Common use of Insolvency of the Reinsurer Clause in Contracts

Insolvency of the Reinsurer. In the event a formal receivership proceeding is initiated against the Reinsurer by the insurance department of the Reinsurer's domiciliary state, and if after the commencement of such receivership proceeding the Reinsurer defaults as to its obligation to pay claims hereunder (as described below), the Ceding Company shall have the right to recapture the Reinsurer's part of all of the Policies by providing the Reinsurer with advance written notice stating the recapture date, provided that the Reinsurer continues to be in default on the date such notice is received by the Reinsurer. If the Reinsurer is no longer in default on the date such notice is received by the Reinsurer, then the recapture intended by such notice shall not be effective. This Agreement shall not apply to claims Incurred on and after the recapture date. For the purpose of this Article, the Reinsurer shall be considered in default when:

Insolvency of the Reinsurer. In the event a formal receivership proceeding is initiated against the Reinsurer by the insurance department of the Reinsurer's domiciliary state, and if after after, the commencement of such receivership proceeding the Reinsurer defaults as to its obligation to pay claims hereunder (as described below), the Ceding Company shall have the right to recapture the Reinsurer's part of all of the Policies by providing the Reinsurer with advance written notice stating the recapture date, provided that the Reinsurer continues to be in default on the date such notice is received by the Reinsurer. If the Reinsurer is no longer in default on the date such notice is received by the Reinsurer, then the recapture intended by such notice shall not be effective. This Agreement shall not apply to claims Incurred incurred on and after the recapture date. For the purpose of this Article, the Reinsurer shall be considered in default when:

Insolvency of the Reinsurer. In the event a formal receivership proceeding is initiated against the Reinsurer by the insurance department of the Reinsurer's domiciliary state, and if after the commencement of such receivership proceeding the Reinsurer defaults as to its obligation to pay claims hereunder (as described below), the Ceding Company shall have the right to recapture the Reinsurer's part of all of the Policies by providing the Reinsurer with advance written notice stating the recapture date, provided that the Reinsurer continues to be in default on the date such notice is received by the Reinsurer. If the Reinsurer is no longer in default on the date such notice is received by the Reinsurer, then the recapture intended by such notice shall not be effective. This Agreement shall not apply to claims Incurred incurred on and after the recapture date. For the purpose of this Article, the Reinsurer shall be considered in default when: