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
Appears in 2 contracts
Sources: Automatic Yrt Reinsurance Agreement (Ids Life of New York Account 8), Reinsurance Agreement (Ids Life of New York Account 8)
Automatic Reinsurance. 2.1 On and after the effective date of this Agreement, the Reinsurer The Company will automatically accept a portion of cede and 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 Company’s policies within provided that, to the limits shown best of the Company’s knowledge:
a) The Company has retained on each life the amount set out in Exhibit BD according to the age and mortality rating at the time of underwriting; and
b) The total of the new ultimate face amount of reinsurance requested and the amount already reinsured on that life under this Agreement and all other life agreements between the Reinsurer and the Company, provided that:
does not exceed the Reinsurer’s quota share (a) the Ceding Company keeps its retention, as shown found in Exhibit A - Retention Limits A, Basis) of the Ceding Company, Automatic Binding Limit set out in Exhibit E; and
(b) the Ceding Company applies its normal underwriting guidelines, as stated in Exhibit C - Forms, Manuals and Issue Rules, and
(c) the sum The total new ultimate face amount of all amounts insurance on that life 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 companiesCompany, does not exceed the Jumbo Limit stated set out in Exhibit B, E; and
(ed) the The application is on a life that has for which the current or any previous application had not been submitted facultatively by the Company on a facultative basis to the Reinsurer or any other reinsurer within the last 2 three years, unless the reason for any prior the previous facultative submission was solely for capacity exceeding the Automatic Binding Limit or exceeding the Jumbo Limit 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;
f) The Company applies its underwriting guidelines that may now be accommodated within are in effect at time of policy issuance. In the terms absence of underwriting guidelines on any particular topic or condition or if the underwriting guidelines dictate that individual consideration is required, including but not limited to referrals to a medical doctor, the Company will make underwriting decisions in good faith utilizing the care, skill and diligence with which a reasonably prudent underwriter would use in the same or similar circumstances; and
g) The policy contains a standard contestable period and a standard suicide exclusion, in each case, as permitted by applicable law. For purposes 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 , “ultimate face amount” will mean, to the issuance best of insurance by the Ceding Company in a jurisdiction in which it is properly licensedCompany’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 Ceding Company is already holds on the risk for its full retention on a life under previously issued policies, the Reinsurer will automatically accept reinsurance up for newly issued policies according to the limits shown set out in Exhibit B. The Ceding E and the Reinsurer’s share set out in Exhibit A, provided the Company may not reinsure the amount it has retained on complied with the business covered under this Agreement 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 will be on any a YRT basis without using the Reinsurer's written consent. IDSL-NY Succession Select TreatyYRT Rates for Full Underwriting or Accelerated Underwriting specified in Exhibit C-1.
Appears in 2 contracts
Sources: Reinsurance Agreement (Thrivent Variable Life Account I), Reinsurance Agreement (Thrivent Variable Life Account I)
Automatic Reinsurance. 2.1 On and after the effective date of this Agreement, the Reinsurer will automatically accept a portion of the mortality risk on life insurance policies, supplementary benefits, policies 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 mortality risk on the above-referenced policies and riders within the limits shown in Exhibit B, provided that the insured is a resident of the United States or Canada, or meets the requirements for an International Client, all as set forth in the Ceding Company's Guidelines For Underwriting International Clients referenced in Exhibit B, and 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 life 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) [*] It is understood and agreed that Reinsurer will generally accept Ceding Company's underwriting decisions so long as Ceding Company's underwriters act in good faith and in a manner substantially consistent with Ceding Company's underwriting guidelines and manual, age and amount requirements and control procedures, thus allowing for the application is on of reasonable underwriting judgment (which involves the application of positive and negative underwriting factors or considerations), and for unintentional mistakes provided that such mistakes are not material or systemic or part of a life pattern that has not been submitted facultatively to the Reinsurer or any other reinsurer within the last 2 years, unless the reason evidences disregard 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 licensedCompany's underwriting and procedural requirements. 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 Agreement, as provided for in Exhibit A, on any basis without the Reinsurer's written consent. IDSL-NY Succession Select Treaty; however nothing herein shall prevent Ceding Company from selling or transferring a block of business reinsured hereunder to another party pursuant to an indemnity reinsurance agreement.
Appears in 2 contracts
Sources: Reinsurance Agreement (Riversource of New York Account 8), Reinsurance Agreement (Riversource Variable Life Separate Account)
Automatic Reinsurance. 2.1 On and after the effective date of this Agreement, the Reinsurer will automatically accept a portion of the mortality risk on life insurance policies, supplementary benefits, policies 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 mortality risk on the above-referenced policies and riders within the limits shown in Exhibit B, provided that the insured is a resident of the United States or Canada, or meets the requirements for an International Client, all as set forth in the Ceding Company's Guidelines For Underwriting International Clients referenced in Exhibit B, and 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 life 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) [*] It is understood and agreed that Reinsurer will generally accept Ceding Company's underwriting decisions so long as Ceding Company's underwriters act in good faith and in a manner substantially consistent with Ceding Company's underwriting guidelines and manual, age and amount requirements and control procedures, thus allowing for the application is on of reasonable underwriting judgment (which involves the application of positive and negative underwriting factors or considerations), and for unintentional mistakes provided that such mistakes are not material or systemic or part of a life pattern that has not been submitted facultatively to evidences disregard for 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 AgreementCompany's underwriting and procedural requirements. 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 Agreement, as provided for in Exhibit A, on any basis without the Reinsurer's written consent. IDSL-NY Succession Select Treaty; however nothing herein shall prevent Ceding Company from transferring a block of business reinsured hereunder to another party pursuant to an indemnity reinsurance agreement.
