TERMINATION BECAUSE OF NON-PAYMENT OF PREMIUMS. When Reinsurance Premiums are delinquent, Reinsurer shall have the right to terminate the reinsurance risks on the statement by giving Cedent thirty (30) days' written notice. As of the close of this thirty (30) day period all of Reinsurer's liability will terminate for: A. The risks described in the preceding sentence, and B. The risks where the Reinsurance Premiums became delinquent during the thirty (30) day period. Regardless of these terminations, Cedent will continue to be liable to Reinsurer for all unpaid Reinsurance Premiums earned by Reinsurer. Cedent agrees that Cedent will not force termination under this provision solely to avoid the recapture requirements or to transfer the block of business reinsured to another reinsurer.
Appears in 8 contracts
Samples: Reinsurance Agreement (New York Life Ins & Annuity Corp Var Univ Life Sep Acc I), Automatic Reinsurance Agreement (New York Life Ins & Annuity Corp Var Univ Life Sep Acc I), Reinsurance Agreement (New York Life Ins & Annuity Corp Var Univ Life Sep Acc I)
TERMINATION BECAUSE OF NON-PAYMENT OF PREMIUMS. When Reinsurance Premiums are delinquent, Reinsurer shall have the right to terminate the reinsurance risks on the statement by giving Cedent thirty (30) NYLIAC 2001 COLI REINSURANCE AGREEMENT days' written notice. As of the close of this thirty (30) day period all of Reinsurer's liability will terminate for:
A. The risks described in the preceding sentence, and
B. The risks where the Reinsurance Premiums became delinquent during the thirty (30) day period. Regardless of these terminations, Cedent will continue to be liable to Reinsurer for all unpaid Reinsurance Premiums earned by Reinsurer. Cedent agrees that Cedent will not force termination under this provision solely to avoid the recapture requirements or to transfer the block of business reinsured to another reinsurer.
Appears in 1 contract
Samples: Reinsurance Agreement (Corporate Sponsored Vul Separate Account I)
