Examples of Underlying Reinsurance Agreement in a sentence
No more frequently than quarterly the Company shall, and shall cause each ceding Affiliate under an Underlying Reinsurance Agreement to, provide to the Reinsurer and its representatives reasonable access, on reasonable advance notice and during business hours, to its claims files with respect to Covered Business.
Any Covered Insurance Policy or Underlying Reinsurance Agreement that is novated to the Reinsurer pursuant to this Section shall cease to be a Covered Insurance Policy or an Underlying Reinsurance Agreement upon the effectiveness of such novation.
All premium and loss payments hereunder shall be in the currency designated in the applicable Underlying Reinsurance Agreement.
PRIAC and its applicable Affiliates are not and, to the Knowledge of Seller, no other Person that is party to an Existing Reinsurance Agreement and Underlying Reinsurance Agreement, is in material default or material breach thereof, and, to the Knowledge of Seller, there does not exist any event, condition or omission that would constitute such a material breach or material default (whether by lapse of time or notice or both).
All correspondence from either the Ceding Company or the Reinsurer to any policyholder under any Covered Insurance Policy or to any Underlying Company under any Underlying Reinsurance Agreement as applicable, in connection with any such proposed novation shall be in a form approved by the other Party; provided that any such approval shall not be unreasonably withheld, conditioned or delayed.
PRIAC and its applicable Affiliates have performed all of their material obligations under each Existing Reinsurance Agreement and Underlying Reinsurance Agreement in all material respects.
Any such payment by the Reinsurer shall discharge the Ceding Company from its related payment obligation under the subject Covered Insurance Policy or Underlying Reinsurance Agreement to the extent of such payment and shall be treated as a payment by the Ceding Company for all purposes of such Covered Insurance Policy or Underlying Reinsurance Agreement and related documentation and otherwise.
Neither this Article VIII, nor any other provision of this Agreement nor any applicable Covered Insurance Policy or Underlying Reinsurance Agreement, shall be construed in a manner which would subject the Ceding Company or the Reinsurer to liability for duplicative payment of Reinsured Liabilities reinsured under this Agreement.
It is expressly agreed that the ceding commission allowed the Company includes provision for all commissions, taxes, assessments (other than assessments based on losses of an Affiliate, as a ceding company under an Underlying Reinsurance Agreement) and all other expenses of whatever nature of the Company and Affiliates, except loss adjustment expense.
Seller has delivered or made available to Buyer true and complete copies of each such Underlying Reinsurance Agreement, and all amendments and Contracts related thereto (except amendments relating to a particular Underlying Reinsurance Agreement where the contents of such amendment do not affect such Underlying Reinsurance Agreement in any material respect).