Coinsurance and Modified Coinsurance Clause Samples

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Coinsurance and Modified Coinsurance. Subject to the terms and conditions of this Agreement, the Company hereby cedes to the Reinsurer with effect as of the Effective Date, and the Reinsurer hereby accepts and agrees to reinsure on an indemnity basis one hundred percent (100%) of the Reinsured Liabilities, with (i) all General Account Liabilities, Risk Control Separate Account Liabilities and Declared Rate Separate Account liabilities included in the Reinsured Liabilities being reinsured on a coinsurance basis; and (ii) all Variable Separate Account Liabilities included in the Reinsured Liabilities being reinsured on a modified coinsurance basis. The reinsurance effected under this Agreement shall be maintained in force, without reduction, as long as the Company has any liabilities or obligations under the Policies, unless such reinsurance is terminated or reduced as provided herein. The Parties have agreed that this Amended and Restated Coinsurance and Modified Coinsurance Agreement shall supersede and replace the Coinsurance Agreement dated January 1, 2013, as amended, (covering the MEMBERS Zone Annuity Contract), The MEMBERS Horizon Coinsurance and Modified Coinsurance Agreement dated November 1, 2015 , as amended,(covering the MEMBERS Horizon and MEMBERS Horizon II Annuity Contracts) and the Coinsurance Agreement dated August 19, 2019, 2019 (covering The CUNA Mutual Group Zone Income Annuity Contract)
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Coinsurance and Modified Coinsurance. Subject to the terms and conditions of this Agreement, the Company hereby cedes to the Reinsurer with effect as of the Effective Date, and the Reinsurer hereby accepts and agrees to reinsure on an indemnity basis one hundred percent (100%) of the Reinsured Liabilities, with (i) all General Account Liabilities and Risk Control Separate Account Liabilities included in the Reinsured Liabilities being reinsured on a coinsurance basis; and (ii) all Variable Separate Account Liabilities included in the Reinsured Liabilities being reinsured on a modified coinsurance basis. The reinsurance effected under this Agreement shall be maintained in force, without reduction, as long as the Company has any liabilities or obligations under the Policies, unless such reinsurance is terminated or reduced as provided herein.
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Coinsurance and Modified Coinsurance. Subject to the terms and conditions of this Agreement, the Company hereby cedes to the Reinsurer as of 12:01 a.
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Coinsurance and Modified Coinsurance 
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Related to Coinsurance and Modified Coinsurance

  • Reinsurance Agreements (a) Section 3.15(a) of the Parent Disclosure Schedule sets forth a true, complete and correct list of all of the reinsurance, coinsurance or retrocession treaties, agreements, slips, binders, cover notes or other arrangements of any kind to which any of the Insurance Subsidiaries is a party and under which any of the Transferred Subsidiaries cede or assume any insurance business or under which any business otherwise remains reinsured as of the date of this Agreement and any related letters of credit, reinsurance trusts or other collateral arrangements (collectively, the “Reinsurance Agreements”). True, complete and correct copies of all of the Reinsurance Agreements have been made available to the Acquiror. (b) Neither the Company nor any of the Insurance Subsidiaries is in default in any material respect under any Reinsurance Agreement, and there has not occurred any event that, with the lapse of time or the giving of notice or both, would constitute such a default in any material respect. Each Reinsurance Agreement is legal, valid, binding, enforceable against the applicable Insurance Subsidiary which is party and the counterparty thereto and in full force and effect in accordance with its terms, will continue to be legal, valid, binding and enforceable by the applicable Insurance Subsidiary that is a party thereto and in full force and effect on substantially comparable terms following the Closing (except for the Quota Share Agreement, which will be amended in accordance with Section 5.08(c)), except to the extent that enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws affecting creditors’ rights generally and by principles of equity regarding the availability of remedies. Since December 31, 2013, with respect to any Reinsurance Agreement, (i) no Insurance Subsidiary has received any written notice from any applicable reinsurer that any amount of reinsurance ceded by any of the Insurance Subsidiaries will be uncollectible or otherwise defaulted upon; (ii) there is no pending or to the Knowledge of the Parent, threatened dispute between any of the Insurance Subsidiaries and any reinsurer under any Reinsurance Agreement; (iii) each Insurance Subsidiary, as applicable, is entitled under the laws of its domiciliary jurisdiction or any other applicable Law to take credit in accordance with SAP on its Statutory Statements for all reinsurance and retrocessions ceded by it pursuant to any Reinsurance Agreement for which such Insurance Subsidiary is taking credit on its Statutory Statements, and all such amounts have been properly recorded in its books and records of account and are properly reflected in its Statutory Statements; (iv) to the Knowledge of the Parent there has been no separate written or oral agreement between such Insurance Subsidiary and the assuming reinsurer that is intended to, and would, in fact, reduce, limit or mitigate any loss to the parties under any such Reinsurance Agreement; and (v) each such Reinsurance Agreement satisfies the requisite risk transfer criteria necessary to obtain reinsurance accounting treatment under SAP.