Basis of Reinsurance and Business Reinsured. 16 Section 2.1 Coverage 16 Section 2.2 Reserves 16 Section 2.3 Reinsured Contract Changes 16 Section 2.4 Liability 17 Section 2.5 Indemnity Reinsurance 17 Section 2.6 Separate Accounts 17 Section 2.7 Ceded Reinsurance 17 Section 2.8 Internal Replacements 19 Article III. PAYMENTS; ADDITIONAL CONSIDERATIONS; ADMINISTRATION 20 Section 3.1 Payments by the Parties 20 Section 3.2 Additional Consideration 20 Section 3.3 Defenses 23 Section 3.4 Guaranty Association Assessments and Premium Taxes 23 Section 3.5 Non-Guaranteed Elements 23 Section 3.6 Offset and Recoupment Rights 23 Section 3.7 Certain Reports from the Reinsurer 24 Section 3.8 Termination of Administrative Services Agreement 24 Section 3.9 [Reserved] 26 Section 3.10 Bank Accounts 26 Section 3.11 Novation 26 Article IV. LICENSES; RESERVE CREDIT; SECURITY 27
Basis of Reinsurance and Business Reinsured. 5 Section 2.1 Existing Business 5 Section 2.2 Transfer of Loss Reserves 5 Article 3 PAYMENTS, OFFSET, AND SECURITY 7 Section 3.1 Offset Rights 7 Section 3.2 Reports and Remittances 7 Section 3.3 Security 8 Article 4 CLAIMS, UNDERWRITING AND OTHER ADMINISTRATION 10 Article 5 REGULATORY MATTERS 12 Article 6 DUTY OF COOPERATION & INDEMNITY 12 Section 6.1 Cooperation 12 Section 6.2 Indemnity 12 Article 7 [INTENTIONALLY OMITTED] 12 Article 8 INSOLVENCY 12 Article 9 REGULATORY APPROVALS 13 Article 10 DURATION 13 Article 11 FOLLOW THE FORTUNES 13 Article 12 SURVIVAL; INDEMNIFICATION 14 Section 12.1 Indemnification 14 Article 13 MISCELLANEOUS 15 Section 13.1 Notices 15 Section 13.2 Assignment; Parties in Interest 16 Section 13.3 Waivers and Amendments; Preservation of Remedies 16 Section 13.4 Governing Law; Venue 16 Section 13.5 Counterparts 16 Section 13.6 Entire Agreement; Merger 17 Section 13.7 Exhibits and Schedules 17 Section 13.8 Headings 17 Section 13.9 Severability 17 Section 13.10 Expenses 17 Section 13.11 Currency 17 LOSS PORTFOLIO TRANSFER AGREEMENT THIS LOSS PORTFOLIO TRANSFER AGREEMENT (this “Agreement”) is entered into as of [ ], 2014 by and among [TOWER INSURANCE COMPANY OF NEW YORK, an insurance company organized under the laws of New York]/[CASTLE POINT NATIONAL INSURANCE COMPANY, an insurance company organized under the laws of Illinois,] TOWER NATIONAL INSURANCE COMPANY, an insurance company organized under the laws of Massachusetts, HERMITAGE INSURANCE COMPANY, an insurance company organized under the laws of New York, CASTLE POINT FLORIDA INSURANCE COMPANY, an insurance company organized under the laws of Florida, KODIAK INSURANCE COMPANY, an insurance company organized under the laws of New Jersey, NORTH EAST INSURANCE COMPANY, an insurance company organized under the laws of Maine, YORK INSURANCE COMPANY OF MAINE, an insurance company organized under the laws of Maine, MASSACHUSETTS HOMELAND INSURANCE COMPANY, an insurance company organized under the laws of Massachusetts, PRESERVER INSURANCE COMPANY, an insurance company organized under the laws of New Jersey, and CASTLE POINT INSURANCE COMPANY, an insurance company organized under the laws of New York, as the Companies (collectively, the “Companies” and, individually, each a “Company”), and either CastlePoint Reinsurance Company Ltd. or Tower Reinsurance, Ltd., as agreed to by the parties (the “Reinsurer”) (collectively, the “Parties”).
Basis of Reinsurance and Business Reinsured. 4 Section 2.1 Loss Portfolio Transfer Reinsurance 4 Section 2.2 Third Party Reinsurance Treaties 5
Basis of Reinsurance and Business Reinsured. Section II.1 Reinsurance.
Basis of Reinsurance and Business Reinsured. 12 Section 2.1. Coverage.....................................................................................................12 Section 2.2. Insurance Contract Changes ....................................................................12 Section 2.3. Liability ......................................................................................................13 Section 2.4.
Basis of Reinsurance and Business Reinsured. 16 Section 2.1 Reinsurance 16 Section 2.2 Separate Accounts 17 Section 2.3 Existing Reinsurance 17 Section 2.4 Non-Guaranteed Elements 20 Section 2.5 Reserves and Liabilities Reporting 21 Section 2.6 Insurance Contract Changes 21 Section 2.7 Follow the Fortunes 22
Basis of Reinsurance and Business Reinsured. 10 Section 2.1. Coverage .................................................................................................. 10 Section 2.2. Non-Guaranteed Elements ...................................................................... 10 Section 2.3. Reinsured Policy Changes ....................................................................... 10 Section 2.4. Liability ................................................................................................... 10 Section 2.5. Indemnity Reinsurance ............................................................................ 10 Section 2.6. Territory ................................................................................................... 11 Section 2.7. Reinstatements ......................................................................................... 11 Section 2.8. New Insurance Policies; Replacements ................................................... 11 ARTICLE III.
Basis of Reinsurance and Business Reinsured
