Reinsurance Security Sample Clauses

Reinsurance Security. A. On or after the EFFECTIVE DATE of this Agreement and before the first sale of CEDING COMPANY's GMWB product, the REINSURER shall enter into a trust agreement in the form attached as Schedule D (the "Trust Agreement") and establish a trust account (the "Trust Account") for the benefit of the CEDING COMPANY with respect to the liability for the GMWB feature of the GMWB product reinsured hereunder with a bank (the "Trustee") designated as a Qualified United States Financial Institution by the Securities Valuation Office of the National Association of Insurance Commissioners or any successor organization or regulatory agency having similar duties.
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Reinsurance Security. Notwithstanding any provision of this Agreement to the contrary, if OBIC fails to maintain a claims paying ability rating from A.M. Best Company, Inc. ("A.M. Best") of at least A-, OBIC shall, within thirty (30) days of the public announcement by A.M. Best, fully collateralize all of its outstanding reinsurance obligations to Peerless under this Agreement. OBIC shall be released from its obligation to collateralize its outstanding obligations to Peerless under this Section 9.2 in the event that OBIC shall thereafter maintain a claims paying ability rating from A.M. Best of at least A-; PROVIDED, that OBIC shall continue to have the obligation to collateralize its outstanding reinsurance obligations pursuant to this Section 9.2 in the event that OBIC fails thereafter to maintain a claims paying ability rating from A.M. Best of at least A-. Such collateralization shall be by a trust account which complies in all respects with the requirements of Section 114 of the Regulations of the New York Insurance Department or any other method requested by Peerless which is reasonably acceptable to OBIC.
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Reinsurance Security. A. As a basis for entering into and maintaining this Agreement, it is understood and agreed that the Reinsurer shall establish and maintain certain security requirements of the Company, as set forth in this Agreement. It is understood and agreed that the Reinsurer shall provide certain information about the Reinsurer and its parent and affiliates to the Company, as requested, to comply with the Company’s internal controls and procedures regarding reinsurance security. Such information shall include, but not be limited to statutory and audited financial statements; descriptions of the Reinsurer’s reinsurance program; and copies of any significant regulatory filing that requires regulatory approval.
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Reinsurance Security. 1. To the extent that security is required in order to allow the COMPANY to obtain financial statement credit under this AGREEMENT, the REINSURER shall, at its expense assure that adequate security satisfying the insurance laws of the state of California is provided. The security so provided shall be adjusted quarterly to equal the unearned premium reserve, Incurred Loss and ALLOCATED LOSS ADJUSTMENT EXPENSE reserves, including incurred but not reported losses.
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Reinsurance Security. A. The Reinsurer shall maintain a certificate of authority or an accreditation from the Minnesota Department of Commerce and all applicable state insurance regulators allowing the Company to obtain full credit for this reinsurance on its statutory statements. If the Company is not permitted, by any jurisdiction of the United States, in the statements required to be filed with its regulatory authorities, to receive full credit for the Reinsurer’s assumption of Liabilities hereunder, the Reinsurer shall promptly provide the Company security, in a form reasonably acceptable to the Company, sufficient for the Company to take full credit for reinsurance under this Agreement. The security required hereunder may be in the form of the trust provided in this Article conformed to meet the requirements of applicable law, a clean, irrevocable and unconditional letters of credit issued and confirmed, if confirmation is required by the insurance regulatory authorities involved, by a bank or banks meeting the NAIC Securities Valuation Office credit standards for issuers of letters of credit and acceptable to said insurance regulatory authorities, or cash advances. The Reinsurer shall establish and maintain reserves on its New York statutory accounting statements in conformity with such reserves as established by the Company on its New York statutory accounting statements with respect to the reinsurance that is the subject of this Coinsurance Agreement. To the extent requested by the Reinsurer, the parties agree to amend this Coinsurance Agreement and the Coinsurance Trust Agreement so as to comply with the credit for reinsurance requirements of such jurisdiction.
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Reinsurance Security. 16 ARTICLE XI
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Reinsurance Security 
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Related to Reinsurance Security

  • 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.

  • Reinsurance Administration THE COMPANY shall perform all duties with respect to the administration of the reinsurance under this Agreement on the portion of the policies reinsured under this Agreement.

  • Standard Hazard and Flood Insurance Policies For each Mortgage Loan (other than a Cooperative Loan), the Master Servicer shall maintain, or cause to be maintained by each Servicer, standard fire and casualty insurance and, where applicable, flood insurance, all in accordance with the provisions of this Agreement and the related Servicing Agreement, as applicable. It is understood and agreed that such insurance shall be with insurers meeting the eligibility requirements set forth in the applicable Servicing Agreement and that no earthquake or other additional insurance is to be required of any Mortgagor or to be maintained on property acquired in respect of a defaulted loan, other than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance. Pursuant to Section 4.01, any amounts collected by the Master Servicer, or by any Servicer, under any insurance policies maintained pursuant to this Section 9.16 or any Servicing Agreement (other than amounts to be applied to the restoration or repair of the property subject to the related Mortgage or released to the Mortgagor in accordance with the applicable Servicing Agreement) shall be deposited into the Collection Account, subject to withdrawal pursuant to Section 4.02. Any cost incurred by the Master Servicer or any Servicer in maintaining any such insurance if the Mortgagor defaults in its obligation to do so shall be added to the amount owing under the Mortgage Loan where the terms of the Mortgage Loan so permit; provided, however, that the addition of any such cost shall not be taken into account for purposes of calculating the distributions to be made to Certificateholders and shall be recoverable by the Master Servicer or such Servicer pursuant to Section 4.02.

  • 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.

  • 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.

  • Standard Hazard Insurance and Flood Insurance Policies (a) For each Mortgage Loan, the Master Servicer shall enforce any obligation of the Servicers under the related Servicing Agreements to maintain or cause to be maintained standard fire and casualty insurance and, where applicable, flood insurance, all in accordance with the provisions of the related Servicing Agreements. It is understood and agreed that such insurance shall be with insurers meeting the eligibility requirements set forth in the applicable Servicing Agreement and that no earthquake or other additional insurance is to be required of any Mortgagor or to be maintained on property acquired in respect of a defaulted loan, other than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance.

  • Insurance Policy insurance policies and insurance contracts of any kind that immediately prior to the Effective Time are or have been owned or maintained by, or provide a benefit in favor of, any member of either Group or any of its predecessors, including, without limitation, workers compensation/employers liability (including self-insured workers compensation in the State of Indiana), commercial general liability (including product liability), auto liability, excess/umbrella liability, property/business interruption, marine cargo, blanket crime/fidelity, aviation including airport liability, international liability and Executive Liability Policies. The term “Insurance Policies” expressly excludes any insurance policies relating to Plans to the extent such insurance policies are addressed under the Employee Matters Agreement, other than the above referenced Executive Liability Policies and workers compensation/employers liability policies (including self-insured workers compensation in the State of Indiana).

  • 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.

  • 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;

  • Flood Insurance With respect to each Mortgaged Property, obtain flood insurance in such total amount as the Administrative Agent or the Required Lenders may from time to time reasonably require, if at any time the area in which any improvements located on any Mortgaged Property is designated a “flood hazard area” in any Flood Insurance Rate Map published by the Federal Emergency Management Agency (or any successor agency), and otherwise comply with the National Flood Insurance Program as set forth in the Flood Disaster Protection Act of 1973, as amended from time to time.

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