Automatic Reinsurance Sample Clauses
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Automatic Reinsurance. The Company will automatically cede and the Reinsurer will automatically accept its share of the Company’s policies provided that, to the best of the Company’s knowledge:
a) The Company has retained on each life the amount set out in Exhibit D according to the age and mortality rating at the time of underwriting; and
b) The total of the new ultimate face amount of reinsurance required, including any contractual increases and the amount already reinsured on that life under this Agreement and all other life agreements between the Reinsurer and the Company, does not exceed the Automatic Acceptance Limits set out in Exhibit E; and
c) The total new ultimate face amount of insurance, including any contractual increases on that life in force with all companies, including the Company, does not exceed the In Force Limits set out in Exhibit E; and
d) The application is on a life for which the current or any previous application had not been submitted by the Company on a facultative basis to the Reinsurer or any other reinsurer within the last five years, unless the reason for the previous facultative submission was for exceeding Automatic Acceptance Limits or exceeding In Force Limits and no longer applies; and
e) The Policy is not purchased as part of a premium financing program or third party investment program, unless such programs have been approved in writing by the Reinsurer. For purposes of this Article, “ultimate face amount” will mean, to the best of the Company’s knowledge, the projected maximum face amount at the time of underwriting, including any contractual increases, that could be reached based on reasonable assumptions made about the policy. If the Company is already on the risk for its retention under previously issued policies, the Reinsurer will automatically accept reinsurance for newly issued policies according to the limits set out in Exhibit E, provided the Company has complied with the business guidelines specified in Exhibit A-1 (hereinafter the “Business Guidelines”) that would have applied if the new policy had been fully retained by the Company.
Automatic Reinsurance. Facultative Reinsurance
Automatic Reinsurance. The Reinsurer’s reinsurance coverage for any policy that is ceded automatically under this Agreement will begin and terminate simultaneously with the Ceding Company’s contractual liability for the policy reinsured, unless otherwise terminated in accordance with the terms of this Agreement.
Automatic Reinsurance. For automatic reinsurance, the Reinsurer's liability will commence at the same time as the Ceding Company's liability, including liability under any conditional receipt or temporary insurance provision.
Automatic Reinsurance. 3 ARTICLE II.................................................................
Automatic Reinsurance. 2.1 On and after the effective date of this Agreement, the Reinsurer will automatically accept a portion of the life insurance policies, supplementary benefits, and riders directly issued by the Ceding Company and listed in Exhibit B - Plans Covered and Binding Limits. The Reinsurer will automatically accept its share of the above-referenced policies within the limits shown in Exhibit B, provided that:
(a) the Ceding Company keeps its retention, as shown in Exhibit A - Retention Limits of the Ceding Company, and
(b) the Ceding Company applies its normal underwriting guidelines, as stated in Exhibit C - Forms, Manuals and Issue Rules, and
(c) the sum of all amounts in force and applied for on the joint lives with the Ceding Company, excluding amounts being internally replaced, does not exceed the Automatic Binding Limits set out in Exhibit B, and
(d) the amount of life insurance in force in all companies, including any coverage to be replaced plus the amount currently applied for on that life in all companies, does not exceed the Jumbo Limit stated in Exhibit B, and
(e) the application is on a life that has not been submitted facultatively to the Reinsurer or any other reinsurer within the last 2 years, unless the reason for any prior facultative submission was solely for capacity that may now be accommodated within the terms of this Agreement. The Ceding Company may cede reinsurance automatically on international clients underwritten in accordance with the agreed upon guidelines in Exhibit B. This Agreement applies only to the issuance of insurance by the Ceding Company in a jurisdiction in which it is properly licensed. If the Ceding Company already holds its full retention on a life under previously issued policies, the Reinsurer will automatically accept reinsurance up to the limits shown in Exhibit B. The Ceding Company may not reinsure the amount it has retained on the business covered under this Agreement on any basis without the Reinsurer's written consent. IDSL-NY Succession Select Treaty
Automatic Reinsurance. Our liability for reinsurance placed automatically under this Agreement will begin and end simultaneously with your liability for the underlying policy on which reinsurance is based.
Automatic Reinsurance. The Reinsurer's liability for automatic reinsurance shall begin simultaneously with the Ceding Company's liability.
Automatic Reinsurance. No individual notification will be necessary for placing automatic reinsurance. Subject to Article V (Reinsurance Rates and Payments) and Exhibit C (Reinsurance Reporting Forms and Reinsurance Administration), new business or changes to existing reinsurance will be shown on your periodic billing report.
Automatic Reinsurance. We will accept automatically reinsurance of life benefits for your individually underwritten ordinary life policies on any permanent resident of the United States or Canada, in agreement with the provisions shown in Exhibit A (Reinsurance Coverage). We will also accept automatically reinsurance of riders and supplementary benefits written with the covered life benefits, but only to the extent that the riders and supplementary benefits are specifically shown in Exhibit A (Reinsurance Coverage). You have the right to modify your retention limits shown in Exhibit A (Reinsurance Coverage), Part II at any time. If your retention limits are reduced as a result of the modification, you will need to notify us in writing before you can cede reinsurance on the basis of the reduced retention limits. We will prepare a treaty amendment, which will serve as our written approval of the reduction. We reserve the right to amend the Automatic Acceptance Limits shown in Exhibit A (Reinsurance Coverage) if you modify your retention limits. We also reserve the right to modify the Automatic Acceptance Limits if you elect to participate in another arrangement or arrangements to secure additional automatic binding capacity. Changes in your issue limits or underwriting guidelines will be subject to our review. Automatic reinsurance coverage will not be available in the following situations:
1. The policy has been submitted on a facultative, facultative obligatory or initial inquiry basis to us or to any other reinsurer;
2. The risk is categorized as a "Jumbo Risk", where your underwriting papers indicate that the total life insurance in force and applied for on the insured's life exceeds the Jumbo Limit shown in Exhibit A;
3. The policy is part of any special program that you offer, including:
a) Experimental or limited retention programs, including but not limited to cancer, diabetes, aviation or coronary risks;
b) External replacement and/or conversion programs, including those with affiliates, other than contractual conversions or exchanges of the original policy.
4. You have retained an amount less than your stated pool percentage limit.
5. The policy is a result of a conversion from group insurance, unless we agree otherwise.
6. The risk is not fully underwritten or any risk where you have not followed your usual underwriting practices.