Share Reinsurance Sample Clauses

Share Reinsurance. Subject to the terms and conditions of this Agreement, the Company hereby cedes to the Reinsurer, and the Reinsurer hereby accepts and reinsures, the Quota Share of the Losses; provided, however, that, notwithstanding anything in this Agreement to the contrary, any payment by the Reinsurer in respect of a Covered Policy under the Second-to-Pay Policy shall, to the extent of such payment, discharge the Reinsurer from its related payment obligation to the Company under this Agreement in respect of the Covered Policy. For the avoidance of doubt, (i) the Reinsurer assumes the risk that reinsurance under the Third-Party Reinsurance Agreements is not collected and (ii) the Reinsurer shall not be required to pay or reimburse the Company for Losses paid prior to the Effective Date. As soon as practicable following the Closing Date, the parties shall settle any amount due each other under the terms of this Agreement for the period between the Effective Date and the Closing Date.
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Share Reinsurance. Unless otherwise specially agreed, it is understood that, in the event the COMPANY cedes reinsurance on a quota share or portfolio basis, the provisions of this Reinsurance Contract shall apply as if such reinsurance had not been effected.
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Share Reinsurance. Subject to the terms and conditions of this Agreement: (a) MICO hereby cedes to Donegal Mutual, and Donegal Mutual hereby accepts and reinsures from MICO, the Quota Share of any Losses under the Covered Policies net of any losses covered by the Third-Party Reinsurance Agreements of MICO. Such Losses are sometimes referred to in this Agreement as the “Reinsured Liabilities.” All liabilities of MICO other than the Reinsured Liabilities under the Covered Policies shall remain the liabilities of MICO (the “Retained Liabilities”), and Donegal Mutual shall have no responsibility for the Retained Liabilities by reason of entering into this Agreement or otherwise. MICO hereby agrees to indemnify Donegal Mutual and hold Donegal Mutual harmless from and against the Retained Liabilities. (b) For the avoidance of doubt, Donegal Mutual hereby assumes the risk that any third-party reinsurance maintained by MICO is not collected, and Donegal Mutual has no obligation to pay or to reimburse MICO for losses MICO paid or liabilities MICO first incurred prior to the Effective Date or after the Termination Date.
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Share Reinsurance. The Reinsured shall, subject to the terms, conditions and exclusions of this Agreement, cede, and the Reinsurer hereby agrees to accept as reinsurance, a pro rata share in the percentage set forth on Exhibit A hereto (the "Quota Share Percentage") of the Reinsured's Policies (defined below) that incept and/or are renewed during the Term hereof and which fall within the definition of Business Reinsured.
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Share Reinsurance. Subject to the terms and conditions of this Agreement, Southern Mutual hereby cedes to Donegal Mutual, and Donegal Mutual hereby accepts and reinsures from Southern Mutual, the Quota Share of any Losses, including loss development on all Covered Policies issued prior to the Effective Date, under the Covered Policies. Such Losses and all other liabilities of Southern Mutual with respect to the Covered Policies are sometimes collectively referred to in this Agreement as the “Reinsured Liabilities.” Such cession by Southern Mutual and acceptance and reinsurance by Donegal Mutual shall, in the sole discretion of Donegal Mutual, be gross or net of any losses covered by the Third-
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Share Reinsurance. The text of the first paragraph of Article V is removed and replaced by the following: ALL SINGLE LIFE INSURANCE CONTRACTS THAT ARE NOT REINSURED ON AN AUTOMATIC QUOTA SHARE BASIS BY NLV WITH THIRD PARTY REINSURERS WILL BE SUBJECT TO A TERM REINSURANCE ARRANGEMENT WHEREBY NLV WILL CEDE ITS ONE-HALF OF THE MORTALITY RISK TO . ALL PREMIUMS UNDER THIS TERM REINSURANCE ARRANGEMENT WILL BE DUE AT THE END OF EACH CALENDAR MONTH BASED ON THE ACTIVITY DURING THE MONTH. CRITERIA FOR INCLUSION IN THE THIRD PARTY AUTOMATIC QUOTA SHARE REINSURANCE PROGRAM: o STANDARD RATING o AGES 0-75: MAXIMUM OF $15,000,000 PER LIFE o AGES 76-80: MAXIMUM OF $5,000,000 PER LIFE THE TEXT OF ARTICLE VI IS REMOVED AND REPLACED BY THE FOLLOWING: DEATH CLAIMS FOR EACH CLAIM FOR DEATH BENEFITS UNDER THE LIFE INSURANCE CONTRACTS, SHALL PAY NLV THE SUM OF (1) DEATH BENEFITS PURSUANT TO THE MODIFIED COINSURANCE ARRANGEMENT AND (2) DEATH BENEFITS PURSUANT TO THE TERM REINSURANCE ARRANGEMENT, CALCULATED ACCORDING TO THE FOLLOWING:
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Share Reinsurance. (a) Subject to the terms, conditions and exclusions of this Agreement and the limit of liability as set forth in Section 2.03, the Ceding Company agrees to cede hereunder, and the Reinsurer agrees to indemnify the Ceding Company for, Ceded Losses incurred under the Assumed Reinsurance Agreements that arise from Covered Events. (b) The Ceding Company may, at its discretion, enter into reinsurance or other risk transfer or risk mitigation mechanisms and arrangements to reinsure or otherwise mitigate in whole or in part the risk of loss under the Business Reinsured, provided that (i) all such mechanisms and arrangements constitute Inuring Reinsurance; and (ii) no greater than fifty percent (50%) of Original Gross Written Premium is used to procure such reinsurance or other risk transfer or risk mitigation mechanisms and arrangements. In the event that the Ceding Company purchases Inuring Reinsurance on or after the Effective Date, the Ceding Company shall promptly (and in any event within ten (10) Business Days thereafter) provide written notice to the Reinsurer of such purchase and an illustration of the anticipated effects of such Inuring Reinsurance on the Requisite Funded Amount.
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Related to Share Reinsurance

