Terminal Accounting and Settlement. 1. TERMINAL ACCOUNTING. A Terminal Accounting and Settlement shall take place if: (1) any reinsurance under this Agreement is recaptured in accordance with Article XIII Paragraph 5; (2) any portion or percentage of all reinsurance under this Agreement is recaptured in accordance with Article VIII, Paragraph 4; (3) the Policies are subject to a Program of Internal Replacement as described in Article VIII, Paragraph 5; or (4) this Agreement is terminated.
Terminal Accounting and Settlement. 22 ARTICLE IX REPRESENTATIONS............................................. 24 ARTICLE X ARBITRATION................................................. 25 ARTICLE XI INSOLVENCY.................................................. 26
Terminal Accounting and Settlement. Effective AT 12:00am EST on January 1, 2015, the Reinsurer is relieved of liability for any claim, benefit or loss under this Agreement without regard to the date of incurral of such claim, benefit or loss, and the Ceding Company is relieved of liability for any payment due to the Reinsurer under this Agreement. In witness of the above, this Addendum is executed in duplicate on the dates indicated below, with an effective date of January 1, 2015. UBS LIFE INSURANCE COMPANY USA (SUCCESSOR TO PAINEWEBBER LIFE INSURANCE COMPANY) By: /s/ Xxxxxxxx Xxxxx Name: Xxxxxxxx Xxxxx Title: Treasurer Date: 2/9/15 HARTFORD LIFE INSURANCE COMPANY By: /s/ Xxxxx Xxxxxx Name: Xxxxx Xxxxxx Title: Vice President & Actuary
Terminal Accounting and Settlement. 1. Terminal Accounting. In the event that this Agreement is terminated in accordance with Article IX. Paragraphs 3 or4. or Article XIII a Terminal Accounting and Settlement will take place.
Terminal Accounting and Settlement. (a) In the event that this Agreement is terminated for both in-force and new business, for any reasons, a shall occur.
Terminal Accounting and Settlement. 22.1 In the event that this Agreement is terminated for both in-force and new business a terminal accounting and settlement shall occur.
Terminal Accounting and Settlement. If this Agreement is terminated or the quota share reduced, the Company shall prepare the quarterly settlement statement described in Section 10.01 within forty-five (45) days after the date of termination for the period beginning with the end of the most previous quarter for which settlement has been made and ending with the effective date of termination. Payment of any amounts due the Reinsurer shall be included with that statement. The Reinsurer shall pay any amounts due the Company within thirty (30) days after receiving the terminal settlement statement.
Terminal Accounting and Settlement. (Continued)
Terminal Accounting and Settlement. “Terminal Accounting and Settlement” means a net accounting and settlement for the termination of this Agreement.
Terminal Accounting and Settlement. (a) In connection with a termination of this Agreement, the Ceding Company shall prepare and deliver to the Reinsurer a settlement statement within fifteen (15) calendar days of the Terminal Accounting Date (the “Terminal Settlement Statement”) setting forth the terminal settlement for the Terminal Accounting Period (the “Terminal Settlement”). The Terminal Settlement shall be calculated as follows: (i) The Ceding Company or the Reinsurer, as applicable, shall pay to the other Party the Funds Withheld Reserves Adjustment and the Quarterly Settlement Amount calculated for the Accounting Period ending on the Terminal Accounting Date in accordance with Section 5.2(c) and the Funds Withheld Reserves Adjustment shall be withdrawn from or deposited to the Funds Withheld Account, as applicable, in accordance with Section 5.2(c). (ii) Following the Funds Withheld Reserves Adjustment pursuant to clause (i) above, the Reinsurer shall pay to the Ceding Company an amount equal to the Reinsurer’s Quota Share of the Statutory Reserves and Liabilities as of the Terminal Accounting Date (the “Terminal Reserve Amount”), and concurrently, the Ceding Company shall pay to the Reinsurer an amount equal to the Terminal Reserve Amount. (b) All payments pursuant to the Terminal Settlement shall be made within five (5) calendar days of the Reinsurer’s receipt of the Terminal Settlement Statement. Following the Terminal Settlement, any remaining balance of the Funds Withheld Account shall be released to the Ceding Company. (c) In the event that, subsequent to the Terminal Accounting Date, an adjustment to the Terminal Settlement is necessary, a supplemental Terminal Settlement
