Existing Reinsurance. (a) This Agreement is written on a “net” basis such that (i) amounts payable to the Reinsurer hereunder shall be adjusted to take into account amounts paid by the Ceding Company under Existing Reinsurance Agreements and (ii) amounts due from the Reinsurer hereunder shall be adjusted to take into account amounts recoverable by the Ceding Company under the Existing Reinsurance Agreements, in the case of each of (i) and (ii), in respect of the Covered Insurance Policies. All amounts recoverable by the Ceding Company under the Existing Reinsurance Agreements for periods (or portions of periods) prior to, on or after the Effective Time shall inure to the benefit of the Reinsurer. The Ceding Company shall bear the risk of non-collection of amounts due in respect of the Covered Insurance Policies under the Existing Reinsurance Agreements.
Existing Reinsurance. (a) This Agreement is written net of Reinsurance Recoveries, however, the Reinsurer agrees to make payment on behalf of the Ceding Company of all General Account Liabilities calculated without regard to the reduction for Reinsurance Recoveries, in consideration for the Ceding Company’s assignment to the Reinsurer of the Reinsurance Recoveries in Section 3.2(a)(ii). As part of the Reinsured Liabilities, the Reinsurer shall, in accordance with Article III, reimburse the Ceding Company for, or pay on behalf of the Ceding Company, all premiums and other amounts due under the Existing Reinsurance Agreements in respect of the Covered Insurance Policies at or after the Effective Time (“Reinsurance Premium”). The Reinsurer shall bear all risk of collecting amounts due in respect of the Covered Insurance Policies under the Existing Reinsurance Agreements. The Reinsurer, on behalf of the Ceding Company, shall assume responsibility for administration of the Existing Reinsurance Agreements including the Shared Reinsurance Agreements to the extent provided in the Administrative Services Agreement, in accordance with the terms of the Administrative Services Agreement.
Existing Reinsurance. (a) This Agreement is written net of Reinsurance Recoveries, however, subject to Section 2.2(b), the Reinsurer agrees to make payment on behalf of the Ceding Company of all Reinsured Liabilities, calculated without regard to the reduction for Reinsurance Recoveries, in consideration for the Ceding Company’s assignment to the Reinsurer of the Reinsurance Recoveries in Section 3.1(b)(ii). Subject to Section 2.2(b), as part of the Reinsured Liabilities, the Reinsurer shall reimburse the Ceding Company for, or pay on behalf of the Ceding Company, all premiums and other amounts, if any, under the Existing Reinsurance Agreements either due and unpaid or with respect to periods on or after the Effective Time (“Existing Reinsurance Premium”). The Reinsurer shall bear all risk of collecting amounts due in respect of the Covered Insurance Policies under the Existing Reinsurance Agreements other than with respect to a Specified Reinsurance Agreement. The Reinsurer, on behalf of the Ceding Company, shall assume all responsibility for administration of the Existing Reinsurance Agreements including any Specified Reinsurance Agreement (in accordance with the terms thereof) at the same time as the Reinsurer assumes responsibility for the administration of the Covered Insurance Policies pursuant to the Administrative Services Agreement for so long as such agreement remains in effect.
Existing Reinsurance. (a) Existing Reinsurance with respect to the Covered Insurance Policies shall be deemed to be inuring to the Reinsurer’s benefit for all purposes of this Agreement and shall be accounted for herein such that the Reinsurer participates in any premiums, benefits, recoveries, ceding or expense allowances, other allowances and other adjustments as such amounts and such risks are paid, received or otherwise collected by the Ceding Company with respect to such Existing Reinsurance. As part of the Reinsured Liabilities, the Reinsurer shall, in accordance with Article III, reimburse the Ceding Company for, or pay on behalf of the Ceding Company, the Quota Share of all premiums and other amounts due, if any, under the Existing Reinsurance Agreements in respect of the Covered Insurance Policies at or after the Effective Time (“Existing Reinsurance Premium”). The Reinsurer shall bear all risk of collecting amounts due in respect of the Covered Insurance Policies under the Existing Reinsurance Agreements. The Reinsurer, on behalf of the Ceding Company, shall assume responsibility for administration of the Existing Reinsurance Agreements including the Shared Reinsurance Agreements (in accordance with the terms thereof) at the same time as the Reinsurer assumes responsibility for the administration of the Covered Insurance Policies pursuant to the Administrative Services Agreement.