  • 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.

  • 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.

  • 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.

  • 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.

  • FACULTATIVE REINSURANCE 3.1 The Ceding Company may submit any application on a plan or rider identified in Exhibit B − Plans Covered and Binding Limits, to the Reinsurer (or any other reinsurer) for its consideration on a facultative basis. The Ceding Company will apply for reinsurance on a facultative basis by sending to the Reinsurer an Application for Facultative Reinsurance, providing information similar to the example outlined in Exhibit F – Application for Facultative Reinsurance. Accompanying this application will be copies of all underwriting evidence that is available for risk assessment including, but not limited to, copies of the application for insurance, medical examiners' reports, attending physicians' statements, inspection reports, and any other information bearing on the insurability of the risk. The Ceding Company also will notify the Reinsurer of any outstanding underwriting requirements at the time of the facultative submission. Any subsequent information received by the Ceding Company that is pertinent to the risk assessment will be immediately transmitted to the Reinsurer. After consideration of the application for facultative reinsurance and related information, the Reinsurer will promptly inform the Ceding Company of its underwriting decision. The Reinsurer's offer will expire at the end of one hundred twenty (120) days, unless otherwise specified by the Reinsurer in its offer. If the Ceding Company accepts the Reinsurer's offer, then the Ceding Company will note its acceptance in its underwriting file and include the policy on the next billing statement issued to the Reinsurer following policy activation. Reinsurer agrees the reinsurance offer will be deemed accepted by Ceding Company at the point in time Ceding Company makes such notation in its underwriting file in accordance with the Ceding Company's standard facultative placement procedures. Changes in plan, contract number, policyowner, or amount of coverage may be made subsequently by the Ceding Company without obtaining another offer from the Reinsurer provided such changes are within the amount approved by the Reinsurer and do not change the underlying risk. Coverage for any Automatic Increasing Benefit Rider shall be provided in accordance with this Agreement notwithstanding any notations on the offer that say "no benefits", "benefits excluded", or words of similar import. The relevant terms and conditions of the Agreement will apply to those facultative offers made by the Reinsurer which are accepted by the Ceding Company. Nothing herein prevents the Ceding Company from retaining the risk on a policy that was facultatively shopped or placing the policy with a different facultative reinsurer.

  • 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.

  • 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.

