Statutory Penalties definition

Statutory Penalties are those amounts awarded as a penalty, but are fixed in amount by statute.

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Statutory Penalties are those amounts awarded as a penalty, but are fixed in amount by statute. IDSL-NY VUL4/LP Select Treaty 16

Statutory Penalties are those amounts awarded as a penalty, but are fixed in amount by statute. Allocated Retention Pool (Excess Risks) -- Effective October 1, 2008 Between HLAIC and Canada Life 24

Examples of Statutory Penalties in a sentence

For purposes of this Agreement, Extra Contractual Obligations includes Punitive Damages, Compensatory Damages, Statutory Penalties and any other damages or penalties other than or in addition to payment of policy benefits.
For the purposes of this Agreement, "Extra-Contractual Obligations" shall mean any Punitive Damages, Compensatory Damages, or Statutory Penalties, as defined below, paid or payable by the Ceding Company as a result of an action arising under, relating to, or in connection with a Contest: "Punitive Damages" are those damages awarded as a penalty, the amount of which is neither governed nor fixed by statute.
The Reinsurer will, however, pay its share of Statutory Penalties awarded against the Company in connection with claims covered under this Agreement if the Reinsurer elected in writing to join in the contest of the coverage in question.
In no event whatsoever, shall the term Statutory Penalties include any Punitive Damages awards.
The Reinsurer shall, however, pay its share of Statutory Penalties awarded against the Company in connection with insurance reinsured under this Agreement if the Reinsurer elected to join in the contest of the coverage in question.

More Definitions of Statutory Penalties

Statutory Penalties are those amounts awarded as a penalty, but are fixed in amount by statute. IDSL-NY Succession Select Treaty

Statutory Penalties are those amounts awarded as a penalty, but are fixed in amount by statute. In no event, for purposes of this Agreement, does the term include Punitive Damages.

Statutory Penalties are those amounts awarded as a penalty, but are fixed in amount by statute. All accounting terms used herein and not otherwise defined shall, where the context reasonably allows, have the same meanings as in the Company's Annual Statements filed with the New York Department of Financial Services.

Statutory Penalties are those amounts awarded as a penalty, but are fixed in amount by statute. Waiver of Premium The reinsurance benefit for an approved waiver of premium claim will be the Reinsurer's proportionate share of the annual gross premium waived on the policy. The Ceding Company will continue to pay the life reinsurance premium; however, it will not pay the reinsurance premium for the waiver benefit for the duration of the waiver claim period. The Reinsurer will pay waiver benefits annually regardless of the mode of premium payment specified in the policy. CREDIT FOR RESERVES

Statutory Penalties are those amounts awarded as a penalty, but are fixed in amount by statute. Reinsurance Treaty No. GMDB200210 Effective 10/01/2002

Statutory Penalties are those amounts awarded as a penalty, but are fixed in amount by statute. END OF ARTICLE VII

Statutory Penalties are those amounts awarded as a penalty, but are fixed in amount by statute. Reinsurance ▇▇▇▇▇▇ ▇▇. ▇▇▇▇▇▇▇▇▇ Effective 06/02/2003