Common use of Insolvency of Ceding Company Clause in Contracts

Insolvency of Ceding Company. If Hartford Life Insurance Company, Hartford Life and Accident Insurance Company or Hartford Life and Annuity Insurance Company should become insolvent, all reinsurance under this Agreement covering risks ceded by that particular company will be payable by Reinsurer directly to that Company's liquidator, receiver or statutory successor, on the basis of the liability of that Company under the policy or policies reinsured and without diminution because of the insolvency of the Company. However, in the event of such insolvency, the liquidator, receiver or statutory successor will give written notice of a pending claim against Ceding Company on the reinsured policy. It will do so within a reasonable time after the claim is filed in the insolvency proceedings. During the pendency of such a claim, Reinsurer may investigate the claim and may, at its own expense, interpose any defense or defenses which it may deem available to the insolvent Company, its liquidator, receiver or statutory successor, in the proceedings where the claim is to be adjudicated. The expense thus incurred by Xxxxxxxxx will be chargeable against the insolvent Company, subject to court approval, as part of the expense of liquidation to the extent of a proportionate share of the benefit which may accrue to the insolvent Company solely as a result of the defense undertaken by Reinsurer. Where two or more reinsurers are involved in the same claim and a majority in interest elect to interpose defense to the claim, the expense will be apportioned in accord with the terms of the reinsurance agreement as though the expense had been incurred by the insolvent Company. It is agreed that the insolvency of any one of the Hartford Life Companies shall not affect this Agreement as it applies to the remaining solvent companies.

Insolvency of Ceding Company. If Hartford Life Insurance Company, Hartford Life and Accident Insurance Company or Hartford Life and Annuity Insurance Company should become insolvent, all reinsurance under this Agreement covering risks ceded by that particular company will be payable by Reinsurer directly to that Company's liquidator, receiver or statutory successor, on the basis of the liability of that Company under the policy or policies reinsured and without diminution because of the insolvency of the Company. However, in the event of such insolvency, the liquidator, receiver or statutory successor will give written notice of a pending claim against Ceding Company on the reinsured policy. It will do so within a reasonable time after the claim is filed in the insolvency proceedings. During the pendency of such a claim, Reinsurer may investigate the claim and may, at its own expense, interpose any defense or defenses which it may deem available to the insolvent Company, its liquidator, receiver or statutory successor, in the proceedings where the claim is to be adjudicated. The expense thus incurred by Xxxxxxxxx Reinsurer will be chargeable against chargeaxxx xxxxxst the insolvent Company, subject to court approval, as part of the expense of liquidation to the extent of a proportionate share of the benefit which may accrue to the insolvent Company solely as a result of the defense undertaken by Reinsurer. Where two or more reinsurers are involved in the same claim and a majority in interest elect to interpose defense to the claim, the expense will be apportioned in accord with the terms of the reinsurance agreement as though the expense had been incurred by the insolvent Company. It is agreed that the insolvency of any one of the Hartford Life Companies shall not affect this Agreement as it applies to the remaining solvent companies.

Insolvency of Ceding Company. If Hartford Life Insurance Company, Hartford Life and Accident Insurance Company or ITT Hartford Life and Annuity Insurance Company should become insolvent, all reinsurance under this Agreement covering risks ceded by that particular company will be payable by Reinsurer directly to that Company's liquidator, receiver or statutory successor, on the basis of the liability of that Company under the policy or policies reinsured and without diminution because of the insolvency of the Company. However, in the event of such insolvency, the liquidator, receiver or statutory successor will give written notice of a pending claim against Ceding Company on the reinsured policy. It will do so within a reasonable time after the claim is filed in the insolvency proceedings. During the pendency of such a claim, Reinsurer may investigate the claim and may, at its own expense, interpose any defense or defenses which it may deem available to the insolvent Company, its liquidator, receiver or statutory successor, in the proceedings where the claim is to be adjudicated. The expense thus incurred by Xxxxxxxxx Reinsurer will be chargeable against the insolvent Company, subject to court approval, as part of the expense of liquidation to the extent of a proportionate share of the benefit which may accrue to the insolvent Company solely as a result of the defense undertaken by Reinsurer. Where two or more reinsurers are involved in the same claim and a majority in interest elect to interpose defense to the claim, the expense will be apportioned in accord with the terms of the reinsurance agreement as though the expense had been incurred by the insolvent Company. It is agreed that the insolvency of any one of the Hartford Life Companies shall not affect this Agreement as it applies to the remaining solvent companies.

Insolvency of Ceding Company. If Hartford Life Insurance Company, Hartford Life and Accident Insurance Company or Hartford Life and Annuity Insurance Company should become insolvent, all reinsurance Reinsurance provided under this Agreement covering risks ceded by that particular company will shall be payable by Reinsurer directly to that Company's liquidator, receiver or statutory successor, on the basis of the Ceding Company’s liability of that Company under the policy or policies Insurance Policies reinsured and without diminution diminution, because of the insolvency of the Ceding Company. However, in the event Reinsurer shall pay its share of such insolvency, the Ceding Company’s liability directly to Ceding Company or its liquidator, receiver receiver, or statutory successor. Such liquidator, receiver, or statutory successor will shall give written notice to Reinsurer of the pendency of a pending claim against the insolvent Ceding Company on the involving an Insurance Policy reinsured policy. It will do so under this Agreement within a reasonable time after the such claim is filed in the insolvency proceedingsproceeding. During the pendency of such a claim, Reinsurer may investigate the claim and mayinterpose, at its own expense, interpose in the proceeding where the claim is to be adjudicated, any defense or defenses which it may deem available to the insolvent Ceding Company or Ceding Company, its ’s liquidator, receiver receiver, or statutory successor, in the proceedings where the claim is to . Any expense Reinsurer thus incurs shall be adjudicated. The expense thus incurred by Xxxxxxxxx will be chargeable against the insolvent Companychargeable, subject to court approval, against the insolvent Ceding Company as part of the expense of liquidation to the extent of a the proportionate share of the benefit benefit, which may accrue to the insolvent Company Ceding Company, solely as a result of the defense undertaken by Reinsurer. Where In the event two (2) or more assuming reinsurers are involved in the same claim and a majority in interest elect to interpose a defense to the such claim, the expense will shall be apportioned in accord accordance with the terms of the reinsurance agreement this Agreement, as though the expense such expenses had been incurred by the insolvent Ceding Company. It is agreed that the insolvency of any one of the Hartford Life Companies shall not affect this Agreement as it applies to the remaining solvent companies.