Continuing Coverage. The GLO’s approval of any changes to insurance coverage during the course of performance shall constitute an ongoing condition subsequent to this Contract.
Continuing Coverage has the meaning provided for in Section 21.2.2.
Continuing Coverage means that the Bank shall continue to provide coverage under any Welfare Plans provided to Executive and Executive’s spouse and otherwise eligible dependents at his Termination Date, with the Bank paying the contribution it pays with respect to similarly situated employees during such period in respect of such benefit plans; provided that if the Bank cannot maintain such coverage under the terms and provisions of the Welfare Plans (or where such continuation would adversely affect the tax status of the Welfare Plans) or if such Continuing Coverage would provide no reasonable economic value to Executive, as reasonably determined by Executive, the Bank shall provide such Continuing Coverage using substantially identical insurance arrangements or by paying to Executive the estimated cost of the expected contribution therefor for such period, as the case may be. If such coverage is furnished through the Bank’s benefit plans or substantially identical insurance arrangements, such coverage shall cease upon the earlier of the eighteen (18) month anniversary of the Termination Date or the date Executive obtains coverage from a subsequent employer that provides for substantially similar or greater benefits. If the estimated cost is paid, such payment shall be determined assuming an eighteen (18) month coverage period and shall be paid no later than ten (10) days following Executive’s Termination Date.
Examples of Continuing Coverage in a sentence
Upon moving to the new plan, should an employee have dependents that were covered as of December 31, 2019 but who no longer qualify for coverage under SEBB, the dependents will have the opportunity to enroll in accordance with the SEBB Continuing Coverage program.
Company may procure such Continuing Coverage by obtaining subsequent policies which have a retroactive date of coverage equal to the retroactive date of the insurance policy in effect as of the Effective Date, by obtaining an extended reporting endorsement, i.e., “tail”, applicable to the insurance coverage maintained pursuant to this Agreement, or by such other reasonable method likely to obtain the same effect.
More Definitions of Continuing Coverage
Continuing Coverage means that the Bank shall continue to provide coverage under any Benefit Plans provided to Executive and Executive’s spouse and dependents at the Date of Termination, with the Bank paying the contribution it pays with respect to similarly situated employees during such period in respect of such health care plan or plans; provided that if the Bank cannot maintain such coverage under the terms and provisions of the Benefits Plans (or where such continuation would adversely affect the tax status of the Benefits Plans), the Bank shall provide the Continuing Coverage by either providing substantially identical benefits directly or through an insurance arrangement or by paying Executive the estimated cost of the expected contribution therefor for such period. The Continuing Coverage will cease upon the earlier of (i) the twelve (12) month anniversary of the Date of Termination or (ii) the date Executive obtains health care coverage under one or more welfare benefit plans of a subsequent employer that provides for substantially similar or greater benefits to Executive and Executive's spouse and dependents with respect to the specific type of benefit.