Comparable Reinsurance Commitment definition
Comparable Reinsurance Commitment means any other YRT reinsurance contract or treaty under which Reinsurer provides reinsurance for permanent insurance policies that are generally subject to medical underwriting. Reinsurer agrees it will not raise reinsurance premium rates pursuant to the immediately foregoing paragraph in the event the total Reinsured Net Amount at Risk ceded under this Agreement constitutes more than [percentage] of total net amounts at risk ceded to the Reinsurer for all Comparable Reinsurance Commitments. [terms of rate guarantee redacted] In any event, the maximum reinsurance premium rates which may be charged by the Reinsurer shall be the statutory valuation premiums for yearly renewable term insurance at the maximum interest rates and minimum mortality rates applicable to the reinsured policies for each year of issue as prescribed by law.
Comparable Reinsurance Commitment means any other YRT reinsurance contract or treaty under which Reinsurer provides reinsurance to any ceding company for permanent insurance policies that are generally subject to medical underwriting, written on a rate structure with three or more underwriting classifications (such as preferred non-smoker, standard non-smoker and standard smoker), and where the Reinsurer has a unilateral contractual right to increase premiums within one year of notice of intent to raise rates. [terms of rate guarantee redacted] In the event Ceding Company gives written notice of its intent to raise cost of insurance rates for the reinsured business, Reinsurer shall have sixty (60) days to notify Ceding Company in writing of its intent to raise reinsurance premium rates, and if applicable, Ceding Company shall be allowed sixty (60) days from the date of receiving Reinsurer's rate increase notice in which to elect its option to recapture. Reinsurer's rate increase or Ceding Company's recapture shall take effect on the anniversary of each policy covered by this Agreement following the aforementioned sixty (60) day notice period.
Comparable Reinsurance Commitment means any other YRT reinsurance contract or treaty under which Reinsurer provides reinsurance for permanent insurance policies that are generally subject to medical underwriting. Reinsurer agrees it will not raise reinsurance premium rates pursuant to the immediately foregoing paragraph in the event the total Reinsured Net Amount at Risk ceded under this Agreement constitutes more than [percentage] of total net amounts at risk ceded to the Reinsurer for all Comparable Reinsurance Commitments. In the event Reinsurer raises reinsurance premium rates for existing business, Ceding Company shall have the right to recapture all reinsured business affected by the rate increase. Reinsurer shall provide the Ceding Company with a minimum of ninety (90) days advance written notice of its intent to raise reinsurance premium rates for existing business, and Ceding Company shall be allowed ninety (90) days from the date of receiving Reinsurer's rate increase notice in which to elect its option to recapture. Reinsurer's rate increase or Ceding Company's recapture shall take effect on the anniversary of each policy covered by this Agreement following the aforementioned ninety (90) day notice period. The foregoing notwithstanding, in the event Ceding Company increases cost of insurance rates for existing business, Reinsurer may raise reinsurance premium rates at the same time and up to the same percentage, in which case Ceding Company shall not be afforded the right of recapture as described in the foregoing paragraph. Under such circumstances, however, if the Reinsurer proposes to raise reinsurance premium rates by a higher percentage than the Ceding Company's proposed increase in cost of insurance rates, then Ceding Company shall have the right to recapture reinsured business to the same extent provided for in the foregoing paragraph. In the event Ceding Company gives notice of its intent to raise cost of insurance rates for the reinsured business, Reinsurer shall have sixty (60) days to notify Ceding Company of its intent to raise reinsurance premium rates, and if applicable, Ceding Company shall be allowed sixty (60) days from the date of receiving Reinsurer's rate increase notice in which to elect its option to recapture. Reinsurer's rate increase or Ceding Company's recapture shall take effect on the anniversary of each policy covered by this Agreement following the aforementioned sixty (60) day notice period. In any event, the maximum reinsurance premium rates which...
Examples of Comparable Reinsurance Commitment in a sentence
In this regard, Reinsurer warrants that any increase in reinsurance premium rates for existing business shall be no greater in percentage than the increase in rates for other policies reinsured by Reinsurer pursuant to contracts or treaties with other insurance companies subject to the Comparable Reinsurance Commitment.
More Definitions of Comparable Reinsurance Commitment
Comparable Reinsurance Commitment means any other YRT reinsurance contract or treaty under which Reinsurer provides reinsurance for permanent insurance policies that are generally subject to medical underwriting. Reinsurer agrees it will not raise reinsurance premium rates pursuant to the immediately foregoing paragraph in the event the total Reinsured Net Amount at Risk ceded under this Agreement constitutes more than [percentage] of total net amounts at risk ceded to the Reinsurer for all Comparable Reinsurance Commitments. [terms of rate guarantee redacted] IDSL VUL4/LP Select Treaty 8 In any event, the maximum reinsurance premium rates which may be charged by the Reinsurer shall be the statutory valuation premiums for yearly renewable term insurance at the maximum interest rates and minimum mortality rates applicable to the reinsured policies for each year of issue as prescribed by law. IDSL VUL4/LP Select Treaty 9