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.

  • Direct Insurance Policies assumed by Assuming Reinsurers hereunder with no rejection having been received by the Company or the applicable Assuming Reinsurer from the Policyholder as provided for above shall be deemed to have been assumed by novation and shall be defined herein as "Novated Policies".

  • The insureds under the Novated Policies shall also have a right to assert claims related to such Novated Policies directly against the applicable Assuming Reinsurer and the applicable Assuming Reinsurer hereby consents to be subject to such claims by any insured under a Novated Policy.

  • All premiums written and earned, and all losses and loss adjustment expenses incurred after the Effective Date with regard to Novated Policies will be accounted for as direct business of the applicable Assuming Reinsurer.

  • Each Assuming Reinsurer 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 the Assuming Reinsurer.

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

  • 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.

  • All reserves for unearned premiums and unpaid losses and loss adjustment expenses with regard to Novated Policies will be accounted for by the Company as a transfer of direct business and by the applicable Assuming Reinsurer as direct business as of the Effective Date.

  • The Company will have no further obligations for accounting for Novated Policies under this Agreement after the Effective Date.

  • 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.


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 shall have the meaning set forth in Article V.
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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 means the Coinsured 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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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 a representation and warranty insurance policy for the benefit of Buyer obtained in connection with this Agreement on the terms described on Schedule 1.01 of the Buyer Disclosure Schedule.

  • Policies shall have the meaning specified in Section 6.1(b) hereof.

  • 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).

  • 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.

  • 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 Prospectus or contained in any current Registration Statement of the Trust filed with the Commission or as otherwise adopted by the Trustees and the Shareholders in accordance with the requirements of the 1940 Act and designated as fundamental policies therein as they may be amended from time to time in accordance with the requirements of the 1940 Act.

  • Privacy Policies has the meaning specified in Section 4.14(e).

  • Surplus lines insurance means insurance in this State of risks located or to be performed in this State, permitted to be placed through a licensed broker with a nonadmitted insurer eligible to accept the insurance, other than reinsurance, wet marine and transportation insurance, insurance independently procured, and life and health insurance and annuities. Excess and stop‑loss insurance coverage upon group life, accident, and health insurance or upon a self‑insured’s life, accident, and health benefits program may be approved as surplus lines insurance.