Appears in 2 contracts
Sources: Reinsurance Agreement (Riversource Variable Life Separate Account), Reinsurance Agreement (Riversource of New York Account 8)
Automatic Reinsurance. 2.1 On and after the effective date of this Agreement, the Reinsurer will automatically accept a portion of the mortality risk on life insurance policies, supplementary benefits, policies 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 mortality risk on the above-referenced policies and riders within the limits shown in Exhibit B, provided that the insured is a resident of the United States or Canada, or meets the requirements for an International Client, all as set forth in the Ceding Company's Guidelines For Underwriting International Clients referenced in Exhibit B, and 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 life 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) [*] It is understood and agreed that Reinsurer will generally accept Ceding Company's underwriting decisions so long as Ceding Company's underwriters act in good faith and in a manner substantially consistent with Ceding Company's underwriting guidelines and manual, age and amount requirements and control procedures, thus allowing for the application is on of reasonable underwriting judgment (which involves the application of positive and negative underwriting factors or considerations), and for unintentional mistakes provided that such mistakes are not material or systemic or part of a life pattern that has not been submitted facultatively to evidences disregard for 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 AgreementCompany's underwriting and procedural requirements. 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 Agreement, as provided for in Exhibit A, on any basis without the Reinsurer's written consent. IDSL-NY Succession Select Treaty; however nothing herein shall prevent Ceding Company from indemnity reinsuring or transferring any policies reinsured hereunder pursuant to a bona fide sale of the policies to be reinsured or transferred.
Appears in 2 contracts
Sources: Reinsurance Agreement (Riversource of New York Account 8), Reinsurance Agreement (Riversource Variable Life Separate Account)
Automatic Reinsurance. 2.1 On and after the effective date of this Agreement, the Reinsurer will automatically accept a portion of the mortality risk on life insurance policies, supplementary benefits, policies 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 mortality risk on the above-referenced policies and riders within the limits shown in Exhibit B, provided that the insured is a resident of the United States or Canada, or meets the requirements for an International Client, all as set forth in the Ceding Company's Guidelines For Underwriting International Clients referenced in Exhibit B, and 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 life 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) [*] It is understood and agreed that Reinsurer will generally accept Ceding Company's underwriting decisions so long as Ceding Company's underwriters act in good faith and in a prudent manner substantially consistent with Ceding Company's underwriting guidelines and manual, age and amount requirements and control procedures, thus allowing for the application is on of reasonable underwriting judgment (which involves the application of positive and negative underwriting factors or considerations), and for unintentional mistakes provided that such mistakes are not material or systemic or part of a life pattern that has not been submitted facultatively to the Reinsurer or any other reinsurer within the last 2 years, unless the reason evidences disregard 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 licensedCompany's underwriting and procedural requirements. 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 Agreement, as provided for in Exhibit A, on any basis without the Reinsurer's written consent. IDSL-NY Succession Select Treaty; however nothing herein shall prevent Ceding Company from selling or transferring a block of business reinsured hereunder to another party by means of reinsurance if the sale or transfer is otherwise permissible in accordance with Article 13.12 herein.
Appears in 2 contracts
Sources: Reinsurance Agreement (Riversource Variable Life Separate Account), Reinsurance Agreement (Riversource of New York Account 8)
Automatic Reinsurance. 2.1 On and after the effective date of this Agreement, the Reinsurer will automatically accept a portion of the mortality risk on life insurance policies, supplementary benefits, policies 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 mortality risk on the above-referenced policies and riders within the limits shown in Exhibit B, provided that the insured is a resident of the United States or Canada, or meets the requirements for an International Client, all as set forth in the Ceding Company's Guidelines For Underwriting International Clients referenced in Exhibit B, and 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 life 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 [*] With respect to Ceding Company's application is on a life that has not been submitted facultatively to the of underwriting guidelines and requirements as described in clause (b) above, 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 will take into consideration whether Ceding Company may cede reinsurance automatically on international clients underwritten Company's underwriters acted in accordance with the agreed upon guidelines in Exhibit B. This Agreement applies only to the issuance of insurance by the Ceding Company good faith and in a jurisdiction in which it is properly licensedmanner substantially consistent with Ceding Company's underwriting guidelines and manual, age and amount requirements and control procedures. 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 Agreement, as provided for in Exhibit A, on any basis without the Reinsurer's written consent. IDSL-NY Succession Select Treaty; however nothing herein shall prevent Ceding Company from transferring a block of business reinsured hereunder to another party pursuant to an indemnity reinsurance agreement.
Appears in 2 contracts
Sources: Reinsurance Agreement (Riversource of New York Account 8), Reinsurance Agreement (Riversource Variable Life Separate Account)
Automatic Reinsurance. 2.1 On and after the effective date of this Agreement, the Reinsurer will automatically accept a portion of the mortality risk on life insurance policies, supplementary benefits, policies 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 mortality risk on the above-referenced policies and riders within the limits shown in Exhibit B and will not unreasonably withhold claims payments, provided that the insured is a resident of the United States or Canada, or meets the requirements for an International Client, all as set forth in the Ceding Company's Guidelines For Underwriting International Clients referenced in Exhibit B, and provided that:
(a) the Ceding Company keeps its retention, as shown in Exhibit A - Retention Limits of the Ceding Company, and
(b) the policies are underwritten in a manner that is commercially reasonable and substantially consistent with the Ceding Company applies its Company's normal underwriting guidelinesguidelines and manual, as stated age and amount requirements, pursuant to the documentation referenced in Exhibit C - Forms, Manuals and Issue Rules, and
(c) the sum of all amounts in force and applied for on the joint lives life 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 two (2) years, including the current application, 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 Agreement, as provided for in Exhibit A, on any basis without the Reinsurer's written consent. IDSL-NY Succession Select Treaty; however nothing herein shall prevent Ceding Company from selling or transferring a block of business reinsured hereunder to another party by means of reinsurance if the sale or transfer is otherwise permissible in accordance with Article 13.10 herein.
Appears in 1 contract
Sources: Reinsurance Agreement (Ids Life Variable Life Separate Account)
Automatic Reinsurance. 2.1 On and after the effective date of this Agreement, the Reinsurer will automatically accept a portion of the mortality risk on life insurance policies, supplementary benefits, policies and riders directly issued by the Ceding Company and listed in Table B-1 of Exhibit B - − Plans Covered and Binding Limits. The Reinsurer will automatically accept its share of mortality risk on the above-referenced policies and riders within the limits shown in Exhibit B, provided that the insured is a resident of the United States or Canada, or meets the requirements for an International Client, all as set forth in the Ceding Company's Guidelines For Underwriting International Clients referenced in Exhibit B, and 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 life 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) [*]. It is understood and agreed that Reinsurer will not challenge Ceding Company's underwriting decisions as long as Ceding Company's underwriters act in good faith and consistent with Ceding Company's underwriting guidelines and manual, age and amount requirements and control procedures, thus allowing for occasional mistakes (provided such mistakes are not systematic or part of a pattern that evidences disregard for the application company's underwriting guidelines) and reasonable underwriter discretion (which may deviate from the underwriting guidelines or other requirements when deemed warranted and appropriate by the Ceding Company underwriter exercising his or her professional judgment). However, in any event discretion of the underwriter shall not justify accepting medically uninsurable risks nor permit unreasonable extension beyond the Company's financial underwriting guidelines. Notwithstanding the foregoing, business exceptions are not covered by the automatic provisions of this Agreement unless approved in advance by the Reinsurer. A business exception is a risk intentionally accepted by the Ceding Company without a sound basis for accepting the risk based on currently available underwriting evidence, including the waiving of normal age and amount requirements without justification. In determining whether there is justification for waiving underwriting requirements, the Ceding Company's underwriter may exercise reasonable judgment in assessing the protective value versus the additional cost, inconvenience or availability of the requirement in question. If, as part of examining a life claim, or in the course of inspecting the Ceding Company's records, Reinsurer finds that has the underwriting assessment of a policy was not been submitted facultatively consistent with the Ceding Company's underwriting guidelines and not otherwise allowed within the discretion of the Ceding Company underwriter as described herein, the remedy will be a retroactive adjustment of the premium with interest. In that instance, Reinsurer will not deny the claim payment or rescind coverage unless the risk in question was medically uninsurable at time of underwriting. Should the Ceding Company agree with the premium adjustment, it will upon request endeavor to audit, to the extent reasonable, any policies similarly impacted and retroactively adjust other premiums as appropriate with interest. Should the Ceding Company dispute the Reinsurer's assessment of the risk, the Ceding Company and Reinsurer or any other reinsurer within shall hire a neutral and disinterested underwriter to serve as an arbitrator to resolve the last 2 years, unless matter. The fees of the reason for any prior facultative submission was solely for capacity that may now arbitrator shall be accommodated within equally borne by the terms parties and the arbitrator's decision shall be binding. The parties acknowledge the Ceding Company's underwriting guidelines in use as of this Agreementthe Effective Date have been supplied to and approved by the Reinsurer. The Ceding Company may cede reinsurance automatically on international clients underwritten will promptly notify the Reinsurer of any proposed material changes in accordance with the agreed upon guidelines in Exhibit B. its underwriting guidelines. This Agreement applies only will not extend 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 policies issued policies, pursuant to such changes unless the Reinsurer will automatically has consented in writing to accept reinsurance up policies subject to the limits shown in Exhibit B. such changes. The Ceding Company may not reinsure the amount it has retained on the business covered under this Agreement Agreement, as provided for in Exhibit A, on any basis without the Reinsurer's written consent. IDSL-NY Succession Select Treaty; however nothing herein shall prevent Ceding Company from transferring a block of business reinsured hereunder to another party pursuant to an indemnity reinsurance agreement.
Appears in 1 contract
Sources: Reinsurance Agreement (Riversource Variable Life Separate Account)
Automatic Reinsurance. 2.1 Ceding Company will cede to Reinsurer and Reinsurer will reinsure, on an automatic basis, each Insurance Policy that satisfies the following conditions (unless Ceding Company, in its sole discretion, applies for facultative reinsurance on the Insurance Policy under Section 2.2):
(a) On and after the effective date application signed date, the insured must be a citizen or a permanent resident of the United States, its territories, commonwealths or possessions, or of Canada. For purposes of this Agreement, a foreign national living in the Reinsurer will automatically accept United States and meeting the requirements set forth in Exhibit G qualifies as a portion permanent resident 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, andUnited States;
(b) the Ceding Company applies and/or its normal contractual agent(s) must underwrite and issue the Insurance Policy materially in accordance with its standard underwriting practices and guidelines, ;
(c) The maximum amount of insurance to be reinsured on a life between Reinsurer and Ceding Company must not exceed the automatic binding limits as stated in Exhibit C - Forms, Manuals and Issue Rules, andA;
(ci) For the sum purposes of all amounts this Section 2.1(c), the “maximum amount of insurance” shall equal the total face amount of individual life insurance in force and applied for with Ceding Company on the joint lives with the written and signed applications received by Ceding Company, excluding including contractual face amount increases with Ceding Company scheduled at the time the Insurance Policy is issued.
(ii) Notwithstanding anything in this Section 2.1(c) to the contrary, the Parties agree the amount originally applied for on an application with Ceding Company will not be considered in determining whether an automatic binding limit violation occurred if, as a result of such application, either (1) a lesser amount was placed in force, or (2) no amount was placed in force. In the case of item (1) in the preceding sentence, the amount placed in force will be considered in determining whether an automatic binding limit violation occurred.
(iii) Face amounts being internally to be replaced cannot be deducted from the total amount of insurance except under the following conditions: (1) an existing individual life insurance policy is to be replaced, does not exceed the Automatic Binding Limits set out in Exhibit Bwith or without a 1035 exchange, andand Ceding Company has been provided with and filed an absolute assignment/transfer of ownership form (where permitted) and/or (2) an internal replacement is issued by Ceding Company.
(d) With respect to an Insurance Policy, the total amount of insurance on an insured life under such Insurance Policy must not exceed the jumbo limit as stated in Exhibit A as of the application signed date for such Insurance Policy. With respect to any face amount increase under such Insurance Policy pursuant to Section 2.7 (a), the total amount of insurance on an insured life under such Insurance Policy must not exceed the jumbo limit as stated in Exhibit A as of the application signed date for the face amount increase;
(i) For the purposes of this Section 2.1 (d), the “total amount of insurance” shall equal: 1) the total face amount of individual life insurance in force in all companiesand applied for with Ceding Company on written and signed applications received by Ceding Company, including contractual face amount increases with Ceding Company scheduled at the time the Insurance Policy is issued; plus 2) the total face amount of individual life insurance in force and applied for with all other life insurance companies (to the best of Ceding Company’s knowledge).
(ii) Notwithstanding anything in Section 2.1 (d) to the contrary, the Parties agree the amount originally applied for on an application with Ceding Company or any coverage other company will not be considered in determining whether a jumbo limit violation occurred if, as a result of such application, either (1) a lesser amount was placed in force, or (2) no amount was placed in force. In the case of item (1) in the preceding sentence, the amount placed in force will be considered in determining whether a jumbo limit violation occurred.
(iii) Face amounts to be replaced plus cannot be deducted from the total amount currently applied for on that of insurance except under the following conditions: (1) an existing individual life in all companiesinsurance policy is to be replaced, does not exceed with or without a 1035 exchange, and the Jumbo Limit stated in Exhibit B, andnew issuing company has been provided with and filed an absolute assignment/transfer of ownership form (where permitted) and/or (2) an internal replacement is issued by Ceding Company or one of its affiliates.
(e) the The application is on a life that has not for which there have been no facultative applications submitted facultatively by Ceding Company to the Reinsurer or any other reinsurer within the last 2 five (5) years, unless the reason for any prior facultative submission was solely for due to either: (1) insufficient automatic binding limit or jumbo limit capacity that may now be accommodated within the terms of this Agreement, or (2) foreign travel that may now be accommodated within the terms of this Agreement pursuant to Reinsurer’s acceptance of Ceding Company’s foreign travel underwriting guidelines and practices. The Reinsurer will refund to Ceding Company may cede reinsurance automatically premiums paid for any automatic reinsurance that was ceded to Reinsurer and subsequently denied by Reinsurer pursuant to this Section 2.1. Such refund will include interest based 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 rate shown in Exhibit B. The Section 10.10. Interest shall be calculated from the date of the first reinsurance premium payment to Reinsurer for such Insurance Policy or face amount increase, as applicable, until the date such refund is mailed to Ceding Company may not reinsure the amount it has retained on the business covered under this Agreement on Company, regardless of any basis without the Reinsurer's written consent. IDSL-NY Succession Select Treatyintervening holidays or weekends.
Appears in 1 contract
Sources: Reinsurance Agreement (Protective Variable Life Separate Account)
Automatic Reinsurance. 2.1 On and after the effective date of this Agreement, the Reinsurer will automatically accept a portion of the mortality risk on life insurance policies, supplementary benefits, policies 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 mortality risk on the above-referenced policies and riders 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 life 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 two (2) years, including the current application, 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 Agreement, as described in Exhibit A, on any basis without the Reinsurer's written consent. IDSL-NY Succession Select Treaty.
Appears in 1 contract
Sources: Reinsurance Agreement (Ids Life of New York Account 8)
Automatic Reinsurance. 2.1 On and after the effective date of this Agreement, the Reinsurer will automatically accept a portion of the mortality risk on life insurance policies, supplementary benefits, policies 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 mortality risk on the above-referenced policies and riders within the limits shown in Exhibit B, provided that the insured is a resident of the United States or Canada, or meets the requirements for an International Client, all as set forth in the Ceding Company's Guidelines For Underwriting International Clients referenced in Exhibit B, and 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 life 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 two (2) years, including the current application, unless the reason for any prior facultative submission was solely for capacity that may now be accommodated within the terms of this Agreement. The It is understood and agreed that Reinsurer will generally accept Ceding Company may cede reinsurance automatically on international clients underwritten Company's underwriting decisions so long as Ceding Company's underwriters act in accordance with the agreed upon guidelines in Exhibit B. This Agreement applies only to the issuance of insurance by the Ceding Company good faith and in a jurisdiction in manner substantially consistent with Ceding Company's underwriting guidelines and manual, age and amount requirements and control procedures, thus allowing for the application of reasonable underwriting judgment (which it is properly licensedinvolves the application of positive and negative underwriting factors or considerations), and for unintentional mistakes provided that such mistakes are not material or systemic or part of a pattern that evidences disregard for the Company's underwriting and procedural requirements. 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 Agreement, as provided for in Exhibit A, on any basis without the Reinsurer's written consent. IDSL-NY Succession Select Treaty; however nothing herein shall prevent Ceding Company from indemnity reinsuring or transferring any policies reinsured hereunder pursuant to a bona fide sale of the policies to be reinsured or transferred.
Appears in 1 contract
Sources: Reinsurance Agreement (Ids Life Variable Life Separate Account)
Automatic Reinsurance. 2.1 On and after the effective date of this Agreement, the Reinsurer will automatically accept a portion of the mortality risk on life insurance policies, supplementary benefits, policies 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 mortality risk on the above-referenced policies and riders within the limits shown in Exhibit B, provided that the insured is a resident of the United States or Canada, or meets the requirements for an International Client, all as set forth in the Ceding Company's Guidelines For Underwriting International Clients referenced in Exhibit B, and 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 life 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 two (2) years, including the current application, unless the reason for any prior facultative submission was solely for capacity that may now be accommodated within the terms of this Agreement. The It is understood and agreed that Reinsurer will generally accept Ceding Company may cede reinsurance automatically on international clients underwritten Company's underwriting decisions as long as Ceding Company's underwriters act in accordance with the agreed upon guidelines in Exhibit B. This Agreement applies only to the issuance of insurance by the Ceding Company good faith and in a jurisdiction in which it is properly licensedmanner substantially consistent with Ceding Company's underwriting guidelines and manual, age and amount requirements and control procedures, thus allowing for reasonable underwriter discretion. 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 Agreement, as provided for in Exhibit A, on any basis without the Reinsurer's written consent. IDSL-NY Succession Select Treaty; however nothing herein shall prevent Ceding Company from transferring a block of business reinsured hereunder to another party pursuant to an indemnity reinsurance agreement.
Appears in 1 contract
Sources: Reinsurance Agreement (Ids Life Variable Life Separate Account)
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 written by the Ceding Company and listed in Exhibit B - Plans Covered and Binding Limits. Any policies acquired through merger with another company, reinsurance, or purchase of another company's policies are not included under the terms of this Agreement. 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 IDS VUL JLLS Generic Master Treaty
Appears in 1 contract
Sources: Automatic Yrt Reinsurance Agreement (Ids Life Variable Life Separate Account)
Automatic Reinsurance. 2.1 On and after the effective date of this Agreement, the Reinsurer will automatically accept a portion of the mortality risk on life insurance policies, supplementary benefits, policies 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 mortality risk on the above-referenced policies and riders within the limits shown in Exhibit B, provided that the insured is a resident of the United States, Canada, or is an International Risk as defined in Exhibit B, and 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 life 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 two (2) years, including the current application, 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 Agreement, as provided for in Exhibit A, on any basis without the Reinsurer's written consent. IDSL-NY Succession Select Treaty.
Appears in 1 contract
Sources: Reinsurance Agreement (Ids Life of New York Account 8)
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 IDSL Succession Select Treaty
Appears in 1 contract
Sources: Automatic Yrt Reinsurance Agreement (Ids Life Variable Life Separate Account)
Automatic Reinsurance. 2.1 GENERAL CONDITIONS On and after the effective date Effective Date of this Agreement, the Reinsurer Ceding Company will automatically accept cede to the Reinsurer 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. B. The Reinsurer will automatically accept its share of the above-referenced policies within up to the limits shown in Exhibit BC, provided that:
(a) a. the Ceding Company keeps its retentionFull Retention, as shown specified in Exhibit A - A, or otherwise holds its Full Retention Limits of on a life under the Ceding Company, andcurrent policy and/or previously issued in force policies;
(b) b. the Ceding Company applies its normal the underwriting guidelines, as stated practices, and procedures for risk selection identified by the Ceding Company in Exhibit C - Formsthe questionnaire titled "Underwriting Guidelines, Manuals Practices and Issue RulesProcedures" and any Material Changes consented to in writing by the Reinsurer;
c. the insured, andat the time of the application, must be a legal Permanent Resident of the United States, Canada, Puerto Rico or Guam;
(c) d. the sum total of the Ultimate Amount of reinsurance required including contractual increases, and the amount already reinsured on that life under this Agreement and all amounts in force other agreements between the Reinsurer 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, andC;
(d) e. the amount of life insurance in force in all companies, including any coverage to be replaced replaced, plus the amount currently applied for on that life in all companies, does not exceed the Jumbo Limit Limits stated in Exhibit B, C;
f. the application is on a life that is not a Professional Athlete; and
(e) g. the application is on a life that has not been submitted facultatively to the Reinsurer or any other reinsurer Reinsurer within the last 2 [*] years, unless the reason for any prior facultative 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. .
2.2 RETAINED AMOUNTS The Ceding Company may not reinsure reinsure, on any basis, the amount it has retained on the business covered under this Agreement on any basis without prior notification to and agreement of the Reinsurer's written consent. IDSL-NY Succession Select Treaty.
Appears in 1 contract
Sources: Reinsurance Agreement (Ameritas Variable Separate Account V)
Automatic Reinsurance. 2.1 On and after the effective date of this Agreement, the Reinsurer GENERAL CONDITIONS The Ceding Company will automatically accept a portion of cede to MARC new business as defined in Section 2.2 on the life insurance policies, supplementary benefits, and riders directly issued by the Ceding Company and listed in Exhibit B - Plans Covered issued on and Binding Limitsafter the effective date of this Agreement. The Reinsurer basis for the automatic reinsurance is shown in Exhibit B. MARC will automatically accept its share of the above-referenced policies within up to the limits shown in Exhibit B, provided that:
(a) The insured, at the time of the application, must be a permanent resident of the United States or Canada,
(b) the Ceding Company keeps its full retention, as shown specified in Exhibit A - Retention Limits of A, or otherwise holds its full retention on a life under previously issued inforce policies and applies the Ceding Company, andsame underwriting standards it would have applied if the new policy had fallen completely within its regular retention,
(bc) the Ceding Company applies its normal underwriting guidelines, as stated guidelines in Exhibit C - Forms, Manuals accordance with Section 2.4 of this article and Issue Rules, andSection 12.4,
(cd) the sum total of the new ultimate amount of reinsurance required including contractual increases, and the amount already reinsured on that life under this Agreement and all amounts in force other agreements between MARC 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,
(de) 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
(ef) the application is on a life that has not been submitted facultatively to the Reinsurer MARC or any other reinsurer within the last 2 yearsreinsurer, 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 .
2.2 NEW BUSINESS New business as defined 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 Treatyarticle and Article
Appears in 1 contract
Sources: Automatic Yrt Reinsurance Agreement (Jackson National Separate Account Iv)
Automatic Reinsurance. 2.1 On and after the effective date of this Agreement, the Reinsurer will automatically accept a portion of the mortality risk on life insurance policies, supplementary benefits, policies 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 mortality risk on the above-referenced policies and riders within the limits shown in Exhibit B, provided that the insured is a resident of the United States or Canada, or meets the requirements for an International Client, all as set forth in the Ceding Company's Guidelines For Underwriting International Clients referenced in Exhibit B, and 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 life 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 two (2) years, including the current application, unless the reason for any prior facultative submission was solely for capacity that may now be accommodated within the terms of this Agreement. The With respect to Ceding Company may cede reinsurance automatically on international clients underwritten Company's application of underwriting guidelines and requirements as described in accordance with the agreed upon guidelines clause (b) above, Reinsurer will take into consideration whether Ceding Company's underwriters acted in Exhibit B. This Agreement applies only to the issuance of insurance by the Ceding Company good faith and in a jurisdiction in which it is properly licensedmanner substantially consistent with Ceding Company's underwriting guidelines and manual, age and amount requirements and control procedures. 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 Agreement, as provided for in Exhibit A, on any basis without the Reinsurer's written consent; however nothing herein shall prevent Ceding Company from transferring a block of business reinsured hereunder to another party pursuant to an indemnity reinsurance agreement. IDSLIDSL - [redacted] 2 VUL IV Plus/VUL IV Plus-NY Succession Select TreatyES Doc#2081405
Appears in 1 contract
Sources: Reinsurance Agreement (Ids Life Variable Life Separate Account)
Automatic Reinsurance. 2.1 On and after the effective date of this Agreement, The Ceding Company will automatically cede to the Reinsurer will automatically accept a portion of the life insurance policies, policies and supplementary benefits, benefits and riders directly issued by attached to the Ceding Company and base policies as listed in Exhibit B - Plans Covered and Binding Limits1, Reinsurance Specifications, subject to the terms of Exhibit 1. The Reinsurer will automatically accept its share of the above-referenced policies within up to the limits shown in Exhibit B3, The Reinsurer’s Automatic Participation Limits, provided that:
(a) the The Ceding Company keeps retains 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 quota share retention set out in Exhibit B2, 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 Company’s Retention, or otherwise holds its full retention on a life under previously issued inforce policies.
