Internal Replacement definition

Internal Replacement means a formal program or systematic efforts initiated by the Ceding Company or its affiliates under which a contract owner or one or more annuitant(s) is offered the opportunity to replace a reinsured contract with another contract or to replace a reinsured rider with another rider. Internal Replacement shall not include any retail exceptions made by the Ceding Company at the request of a contract owner or one or more annuitant(s).

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Internal Replacement means any instance in which an Annuity or any portion of the cash value of an Annuity is exchanged for another policy or annuity, not covered under this Agreement, which is written by the Ceding Company, its affiliates, successors or assigns.

Internal Replacement means a formal program initiated by the Ceding Company under which a contract owner or one or more annuitant(s) is offered the opportunity to replace a Variable Annuity Contract with another variable, fixed or immediate annuity contract or to Principal First Reinsurance Agreement Between Hartford Life Insurance Company and Swiss Re Life & Health America Inc. Effective July 24, 2008 replace a Rider with another rider. Internal Replacement shall not include any retail exceptions made by the Ceding Company at the request of a contract owner or one or more annuitant(s)

Examples of Internal Replacement in a sentence

The Ceding Company shall not, and shall not permit its affiliates to, directly or indirectly, undertake, solicit, sponsor or support any Internal Replacement or any other Contractholder Initiative, except with the prior written consent of the Reinsurer.
Any rejection shall not be unreasonable and must set forth the reason(s) why the Reinsurer has rejected the proposed Internal Replacement or Contractholder Initiative.
The Ceding Company may notify the Reinsurer not less than [REDACTED] days prior to the commencement of any proposed Internal Replacement or any other Contractholder Initiative, and the Reinsurer shall be deemed to have consented to such proposed Internal Replacement or Contractholder Initiative unless the Reinsurer has notified the Ceding Company in writing within [REDACTED] days of receipt of such notice that it rejects such proposal.
A Terminal Accounting and Settlement shall take place if: (1) any reinsurance under this Agreement is recaptured in accordance with Article XIII Paragraph 5; (2) any portion or percentage of all reinsurance under this Agreement is recaptured in accordance with Article VIII, Paragraph 4; (3) the Policies are subject to a Program of Internal Replacement as described in Article VIII, Paragraph 5; or (4) this Agreement is terminated.
For purposes of this Agreement, the term "Program of Internal Replacement" means any effort by the Cedent, its affiliates, successors or assigns generally to solicit replacements of Policies by which a Policy or any portion of the cash value of a Policy is exchanged for another policy or contract that is not reinsured under this Agreement; provided, however, that providing unsolicited replacements at the request of a Policy owner shall not be considered a Program of Internal Replacement.

More Definitions of Internal Replacement

Internal Replacement means any instance in which an annuity or any portion of the cash value of an annuity which is written by the Ceding Company, its affiliates, successors, or assigns is exchanged for another policy or annuity. The Reinsurer will participate on a quota share basis in any expenses associated with that program provided reinsurance coverage will continue under this Agreement for the new policy. The quota share percentage for the new policy will be same as for the replaced policy, except when the new policy is otherwise covered by this Agreement, and the quota share on the old and new policies are different. In that case, the quota share will be that of the new policy which would otherwise be applicable under this Agreement, and an amount will be paid which is equal to (i) minus (ii) where:

Internal Replacement is hereby added in ARTICLE I:

Internal Replacement means any instance in which a Reinsured SPDA is surrendered and another annuity contract that is written by the company is issued to the owner of the Reinsured SPDA as part of a direct exchange.

Internal Replacement means any instance in which an annuity or any portion of the cash value of an annuity is exchanged for another policy or annuity, not covered under this Agreement, which is written by the Ceding Company, its affiliates, successors or assigns. Internal Replacements initiated by policyholders and allowed by the Ceding Company will not be considered Internal Replacements for purposes of this Paragraph unless the total cash value rolled over by such Internal Replacements in any four consecutive Accounting Periods exceeds 10 percent of the account values as of the date one year prior to the date the current Accounting Period ends.

Internal Replacement means a Medicare Supplement policy that is replacing a policy that is in force with the same Company

Internal Replacement means any instance in which a Base Annuity or Rider or any portion of the cash value of a Base Annuity is exchanged for another contract, rider or annuity, not covered under this Agreement, which is written by the Ceding Company, its affiliates, successors or assigns. Notwithstanding the foregoing, an Internal Replacement shall not include a replacement for another contract written by the Ceding Company or any other successor or affiliate if such replacement is initiated by the contract owner or any other person or entity not affiliated with the Cedant or its affiliates and is not part of the program offered by the Ceding Company, its affiliates, successors or assigns.

Internal Replacement means any instance in which an annuity or any portion of the cash value of an annuity which is written by the Ceding Company, its