Common use of FAILURE TO PAY PREMIUMS Clause in Contracts

FAILURE TO PAY PREMIUMS. If reinsurance premiums are 90 days past due, for reasons other than those due to error or omission as defined below in Section 22, the premiums will be considered in default and AUSA may terminate the reinsurance by providing a 30-day prior written notice, provided payment is not received within that 30-day period. AUSA will have no further liability as of the termination date. PRUCO will be liable for the prorated reinsurance premiums to the termination date. PRUCO agrees that it will not force termination under the provisions of this paragraph solely to avoid the recapture requirements or to transfer the block of business reinsured to another reinsurer. At the end of this 30-day period, AUSA’s liability will automatically terminate for all reinsurance on which balances remain due and unpaid, including reinsurance on which balances became due and unpaid during and after the 30-day notice period. PRUCO may reinstate reinsurance terminated for non-payment of balances due at any time within 60 days following the date of termination. However, AUSA will have no liability for claims incurred between the termination date and the reinstatement date.

FAILURE TO PAY PREMIUMS. If reinsurance premiums are 90 days past due, for reasons other than those due to error or omission as defined below in Section 22, the premiums will be considered in default and AUSA TOLIC may terminate the reinsurance by providing a 30-day prior written notice, provided payment is not received within that 30-day period. AUSA TOLIC will have no further liability as of the termination date. PRUCO will be liable for the prorated reinsurance premiums to the termination date. PRUCO agrees that it will not force termination under the provisions of this paragraph solely to avoid the recapture requirements or to transfer the block of business reinsured to another reinsurer. At the end of this 30-day period, AUSATOLIC’s liability will automatically terminate for all reinsurance on which balances remain due and unpaid, including reinsurance on which balances became due and unpaid during and after the 30-day notice period. PRUCO may reinstate reinsurance terminated for non-payment of balances due at any time within 60 days following the date of termination. However, AUSA TOLIC will have no liability for claims incurred between the termination date and the reinstatement date.

FAILURE TO PAY PREMIUMS. If reinsurance premiums are 90 days past due, for reasons other than those due to error or omission as defined below in Section 22, the premiums will be considered in default and AUSA MUNICH may terminate the reinsurance by providing a 30-day prior written notice, provided payment is not received within that 30-day period. AUSA MUNICH will have no further liability as of the termination date. PRUCO will be liable for the prorated reinsurance premiums to the termination date. PRUCO agrees that it will not force termination under the provisions of this paragraph solely to avoid the recapture requirements or to transfer the block of business reinsured to another reinsurer. At the end of this 30-day period, AUSA’s MUNICH's liability will automatically terminate for all reinsurance on which balances remain due and unpaid, including reinsurance on which balances became due and unpaid during and after the 30-day notice period. PRUCO may reinstate reinsurance terminated for non-payment of balances due at any time within 60 days following the date of termination. However, AUSA MUNICH will have no liability for claims incurred between the termination date and the reinstatement date.

FAILURE TO PAY PREMIUMS. If reinsurance premiums are 90 days past due, for reasons other than those due to error or omission as defined below in Section 22, the premiums will be considered in default and AUSA may terminate the reinsurance by providing a 30-day prior written notice, provided payment is not received within that 30-day period. AUSA will have no further liability as of the termination date. PRUCO will be liable for the prorated reinsurance premiums to the termination date. PRUCO agrees that it will not force termination under the provisions of this paragraph solely to avoid the recapture requirements or to transfer the block of business reinsured to another reinsurer. At the end of this 30-day period, AUSA’s 's liability will automatically terminate for all reinsurance on which balances remain due and unpaid, including reinsurance on which balances became due and unpaid during and after the 30-day notice period. PRUCO may reinstate reinsurance terminated for non-payment of balances due at any time within 60 days following the date of termination. However, AUSA will have no liability for claims incurred between the termination date and the reinstatement date.

FAILURE TO PAY PREMIUMS. If reinsurance premiums are 90 days past due, for reasons other than those due to error or omission as defined below in Section 22, the premiums will be considered in default and AUSA SWISS RE may terminate the reinsurance by providing a 30-day prior written notice, provided payment is not received within that 30-day period. AUSA SWISS RE will have no further liability as of the termination date. PRUCO will be liable for the prorated reinsurance premiums to the termination date. PRUCO agrees that it will not force termination under the provisions of this paragraph solely to avoid the recapture requirements or to transfer the block of business reinsured to another reinsurer. At the end of this 30-day period, AUSASWISS RE’s liability will automatically terminate for all reinsurance on which balances remain due and unpaid, including reinsurance on which balances became due and unpaid during and after the 30-day notice period. PRUCO may reinstate reinsurance terminated for non-payment of balances due at any time within 60 days following the date of termination. However, AUSA SWISS RE will have no liability for claims incurred between the termination date and the reinstatement date.

FAILURE TO PAY PREMIUMS. If reinsurance premiums are 90 days past due, for reasons other than those due to error or omission as defined below in Section 22, the premiums will be considered in default and AUSA TOLIC may terminate the reinsurance by providing a 30-day prior written notice, provided payment is not received within that 30-day period. AUSA TOLIC will have no further liability as of the termination date. PRUCO will be liable for the prorated reinsurance premiums to the termination date. PRUCO agrees that it will not force termination under the provisions of this paragraph solely to avoid the recapture requirements or to transfer the block of business reinsured to another reinsurer. At the end of this 30-day period, AUSA’s TOLIC's liability will automatically terminate for all reinsurance on which balances remain due and unpaid, including reinsurance on which balances became due and unpaid during and after the 30-day notice period. PRUCO may reinstate reinsurance terminated for non-payment of balances due at any time within 60 days following the date of termination. However, AUSA TOLIC will have no liability for claims incurred between the termination date and the reinstatement date.