(b) The Ceding Company is in compliance with Section 2, Representations and Warranties and Material Changes, for the Reinsurer will automatically accept reinsurance up to the limits plans listed in Exhibit 1, Reinsurance Specifications.
(c) The issue age falls within those shown in Exhibit B. 1, Reinsurance Specifications.
(d) The Ceding Company may not reinsure total of the new ultimate amount of reinsurance required including contractual increases and the amount it has retained already reinsured on the business covered that life, under this Agreement on any basis without and all other agreements between the Reinsurer and the Ceding Company, does not exceed the Reinsurer's written consent’s Automatic Participation Limits set out in Exhibit 3, The Reinsurer’s Automatic Participation Limits.
(e) The Jumbo Limit amount, as set out in Exhibit 1, Reinsurance Specifications, is not exceeded.
(f) The life has not been or is not being submitted to the Reinsurer or any other company by the Ceding Company on a facultative basis.
(g) The policy has been issued in accordance with the Ceding Company’s standard underwriting and administration practices. IDSL-NY Succession Select TreatyFor greater clarity, to the extent any of the foregoing conditions are not met, there shall be no automatic reinsurance of the proposed business under this Section and no action or notification by the Reinsurer shall be required to give effect to this.
Appears in 1 contract
Sources: Reinsurance Agreement (COLI VUL-4 Series Account of First Great-West Life & Annuity Insurance CO)
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 IDS Succession Select Treaty
Appears in 1 contract
Sources: Automatic Yrt Reinsurance Agreement (Ids Life Variable Life Separate Account)
Automatic Reinsurance. 2.1 On and after the effective date of this Agreement, the Reinsurer will automatically accept a portion of the mortality risk on life insurance policies, supplementary benefits, policies 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 mortality risk on the above-referenced policies and riders within the limits shown in Exhibit B, provided that the insured is a resident of the United States, Canada, or is an International Risk as defined in Exhibit B, and 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 life 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 two (2) years, including the current application, 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 fall 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 Agreement, as provided for in Exhibit A, on any basis without the Reinsurer's written consent. IDSL-NY Succession IDSL VUL4/LP Select TreatyTreaty 2
Appears in 1 contract
Sources: Reinsurance Agreement (Ids Life Variable Life Separate Account)
Automatic Reinsurance. 2.1 On and after the effective date of this Agreement, the Reinsurer will automatically accept a portion of the mortality risk on life insurance policies, supplementary benefits, policies and riders directly issued by the Ceding Company and listed in Table B-1 of Exhibit B - − Plans Covered and Binding Limits. The Reinsurer will automatically accept its share of mortality risk on the above-referenced policies and riders within the limits shown in Exhibit B, provided that the insured is a resident of the United States or Canada, or meets the requirements for an International Client, all as set forth in the Ceding Company's Guidelines For Underwriting International Clients referenced in Exhibit B, and 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 life 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) [*] It is understood and agreed that Reinsurer will not challenge Ceding Company's underwriting decisions as long as Ceding Company's underwriters act in good faith and consistent with Ceding Company's underwriting guidelines and manual, age and amount requirements and control procedures, thus allowing for occasional mistakes (provided such mistakes are not systematic or part of a pattern that evidences disregard for the application company's underwriting guidelines) and reasonable underwriter discretion (which may deviate from the underwriting guidelines or other requirements when deemed warranted and appropriate by the Ceding Company underwriter exercising his or her professional judgment). However, in any event discretion of the underwriter shall not justify accepting medically uninsurable risks nor permit unreasonable extension beyond the Company's financial underwriting guidelines. Notwithstanding the foregoing, business exceptions are not covered by the automatic provisions of this Agreement unless approved in advance by the Reinsurer. A business exception is a risk intentionally accepted by the Ceding Company without a sound basis for accepting the risk based on currently available underwriting evidence, including the waiving of normal age and amount requirements without justification. In determining whether there is justification for waiving underwriting requirements, the Ceding Company's underwriter may exercise reasonable judgment in assessing the protective value versus the additional cost, inconvenience or availability of the requirement in question. If, as part of examining a life claim, or in the course of inspecting the Ceding Company's records, Reinsurer finds that has the underwriting assessment of a policy was not been submitted facultatively consistent with the Ceding Company's underwriting guidelines and not otherwise allowed within the discretion of the Ceding Company underwriter as described herein, the remedy will be a retroactive adjustment of the premium with interest. In that instance, Reinsurer will not deny the claim payment or rescind coverage unless the risk in question was medically uninsurable at time of underwriting. Should the Ceding Company agree with the premium adjustment, it will upon request endeavor to audit, to the extent reasonable, any policies similarly impacted and retroactively adjust other premiums as appropriate with interest. Should the Ceding Company dispute the Reinsurer's assessment of the risk, the Ceding Company and Reinsurer or any other reinsurer within shall hire a neutral and disinterested underwriter to serve as an arbitrator to resolve the last 2 years, unless matter. The fees of the reason for any prior facultative submission was solely for capacity that may now arbitrator shall be accommodated within equally borne by the terms parties and the arbitrator's decision shall be binding. The parties acknowledge the Ceding Company's underwriting guidelines in use as of this Agreementthe Effective Date have been supplied to and approved by the Reinsurer. The Ceding Company may cede reinsurance automatically on international clients underwritten will promptly notify the Reinsurer of any proposed material changes in accordance with the agreed upon guidelines in Exhibit B. its underwriting guidelines. This Agreement applies only will not extend 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 policies issued policies, pursuant to such changes unless the Reinsurer will automatically has consented in writing to accept reinsurance up policies subject to the limits shown in Exhibit B. such changes. The Ceding Company may not reinsure the amount it has retained on the business covered under this Agreement Agreement, as provided for in Exhibit A, on any basis without the Reinsurer's written consent. IDSL-NY Succession Select Treaty; however nothing herein shall prevent Ceding Company from transferring a block of business reinsured hereunder to another party pursuant to an indemnity reinsurance agreement.
