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Novated Policies definition

Novated Policies means the Reinsured Policies with respect to which no rejection of assumption has been filed by a Policyholder pursuant to the terms of Section 3.2 of this Assumption Agreement (or with respect to which other applicable regulatory requirements have been met), and with respect to which the terms of Section 3.4 apply.
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Novated Policies means those Insurance Contracts for which: (a) the Company or Zenith has received a written acceptance by the Policyholder of the transfer and assumption under this Agreement; and (b) with respect to any Insurance Contract that was issued or issued for delivery in a state where written acceptance by the Policyholder is not required by law or the appropriate regulatory authority to effect an assumption and novation, (i) the Policyholder is deemed to have accepted the transfer and assumption under this Agreement by paying premiums directly to Zenith or taking such other action as may be recognized under applicable state law as evidence of the Policyholder's acceptance of the transfer and assumption, or (ii) the Policyholder has, following the mailing to the Policyholder of such notices as may be prescribed by applicable state law, neither accepted nor rejected the transfer and assumption within a timeframe under which applicable state law or appropriate regulatory authority permits the policyholder to be deemed to have accepted the transfer and assumption. Any claim made by any Claimant under an Insurance Contract which expired prior to the Effective Date shall, subject to the last sentence of this paragraph, be deemed to be a claim under a Novated Policy. If an Insurance Contract defined herein as a Novated Policy is determined by law or an appropriate regulatory authority, by judicial decision or otherwise to be not novated, such Insurance Contract shall for all purposes of this Agreement be deemed retroactive to the Effective Date to be a Quota Share Policy.
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Novated Policies shall have the meaning specified in Section 2.6.
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Examples of Novated Policies in a sentence

  • The Reinsurer shall be the successor to the Company under the Novated Policies as if the Novated Policies were direct obligations originally issued by the Reinsurer.

  • The Reinsurer shall be responsible for the handling of, and all costs and expenses, including legal fees, relating to, litigation or other claims under the Novated Policies.

  • Effective on the respective dates on which the novation of any Reinsured Policy is effective, the Reinsurer shall have sole responsibility for billing and collecting policy loan repayments, interest and the making of payments of dividends in respect of the Novated Policies, subject to the terms of any administrative or other agreements between the parties hereto that have been or heretofore may be entered into and the terms of agreements between the Reinsurer and its agents or subcontractors.

  • Such Persons shall have the right to file claims or take other actions under the Novated Policies on or after the effective date of such novation directly with the Reinsurer, and shall have a direct right of action for insurance liabilities reinsured thereunder against the Reinsurer, and the Reinsurer hereby consents to be subject to direct action taken by any such Persons under a Novated Policy.

  • To the extent that such transfers have not already taken place pursuant to the terms and conditions of the Coinsurance Agreement, the Company agrees to cooperate fully with the Reinsurer in the transfer of all books, records, papers or any other documents relating to such Novated Policies.

  • The consideration provided for in Article IV of the Coinsurance Agreement shall be the consideration for the assumption of the Novated Policies (as direct obligations) by the Reinsurer, and there shall be no additional consideration or premium due or payable under this Assumption Agreement.

  • Zenith shall be the successor to the Company under the Novated Policies that it assumes as if the Novated Policies were direct obligations originally issued by Zenith.

  • All Insurance Liabilities for which Zenith shall assume liability hereunder, either as Novated Policies or Quota Share Policies, are subject in all respects to the same written terms, conditions, waivers, modifications, alterations and cancellations as the Insurance Contracts.

  • The insureds shall file claims arising under the Novated Policies on or after the effective date of such novation directly with Zenith.

  • Notwithstanding the foregoing, the Administrator may not seek or implement, as applicable, more than one (1) premium rate increase with respect to the Novated Policies in any state in any period of three (3) calendar years.


More Definitions of Novated Policies

Novated Policies means the Reinsured Policies with respect to which no rejection of assumption has been filed by a Policyholder pursuant to the terms of Section 3.2 of this Assumption Agreement (or with respect to which other applicable regulatory requirements have been met), and with respect to which the terms of Section 3.4 apply. “Person” means any corporation, individual, joint stock company, joint venture, partnership, unincorporated association, governmental regulatory entity, country, state or political subdivision thereof, trust or other entity. “Policyholder” means a holder of a Reinsured Policy. “Policyholder Notice” shall have the meaning set forth in Section 3.1. “Policy Loans” shall have the same meaning as set forth in the Coinsurance Agreement. “Reinsured Policies” means all paid-up insurance policies, issued by the Company, that are in force on the Effective Date, except policies offered in settlement to so called “HIV” policyholders and paid-up business associated with the Company’s Jr./Sr. Plan Single Premium Interest Sensitive Whole Life Policies, including, without limitation, policy loans. “Reserves and Liabilities” means the statutory reserves held by the Company as of the Effective Date in support of the policy liabilities arising under the Reinsured Policies and payable after the Effective Date (determined by reference to lines 1, 5, 7 and 8 on page 3 of its 1995 Annual Statement Blank) less Policy Loans. “Reinsurance Agreement” shall have the same meaning as in the Coinsurance Agreement. ATRICLE II
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Novated Policies has the meaning set forth in Section 5.2(a).
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Novated Policies means the South Dakota Novated Policies.
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Novated Policies shall have the meaning set forth in Article V. "Option Letter" shall have the meaning set forth in Article V. "Quota Share Policies" shall have the meaning set forth in Article II. "Third Party Reinsurance Agreements" shall mean all reinsurance agreements between the Company (as cedent) and Third Party Reinsurers, as set forth in more detail in Article III. "Third Party Reinsurers" shall mean all reinsurers which are not affiliates of the Company and all of the special agent reinsurers set forth on Schedule 1.02. For purposes of this definition, the term "affiliates" has the meaning given in Section 107(a)(4) of the New York Insurance Law and includes, without limitation, Viking County Mutual Insurance Company and Commonwealth Lloyds Insurance Company.
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Novated Policies shall have the meaning set forth in Article V.
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Related to Novated Policies