  • Reinsurance Agreements (a) Section 3.15(a) of the Parent Disclosure Schedule sets forth a true, complete and correct list of all of the reinsurance, coinsurance or retrocession treaties, agreements, slips, binders, cover notes or other arrangements of any kind to which any of the Insurance Subsidiaries is a party and under which any of the Transferred Subsidiaries cede or assume any insurance business or under which any business otherwise remains reinsured as of the date of this Agreement and any related letters of credit, reinsurance trusts or other collateral arrangements (collectively, the “Reinsurance Agreements”). True, complete and correct copies of all of the Reinsurance Agreements have been made available to the Acquiror. (b) Neither the Company nor any of the Insurance Subsidiaries is in default in any material respect under any Reinsurance Agreement, and there has not occurred any event that, with the lapse of time or the giving of notice or both, would constitute such a default in any material respect. Each Reinsurance Agreement is legal, valid, binding, enforceable against the applicable Insurance Subsidiary which is party and the counterparty thereto and in full force and effect in accordance with its terms, will continue to be legal, valid, binding and enforceable by the applicable Insurance Subsidiary that is a party thereto and in full force and effect on substantially comparable terms following the Closing (except for the Quota Share Agreement, which will be amended in accordance with Section 5.08(c)), except to the extent that enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws affecting creditors’ rights generally and by principles of equity regarding the availability of remedies. Since December 31, 2013, with respect to any Reinsurance Agreement, (i) no Insurance Subsidiary has received any written notice from any applicable reinsurer that any amount of reinsurance ceded by any of the Insurance Subsidiaries will be uncollectible or otherwise defaulted upon; (ii) there is no pending or to the Knowledge of the Parent, threatened dispute between any of the Insurance Subsidiaries and any reinsurer under any Reinsurance Agreement; (iii) each Insurance Subsidiary, as applicable, is entitled under the laws of its domiciliary jurisdiction or any other applicable Law to take credit in accordance with SAP on its Statutory Statements for all reinsurance and retrocessions ceded by it pursuant to any Reinsurance Agreement for which such Insurance Subsidiary is taking credit on its Statutory Statements, and all such amounts have been properly recorded in its books and records of account and are properly reflected in its Statutory Statements; (iv) to the Knowledge of the Parent there has been no separate written or oral agreement between such Insurance Subsidiary and the assuming reinsurer that is intended to, and would, in fact, reduce, limit or mitigate any loss to the parties under any such Reinsurance Agreement; and (v) each such Reinsurance Agreement satisfies the requisite risk transfer criteria necessary to obtain reinsurance accounting treatment under SAP.

  • Employment Insurance ‌ Employment insurance coverage will be provided during the life of this agreement for regular and auxiliary employees who would, if employed by a private employer, be eligible for such coverage under the provisions of the Employment Insurance Act.

  • REINSURANCE COVERAGE Reinsurance under this Agreement will apply to insurance issued by Ceding Company on the Plans of Insurance shown in Schedule A. Such Plans of Insurance shall be reinsured with the Reinsurer on an automatic basis, subject to the requirements set forth in Section A below. The specifications for all reinsurance under this Agreement are provided in Schedule A. A. Requirements for Automatic Reinsurance For risks which meet the requirements for automatic reinsurance as set forth below, Reinsurer will participate in a reinsurance Pool whereby Reinsurer will automatically reinsure a portion of the insurance risks as indicated in Schedule A. The requirements for automatic reinsurance are as follows: 1. The individual risk must be a resident of the United States or Canada at the time of application. 2. The individual risk must be underwritten according to the Ceding Company's standard underwriting practices and guidelines. This individual risk will be determined to be a true Table 1,2,3 or 4 based on the Ceding Company's normal underwriting guidelines and will be issued as a Standard Risk. 3. Any risk offered on a facultative basis by the Ceding Company to the Reinsurer or any other company will not qualify for automatic reinsurance under this Agreement for the same risk and same life. 4. The minimum issue age on any risk will be age 5 and the maximum issue age on any risk will be age 75. B. Basis of Reinsurance Reinsurance under this Agreement will be on the basis as stated in Schedule B. C. Policy Forms When requested, the Ceding Company will furnish the Reinsurer with a copy of each policy, rider, rate book, and applicable sales or marketing material that applies to the life insurance reinsured hereunder.

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