Appears in 1 contract
Sources: Reinsurance Agreement (Riversource of New York Account 8)
Automatic Reinsurance. 2.1 On and after the effective date of this Agreement, the Reinsurer General Conditions The Ceding Company will automatically accept a portion of cede to XXXX new business as defined in Section 2.2 on the life insurance policies, supplementary benefits, and riders directly issued by the Ceding Company and listed in Exhibit B - Plans Covered issued on and Binding Limitsafter the effective date of this Agreement. The Reinsurer basis for the automatic reinsurance is shown in Exhibit B. XXXX will automatically accept its share of the above-referenced policies within up to the limits shown in Exhibit B, provided that:
: (a) The insured, at the time of the application, must be a permanent resident of the United States or Canada, (b) the Ceding Company keeps its full retention, as shown specified in Exhibit A - Retention Limits of A, or otherwise holds its full retention on a life under previously issued inforce policies and applies the Ceding Companysame underwriting standards it would have applied if the new policy had fallen completely within its regular retention, and
(bc) the Ceding Company applies its normal underwriting guidelinesguidelines in accordance with Section 2.4 of this article and Section 13.5, as stated in Exhibit C - Forms, Manuals and Issue Rules, and
(cd) the sum total of the new ultimate amount of reinsurance required including contractual increases, and the amount already reinsured on that life under this Agreement and all amounts in force other agreements between XXXX 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
(de) 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
and (ef) the application is on a life that has not been submitted facultatively to the Reinsurer XXXX or any other reinsurer within the last 2 yearsreinsurer, unless the reason for any prior facultative submission was solely for capacity that may now be accommodated within the terms of this Agreement. The Agreement or unless the reason for any prior facultative submission no longer applies 2.2 New Business New business as defined in this article and Article 8.2 are those policies on which (a) the Ceding Company may cede reinsurance automatically has obtained complete and current underwriting evidence on international clients underwritten in accordance with the agreed upon guidelines in Exhibit B. This Agreement applies only to full amount issued, (b) the issuance of insurance full normal commissions are paid by the Ceding Company in a jurisdiction in which it is properly licensed. If for the Ceding Company already holds its full retention new plan, and (c) the suicide and contestable provisions apply from the effective date of the new plan unless state regulations prohibit new suicide or contestable periods on a life under previously issued exchanged 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.
Appears in 1 contract
Sources: Automatic Yrt Reinsurance Agreement (National Variable Life Insurance Account)
Automatic Reinsurance. GENERAL CONDITIONS 2.1 On and after the effective date of this Agreement, the Reinsurer Ceding Company will automatically accept cede to the Reinsurer a portion of the life insurance policies, supplementary benefits, and riders directly issued by the Ceding Company and policies listed in Exhibit B - Plans Covered and Binding Limits. B. The Reinsurer will automatically accept its share of the above-referenced policies within up to the limits shown in Exhibit Exhibits B, provided that:
(a) a. the Ceding Company keeps its retention, full retention as shown specified in Exhibit A - Retention Limits of or otherwise holds its full retention on a life under previously issued inforce policies. If the Ceding CompanyCompany is already on risk for its required retention under previously issued policies, andthe Reinsurer will automatically accept reinsurance for newly-issued policies according to the Automatic Binding Limits set out in Exhibit B provided the Ceding Company has applied the same underwriting standards, guidelines and procedures to such policies it would have applied if the Ceding Company were to have retained all risks under such policies without regard to this Agreement or other reinsurance;
(b) b. in rating, pricing and issuing the policies ceded hereunder, the Ceding Company applies its normal without exception or waiver the published underwriting guidelinesstandards, as stated rules, manuals, guidelines and procedures disclosed to the Reinsurer in Exhibit C - Formsconnection with the placement of this reinsurance (the "Business Guidelines"). Unless the Reinsurer consents in writing, Manuals (i) underwriting and Issue Rulespricing with respect to the policies reinsured under this Agreement will be accomplished strictly in accordance with the Business Guidelines without exception, andmodification or waiver and (ii) failure to so apply the Business Guidelines will result in exclusion of risks from the scope of the reinsurance provided hereunder;
(c) c. the sum total of the new ultimate amount of reinsurance required including contractual increases, and the amount already reinsured on that life under this Agreement and all amounts in force other agreements between the Reinsurer 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;
d. policies issued comply with the maximum issue age limits and residency requirements, and
(d) the amount of life insurance in force in all companiesif any, 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 Exhibits B, and;
(e) e. the application is on a life that has not been submitted facultatively on a facultative, facultative obligatory or initial inquiry basis to the Reinsurer or any other reinsurer within the last 2 5 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 ;
f. each policy provides for the agreed upon guidelines in Exhibit B. This Agreement applies only to the issuance maximum normal periods of insurance suicide and contestability protection permitted by applicable law;
g. business assumed by the Ceding Company acting in the capacity of a jurisdiction retrocessionaire, with the exception of business assumed from an affilate of the originating company (at either the time of issue of the policy or subsequent retrocession of the policy), is not covered;
h. plans with expiration dates of 5 years or less are not eligible for automatic coverage under this reinsurance;
i. in which it addition to other conditions and limitations of coverage set forth in this Agreement, this Agreement does not cover the following unless specified elsewhere: (i) noncontractual conversions, rollovers, exchanges or group conversions; (ii) policies issued under any program where full current evidence of insurability consistent with the amount of insurance is properly licensed. If not obtained, or where conventional selection criteria consistent with the Ceding Company already holds its full retention on Business Guidelines are not applied in underwriting the risk; including, without limitations, group life, worksite marketing COLI/BOLI/TOLI and FOLI coverages; and (iii) any conversion of a life under previously issued policies, the Reinsurer will automatically accept reinsurance up to the limits shown in Exhibit B. policy that had been reinsured with another reinsurer. -------------------------------------------------------------------------------- RETAINED AMOUNTS 2.2 The Ceding Company may not further reinsure the amount amounts it has retained on the business covered under this Agreement Agreement, on any basis basis, without the prior written consent of the Reinsurer's written consent. IDSL-NY Succession Select Treaty.