  • SAP Policies means the operational guidelines and policies applied by SAP to provide and support the Cloud Service as incorporated in an Order Form.

  • Shared Policies has the meaning set forth in Section 8.1(b).

  • Reinsured Policies has the meaning assigned to it in the Reinsurance Agreement.

  • D&O Policies has the meaning set forth in Section 8.06.

  • R&W Policy means that certain representations and warranties insurance policy issued by the R&W Insurer to the Buyer.

  • Policies means insurance policies and insurance Contracts of any kind (other than life and benefits policies or Contracts), including primary, excess and umbrella policies, comprehensive general liability policies, director and officer liability, fiduciary liability, automobile, aircraft, property and casualty, business interruption, workers’ compensation and employee dishonesty insurance policies, bonds and self-insurance and captive insurance company arrangements, together with the rights, benefits and privileges thereunder.

  • Exchange Policies means the policies, bylaws, rules and regulations of the Exchange governing the granting of options by the Company, as amended from time to time;

  • Claims Made Policies has the meaning set forth in Section 5.01(b).

  • Permitted Policy Amendment is an amendment, modification, termination or restatement of the Investment Policies, that is either (a) approved in writing by the Administrative Agent (with the consent of the Required Lenders), (b) required by applicable law or Governmental Authority, or (c) not material.

  • Insurance Policies has the meaning set forth in Section 3.16.

  • Investment Policies has the meaning assigned to such term in Section 3.11(c).

  • Applicable Policies means the policies, bylaws, directives, regulations, guidelines, codes of conduct, rules, systems and procedures of AHS listed in Schedule “F” attached.

  • Budget-related Policy means a policy of a municipality affecting or affected by the annual budget of the municipality, including-

  • Lapsed Policy means a Policy which has not acquired the Surrender Value and where the due Premium has not been received till the expiry of the Grace Period.

  • Consensus Policies are those policies established (1) pursuant to the procedure set forth in ICANN’s Bylaws and due process, and (2) covering those topics listed in Section 1.2 of this Specification. The Consensus Policy development process and procedure set forth in ICANN’s Bylaws may be revised from time to time in accordance with the process set forth therein.

  • Covered policy means a policy of commercial risk insurance, professional liability insurance or public entity insurance.

  • City Policies means any or all (as the context requires) of those procedures, standards and/or standard specifications, requirements, policies and the like listed in Schedule H or notified to the Supplier from time to time, as the same may be updated, modified, expanded, revised, supplemented and/or replaced from time to time by the City (as notified to the Supplier);

  • Insurance Contracts means the insurance or annuity policies and contracts, together with all binders, slips, certificates, endorsements and riders thereto, issued or entered into by any Insurance Company prior to the Closing.

  • Mandatory Policies means the following of our business policies and codes:

  • Company Insurance Policies has the meaning set forth in Section 4.15.

  • Business Contracts has the meaning ascribed to it in Section 1.01(a)(v).

  • D&O Liability Insurance Policies means all insurance policies (including any “tail policy”) of any of the Debtors for liability of any current or former directors, managers, officers, and members.

  • Support Policy shall have the meaning given to it in the Support Terms (defined below).

  • Reinsurance Agreements means any agreement, contract, treaty, certificate or other arrangement by which any Insurance Subsidiary agrees to transfer or cede to another insurer all or part of the liability assumed or assets held by it under one or more insurance, annuity, reinsurance or retrocession policies, agreements, contracts, treaties, certificates or similar arrangements. Reinsurance Agreements shall include, but not be limited to, any agreement, contract, treaty, certificate or other arrangement that is treated as such by the applicable Department.

  • Title Insurance Policies means, with respect to each Individual Property, an ALTA mortgagee title insurance policy in a form acceptable to Lender (or, if an Individual Property is in a State which does not permit the issuance of such ALTA policy, such form as shall be permitted in such State and acceptable to Lender) issued with respect to such Individual Property and insuring the lien of the Mortgage encumbering such Individual Property.

  • Fundamental Policies means the investment policies and restrictions as set forth from time to time in any Registration Statement of the Trust filed with the Commission and designated as fundamental policies therein, as they may be amended from time to time in accordance with the requirements of the 1940 Act.

Most Referenced Clauses

Most Referenced Definitions