Common use of Insolvency of the Reinsured Clause in Contracts

Insolvency of the Reinsured. 1. The reinsurance amount due, when such amount is ascertained, shall be payable upon demand by the Reinsured at the same time as the Reinsured shall pay its net retained portion of such an obligation, with reasonable provision for verification before payment, and the reinsurance shall be payable by the Reinsurer on the basis of the liability of the Reinsured under the Policies without diminution because of the insolvency of the Reinsured. In the event of insolvency and the appointment of a conservator, liquidator or statutory successor of the Reinsured, such portion shall be payable to such conservator, liquidator or statutory successor immediately upon demand, with reasonable provisions for verification, on the basis of claims allowed against the Reinsured by any court of competent jurisdiction or by a conservator, liquidator or statutory successor of the Reinsured having authority to allow such claims, without diminution because of such insolvency or because such conservator, liquidator or statutory successor had failed to pay all or a portion of any claims.

Insolvency of the Reinsured. 1. The reinsurance amount due, when such amount is ascertained, shall be payable upon demand by the Reinsured at the same time as the Reinsured shall pay its net retained portion of such an obligation, with reasonable provision for verification before payment, and the reinsurance shall be payable by the Reinsurer on the basis of the liability of the Reinsured under undur the Policies without diminution because of the insolvency of the Reinsured. In the event of insolvency and the appointment of a conservator, liquidator or statutory successor of the Reinsured, such portion shall be payable to such conservator, liquidator or statutory successor immediately upon demand, with reasonable provisions for verification, on the basis of claims allowed against the Reinsured by any court of competent jurisdiction or by a conservator, liquidator or statutory successor of the Reinsured having authority to allow such claims, without diminution because of such insolvency or because such conservator, liquidator or statutory successor had failed to pay all or a portion of any claims.

Insolvency of the Reinsured. 1. The reinsurance amount due, when such amount is ascertained, shall be payable upon demand by the Reinsured at the same time as the Reinsured shall pay its net retained portion of such an obligation, with reasonable provision for verification before payment, and the . The reinsurance shall be payable by the Reinsurer on the basis of the liability of the Reinsured under the Policies without diminution because of the insolvency of the Reinsured. In the event of the insolvency and the appointment of a conservator, liquidator or statutory successor of for the Reinsured, such portion shall be payable to such conservator, liquidator or statutory successor immediately upon demand, with reasonable provisions for verification, on the basis of claims allowed against the Reinsured by any court of competent jurisdiction or by a conservator, liquidator or statutory successor of the Reinsured having authority to allow such claims, without diminution because of such insolvency or because such conservator, liquidator or statutory successor had failed to pay all or a portion of any claims.