Appears in 1 contract
Sources: Automatic Reinsurance Agreement (First American Capital Corp /Ks)
Automatic Reinsurance. 2.1 On and after the effective date of this Agreement, the Reinsurer will automatically accept a portion of the mortality risk on life insurance policies, supplementary benefits, policies 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 mortality risk on the above-referenced policies and riders within the limits shown in Exhibit B, provided that the insured is a resident of the United States or Canada, or meets the requirements for an International Client, all as set forth in the Ceding Company's Guidelines For Underwriting International Clients referenced in Exhibit B, and 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 life 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 two (2) years, including the current application, unless the reason for any prior facultative submission was solely for capacity that may now be accommodated within the terms of this Agreement. The It is understood and agreed that Reinsurer will generally accept Ceding Company Company's underwriting decisions as long as Ceding Company's underwriters act in good faith and consistent with Ceding Company's underwriting guidelines and manual, age and amount requirements and control procedures, thus allowing for occasional mistakes (provided such mistakes are not systematic or part of a pattern that evidences disregard for the company's underwriting guidelines) and reasonable underwriter discretion (which may cede reinsurance automatically on international clients underwritten in accordance with deviate from the agreed upon underwriting guidelines in Exhibit B. This Agreement applies only to the issuance of insurance or other requirements when deemed warranted and appropriate by the Ceding Company underwriter exercising his or her professional judgment). Notwithstanding the foregoing, business exceptions are not covered by the automatic provisions of this Agreement unless approved in advance by the Reinsurer. A business exception is a jurisdiction in which it is properly licensed. If risk intentionally accepted by the Ceding Company already holds its full retention without a sound basis for accepting the risk based on a life under previously issued policiescurrently available underwriting evidence, including the waiving of normal age and amount requirements without justification. In determining whether there is justification for waiving underwriting requirements, the Reinsurer will automatically accept reinsurance up to Ceding Company's underwriter may IDSL - [redacted] 2 VUL IV Plus/VUL IV Plus-ES Doc# 2081398 exercise reasonable judgment in assessing the limits shown protective value versus the additional cost, inconvenience or availability of the requirement in Exhibit B. question. The Ceding Company may not reinsure the amount it has retained on the business covered under this Agreement Agreement, as provided for in Exhibit A, on any basis without the Reinsurer's written consent; however nothing herein shall prevent Ceding Company from transferring a block of business reinsured hereunder to another party pursuant to an indemnity reinsurance agreement. IDSLIDSL - [redacted] 3 VUL IV Plus/VUL IV Plus-NY Succession Select TreatyES Doc# 2081398
Appears in 1 contract
Sources: Reinsurance Agreement (Ids Life Variable Life Separate Account)
Automatic Reinsurance. 2.1 On and after the effective date of this Agreement, The Ceding Company will automatically cede to the Reinsurer will automatically accept a portion of the life insurance policies, policies and supplementary benefits, benefits and riders directly issued by attached to the Ceding Company and base policies as listed in Exhibit B - Plans Covered 1, Reinsurance Specifications, subject to the terms and Binding Limitsexclusions, if any, as set out in Exhibit 1. The Reinsurer will automatically accept its share of the above-referenced policies within up to the limits shown in Exhibit B3, The Reinsurer's Automatic Participation Limits, provided that:
(a) the The Ceding Company keeps its full 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 B2, 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 Company's Retention, or otherwise holds its full retention on a life under previously issued inforce policies.
(b) The Ceding Company is in compliance with Section 2, Representations and Warranties and Material Changes, for the Reinsurer will automatically accept reinsurance up to the limits plans listed in Exhibit 1, Reinsurance Specifications.
(c) The issue age falls within those shown in Exhibit B. 1, Reinsurance Specifications, and the mortality rating on each individual risk does not exceed the maximum mortality rating or its equivalent on a flat extra premium basis rating set out in Exhibit 3, The Ceding Company may not reinsure Reinsurer's Automatic Participation Limits/Automatic Pool Binding Limits.
(d) The total of the new ultimate amount of reinsurance required including contractual increases and the amount it has retained already reinsured on the business covered that life, under this Agreement on any basis without and all other agreements between the Reinsurer and the Ceding Company, does not exceed the Reinsurer's written consentAutomatic Participation Limits set out in Exhibit 3, The Reinsurer's Automatic Participation Limits.
(e) The Jumbo Limit amount, as set out in Exhibit 1, Reinsurance Specifications, is not exceeded.
(f) The application is on a life for which the risk has not been submitted by the Ceding Company on a facultative basis to the Reinsurer within the last five (5) years, unless the reason for the original facultative submission was capacity which may now be accommodated under the terms of the Agreement.
(g) The policy has been issued in accordance with the Ceding Company's standard underwriting and administration practices. IDSL-NY Succession Select TreatyFor greater clarity, to the extent any of the foregoing conditions are not met, there shall be no automatic reinsurance of the proposed business under this Section and no action or notification by the Reinsurer shall be required to give effect to this.
Appears in 1 contract
Sources: Reinsurance Agreement (Ameritas Variable Separate Account V)
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 property 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
Appears in 1 contract
Sources: Automatic Yrt Reinsurance Agreement (Ids Life of New York Account 8)
Automatic Reinsurance. 2.1 On and after the effective date of this Agreement, the Reinsurer will automatically accept a portion of the mortality risk on life insurance policies, supplementary benefits, policies 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 mortality risk on the above-referenced policies and riders 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 life 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 two (2) years, including the current application, 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 Agreement, as provided for in Exhibit A, on any basis without the Reinsurer's written consent. IDSL-NY Succession IDSL VUL4 / LP Select TreatyTreaty 2
Appears in 1 contract
Sources: Reinsurance Agreement (Ids Life Variable Life Separate Account)
Automatic Reinsurance. 2.1 On and after the effective date of this Agreement, the Reinsurer will automatically accept a portion of the mortality risk on life insurance policies, supplementary benefits, policies 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 mortality risk on the above-referenced policies and riders 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 life 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 two (2) years, including the current application, 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 as described in Exhibit A, on any basis without the Reinsurer's written consent. IDSL-NY Succession IDSL VUL4/LP Select TreatyTreaty 2
Appears in 1 contract
Sources: Reinsurance Agreement (Ids Life Variable Life Separate Account)
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 written by the Ceding Company and listed in Exhibit B - Plans Covered and Binding Limits. Any policies acquired through merger with another company, reinsurance, or purchase of another company's policies are not included under the terms of this Agreement. 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
Appears in 1 contract
Sources: Automatic Yrt Reinsurance Agreement (Ids Life of New York Account 8)