The Assumption Agreement and Opt Outs Sample Clauses

The Assumption Agreement and Opt Outs. The Assumption Agreement is a contract between Citizens and a takeout carrier which specifies the terms under which the rights and obligations of a group of policies are transferred from Citizens to a takeout carrier. Citizens can only enter into Assumption Agreements with carriers that have been approved for depopulation of a certain number and certain types of Citizens’ policies by the Office of Insurance Regulation. A listing of consent orders between the takeout carriers and the Office can be viewed at: xxxx://xxx.xxxxx.xxx. When a takeout carrier is approved to assume a Citizens’ policy, it sends an Opt Out form to notify the insured about the pending assumption and their right to opt out of assumption and remain with Citizens. The Opt Out form is mailed approximately 30 days prior to the scheduled assumption. Examples of takeout carrier notices of assumption and Opt Out forms can be viewed at: xxxx://xxx.xxxxxxxxxxx.xxx. If the insured does not opt out, Citizens sends a Notice of Assumption and Non- Renewal notifying the insured that the Citizens’ policy was successfully assumed by the takeout carrier as of the date listed in the Notice of Assumption. The takeout carrier is responsible for claims with a date of loss after the assumption date. The insured is also informed that their Citizens’ policy will not be renewed. Questions regarding whether the Citizens’ policy or the takeout policy provides coverage for a loss may arise. This coverage question is similar to any coverage issue involving two carriers that provide successive coverage. However, the issue is complicated by the mid-term assumption of Citizens’ policy by a takeout carrier. Any claim with an unknown, unclear or debatable date of loss presents an actual or potential conflict of interest for a Law Firm that has Citizens and the assuming takeout carrier as clients.
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Related to The Assumption Agreement and Opt Outs

  • ASSIGNMENT AND AMENDMENT This Agreement may not be assigned by the Subadviser, and shall automatically terminate, without the payment of any penalty, in the event: (a) of its assignment, including any change in control of the Adviser or the Subadviser which is deemed to be an assignment under the 1940 Act, or (b) that the Advisory Agreement is assigned or terminates for any reason. Trades that were placed prior to such termination will not be canceled; however, no new trades will be placed after notice of such termination is received. Termination of this Agreement shall not relieve the Adviser or the Subadviser of any liability incurred hereunder. The terms of this Agreement shall not be changed unless such change is agreed to in writing by the parties hereto and is approved by the affirmative vote of a majority of the Trustees of the Trust voting in person, including a majority of the Trustees who are not interested persons of the Trust, the Adviser or the Subadviser, at a meeting called for the purpose of voting on such change, and (to the extent required by the 0000 Xxx) unless also approved at a meeting by the affirmative vote of the majority of outstanding voting securities of the Fund.

  • Assignment Amendments Waiver and Contract Complete 8.1 The Contractor may neither assign nor transfer any rights or obligations under this Agreement without the prior consent of the Authority and a fully executed Assignment Agreement, executed and approved by the same parties who executed and approved this Agreement, or their successors in office. Any attempted assignment without said consent shall be void and of no effect. The Authority may assign or otherwise transfer or dispose of all or a portion of this Agreement in its sole discretion and without the consent of the Contractor. The Contractor shall execute all consents reasonably required to facilitate such assignment or other transfer.

  • AGREEMENT AND ACCEPTANCE Seller’s unqualified acceptance of this AGREEMENT is evidenced by either: (i) signing and returning to Buyer a written acknowledgment of this AGREEMENT; (ii) commencing work under such AGREEMENT; or (iii) acceptance of payment. By acceptance of this AGREEMENT as just defined, Xxxxxx agrees to be bound by and comply with all terms and conditions of this AGREEMENT, including any supplements thereto, and all specifications and other documents referred to herein. Any and all other terms, conditions, or obligations offered by Seller in its acceptance of this AGREEMENT are hereby expressly rejected by the Buyer.

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