custodial or trust account, as permitted under applicable law, to secure the payment of the amounts due the Retrocedant under this Agreement.

  • R&W Insurance During the Interim Period, Acquiror may (but shall not be required to) obtain a buyer-side representations and warranties insurance policy with respect to the representations and warranties of the Company, in the name of and for the benefit of Pubco (the “R&W Policy”), which the Acquiror shall give the Company and its Representatives a reasonable opportunity to review and must be reasonably satisfactory to the Company. The Company will use commercially reasonable efforts to provide to Acquiror, during the Interim Period, reasonable assistance as is reasonably required so as to permit the binding and issuance of the R&W Policy at or prior to the Closing, including the execution and delivery of such no-claims declarations as is reasonably necessary (with such exceptions as deemed necessary by the Company) in connection with the issuance of the R&W Policy; provided that any such no-claims declaration given by an officer of the Company shall only be required to be given in such individuals’ capacity as an officer of the Company, and not in any individual capacity; provided further that the failure to deliver any no-claims declaration or breach of the covenants set forth in this Section 7.09, shall not constitute a failure of the condition set forth in Section 10.02(b) to be satisfied. If obtained by Acquiror, the R&W Policy shall provide that (i) the insurer or a Person claiming through the insurer shall have no, and shall waive and not pursue any and all, subrogation rights against the Company (including any successor entities) or any of its (including any successor entities) Affiliates (including any Pre-Closing Holder) with respect to any claim made by any insured thereunder (except against such Person to the extent a claim is paid by the insurer under the R&W Policy as a direct result of such Person’s Fraud); (ii) the Company (including any successor entities) is a third-party beneficiary of such waiver with the express right to enforce such waiver; and (iii) no Person shall amend the R&W Policy in a manner adverse to the Company (including any successor entities) or any of its Affiliates (including any Pre-Closing Holder) (including, for the avoidance of doubt, to provide that the insurer or any other Person may bring a claim against the Company (including any successor entity) or its Affiliates (including any Pre-Closing Holder) by way of subrogation (except as a direct result of such Person’s Fraud)), without the Company’s prior written consent. All reasonable and documented out-of-pocket costs and expenses incurred by Acquiror and the Company in obtaining the R&W Policy, including all premiums, brokers fees, and related costs, shall be treated as Acquiror Transaction Expenses.

  • RESERVES FOR REINSURANCE See Schedule A.

  • Allocation of Insurance Proceeds Except as otherwise provided in Section 11.3, Insurance Proceeds received with respect to suits, occurrences, claims, costs and expenses covered under the Shared Policies shall be paid to Tyco with respect to Tyco Retained Liabilities, to Healthcare with respect to Healthcare Liabilities, and to Electronics with respect to Electronics Liabilities. In the event that the aggregate limits on any Shared Policies are exhausted by the payment of Insured Claims by the relevant Parties, such Parties agree to allocate the Insurance Proceeds received thereunder based upon their respective percentage of the total insured claim or claims which were covered under such Shared Policy (their “allocable portion of Insurance Proceeds”), and any Party who has received Insurance Proceeds in excess of such Party’s allocable portion of Insurance Proceeds shall pay to the other Party or Parties the appropriate amount so that each Party will have received its allocable portion of Insurance Proceeds. Each of the Parties agrees to use best efforts to maximize available coverage under those Shared Policies applicable to it for the benefit of all Parties, and to take all commercially reasonable steps to recover from all other responsible parties (except the Parties) in respect of an Insured Claim to the extent coverage limits under a Shared Policy have been exceeded or would be exceeded as a result of such Insured Claim.

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