Common use of Credit Rating Downgrade Provisions Clause in Contracts

Credit Rating Downgrade Provisions. (a) Circular Letter No. 2 (1992) states that the Department will not approve a credit rating bailout provision which would permit the contractholder to terminate the contract prior to maturity at book value in the event the insurer’s credit rating downgrade. The provision is considered unfair, unjust and inequitable pursuant to §3201(c)(2).

Credit Rating Downgrade Provisions. (a) Circular a)Circular Letter No. 2 (1992) states that the Department will not approve a credit rating bailout provision which would permit the contractholder to terminate the contract prior to maturity at book value in the event the insurer’s credit rating downgradeis downgraded. The provision is considered unfair, unjust and inequitable pursuant to §3201(c)(2).

Credit Rating Downgrade Provisions. (a) Circular Letter No. 2 (1992) states that the Department will not approve a credit rating bailout provision which would permit the contractholder holder to terminate the contract prior to maturity at book value in the event due only to the insurer’s credit rating downgrade. The provision is considered unfair, unjust and inequitable pursuant to §3201(c)(2).

Credit Rating Downgrade Provisions. (a) Circular a)Circular Letter No. 2 (1992) states that the Department will not approve a credit rating bailout provision which would permit the contractholder to terminate the contract prior to maturity at book value in the event the insurer’s credit rating downgrade. The provision is considered unfair, unjust and inequitable pursuant to §3201(c)(2).

Credit Rating Downgrade Provisions. (aC.1) Circular Letter No. 2 (1992) states that the Department will not approve a credit rating bailout provision which would permit the contractholder holder to terminate the contract prior to maturity at book value in the event due only to the insurer’s credit rating downgrade. The provision is considered unfair, unjust and inequitable pursuant to §3201(c)(2).

Credit Rating Downgrade Provisions. (a) Circular Letter No. 2 (1992) states that the Department will not approve a credit rating bailout provision which would permit the contractholder to terminate the contract prior to maturity at book value in the event the insurer’s credit rating downgradeis downgraded. The provision is considered unfair, unjust and inequitable pursuant to §3201(c)(2).

Credit Rating Downgrade Provisions. (a) 1. Circular Letter No. 2 (1992) states that the Department will not approve a credit rating bailout provision which would permit the contractholder holder to terminate the contract prior to maturity at book value in the event due only to the insurer’s credit rating downgrade. The provision is considered unfair, unjust and inequitable pursuant to §3201(c)(2).