Termination for Nonpayment of Premiums. The payment of Reinsurance Premiums is a condition precedent to the ability of the Reinsurer for reinsurance covered by this Agreement. In the event that reinsurance premiums are not paid within 75 days after the end of an Accounting Period, the Reinsurer will have the right to terminate the reinsurance hereunder. If the Reinsurer elects to exercise its right of termination, it will give the Ceding Company 30 days written notice of its intention, which notice shall be in accordance with Article I, Paragraph 29 hereof. If all Reinsurance Premiums due and unpaid, including any that become due and unpaid during the 30 day notice period, are not paid before the expiration of the notice period, the Reinsurer will be relieved of all liability hereunder as of the last date to which premiums have been paid for the reinsurance hereunder. Terminated reinsurance may be reinstated, subject to written approval by the Reinsurer, within 60 days of the date of termination, and upon payment of all Reinsurance Premiums in arrears including any interest accrued thereon. The Reinsurer will have no liability for any Claims incurred between the date of termination and the date of the reinstatement of the reinsurance. The right to terminate reinsurance will not prejudice the Reinsure’s right to collect premiums for the period during which reinsurance was in force prior to the expiration of the 30 days’ notice. The Ceding company will not force termination under the provisions of this Article solely to avoid the provisions regarding recapture in section 3 below, or to transfer the reinsured policies to another reinsurer.
Termination for Nonpayment of Premiums. If the Employer fails to make any payment when due, HNE may terminate this Agreement immediately by written notice to the Employer. The effective date of termination will be determined by HNE. Termination may be retroactive to the extent permitted by applicable law. HNE will notify Members of the Employer as to the termination date and the reason for termination. In such event, notice of termination will be sent to Members as required by law. In the event of termination due to nonpayment of premiums, the Employer shall remain liable to HNE for premiums due through and including the date of termination in addition to any other remedies to which HNE may be entitled.