Existing Reinsurance. (a) From and after the Effective Time, except as otherwise required to comply with applicable Law, the Ceding Company shall not voluntarily amend, terminate or recapture any Existing Reinsurance Agreement or enter into any new reinsurance agreement that would constitute an Existing Reinsurance Agreement with respect to any of the Reinsured Contracts without the Reinsurer’s prior written consent, which shall not be unreasonably withheld, conditioned or delayed.
Existing Reinsurance. The Stop Loss Reinsurance Agreement shall be in full force and effect. To the Borrower’s knowledge, the reinsurance agreements relating to the MLOA Block set forth on Exhibit B to the Reinsurance Agreement shall be in full force and effect.
Existing Reinsurance. (a) This Agreement is written on a “net” basis such that (i) amounts payable to the Reinsurer hereunder shall be adjusted to take into account amounts paid by the Ceding Company under Existing Reinsurance Agreements and (ii) amounts due from the Reinsurer hereunder shall be adjusted to take into account amounts actually recovered by the Ceding Company under the Existing Reinsurance Agreements, in the case of each of (i) and (ii), in respect of the Covered Insurance Policies. All amounts actually recovered by the Ceding Company under the Existing Reinsurance Agreements for periods (or portions of periods), on or after the Effective Time shall inure to the benefit of the Reinsurer. However, the Reinsurer shall bear the risk of non-collection of all amounts due in respect of the Covered Insurance Policies under the Existing Reinsurance Agreements and shall be responsible for its Quota Share of the Reinsured Liabilities whether or not such amounts are actually paid or collected.
Existing Reinsurance. Reinsurance under this Agreement shall be subject to Existing Reinsurance associated with the Reinsured Policies. The total reinsurance recoverable under Existing Reinsurance and reinsurance under this Agreement shall not exceed Ceding Company’s total contractual liability on any Reinsured Policy less Ceding Company’s retention under the respective reinsurance agreements.
Existing Reinsurance. (a) Cedent shall not, other than the renewal or extension of Existing Reinsurance Agreements in the ordinary course of business or at Captive’s written direction, in which case Cedent shall follow such written direction from Captive, amend, restate, modify, supplement, assign, terminate, hypothecate, subordinate, discharge or otherwise alter or waive, or consent to amendment, restatement, modification, supplement, assignment, termination, hypothecation, subordination, dischargement or other alteration or waiver of any obligations of under any Existing Reinsurance Agreement without the Captive’s prior written consent and subject to obtaining the approval or non-disapproval of the Applicable Authority of Cedent.
Existing Reinsurance. Three treaties for Guaranteed Minimum Death Benefits (“GMDB”) on Regatta Platinum and Futurity II became effective in 1999 whereby a portion of the GMDB reserve was ceded on an YRT basis. Reinsurance is modeled according to the treaties with AXA and London Life. To calculate the impact of reinsurance for the stochastic results, the model is run without any of the reinsurance treaties. Then the treaties are layered on in a series of runs, providing reserve impact for each treaty. The individual reinsurance (London Life) for the standard scenario may create a net reserve of $0 for the GMDB risks. The aggregate reinsurance for the AXA treaties are subtracted from the gross standard scenario reserve. Hannover Reinsurance (to the extent of any conflict between the description below and the terms of the Agreement to which this Schedule E is attached, the Agreement shall govern): A reinsurance agreement with Hannover Life Reinsurance Company of America (“Hannover”) became effective on January 1, 2018. The agreement provides for base product (i.e. no living benefits, excess death benefits or riders included under this coverage) coverage through variable annuity separate account modified coinsurance at a 99% quota share and coinsurance coverage with no reinsurance premium at a 1% quota share. The variable annuity separate account includes only the insulated separate accounts (“S/A”) of Delaware Life Insurance Company (“DLIC”). The agreement also provides for variable annuity fixed account (“Fixed Account”) coinsurance coverage for a quota share of 100% of the base product (i.e. no living benefits, excess death benefits or riders included under this coverage). The Fixed Account includes both the general account portion of the policyholder account value and the noninsulated separate accounts of DLIC. The projected cash flows of the reinsurance agreement are modeled including an experience refund, while applicable. The experience rating refund terminates on January 1, 2028 and DLIC has the right to recapture the agreement on this date. Therefore, the modeling assumes a recapture on this date. Given the 100% combined quota shares on both the general and separate accounts, the reserve calculations do not require a cash value floor in the quarterly durations prior to January 1, 2028. The cash value floor is used for all duration calculations after that date. The Hannover assumed reserve is 100% coinsurance of the fixed account Cash Surrender Value, plus 1% coinsurance of...
