Modified Coinsurance. Reinsurer agrees to accept, and it does accept as of the Effective Date, cession of the Reinsured Contracts, and to assume, and it does assume, on a modified coinsurance basis, all Separate Account obligations and liability as may be related to express, written contractual liability insured under the Reinsured Contracts and provided under the Related Agreements after such date.
Modified Coinsurance. 3 Section 3.03 Coinsurance............................................. 3 ARTICLE 4
Modified Coinsurance. Subject to the terms and conditions of this Agreement, the Company hereby cedes or retrocedes, as the case may be, on a modified coinsurance basis to the Reinsurer as of the Effective Date, and the Reinsurer hereby accepts and agrees to indemnity reinsure on a modified coinsurance basis as of the Effective Date, one hundred percent (100%) of the Separate Account Liabilities arising under or relating to the Policies and the Post-Closing Policies. This Agreement shall not continue or create any legal relationship whatsoever between the Reinsurer and Persons who own or are insured under the Policies and the Post-Closing Policies. Except as expressly provided herein, this Agreement does not reinsure any policy written by the Company or the Reinsurer after the Effective Date. The reinsurance effected under this Agreement shall be maintained in force, without reduction, unless such reinsurance is terminated, reduced or recaptured as provided herein.
Modified Coinsurance. (i) The Company shall retain, maintain, and own, or shall permit the ceding companies under the Covered Insurance Contracts to retain, maintain, and own, assets in respect of the Reinsured Liabilities ceded on a coinsurance/modified coinsurance basis in an amount equal to the Modified Coinsurance Amount.
Modified Coinsurance. Subject to the terms and conditions of this Agreement, as of the Effective Date, London Pacific shall cede, and FSL shall assume on a modified coinsurance basis, 100% of London Pacific's Contract Liabilities with respect to the Variable Portion of the Contracts. FSL hereby agrees to indemnify London Pacific against all loss, cost and expense from the risks assumed by FSL under this Article 3 as more fully set forth in Section 3.2.
Modified Coinsurance. (a) The Reinsurer agrees that the Ceding Company shall retain, maintain, and own, and shall permit the Underlying Companies under the Covered Insurance Policies to retain, maintain, and own, their respective General Account Modified Coinsurance Assets collectively equal to the General Account Modified Coinsurance Amount.
Modified Coinsurance. Subject to the terms and conditions of this Agreement, as of the Effective Time, the Cedant hereby cedes on a modified coinsurance basis to the Reinsurer, and the Reinsurer hereby accepts and agrees to assume and reinsure on a modified coinsurance basis, (a) the Non-NY Reinsured Liabilities, and (b) the NY Reinsured Liabilities, in each case, in the Reinsurer’s Quota Share specified for each of the Non-NY Reinsured Liabilities and NY Reinsured Liabilities in the definition thereof; provided, that, any Reinsured Liabilities incurred prior to the Effective Time shall be excluded from the reinsurance hereunder, including losses in respect of incurred but not reported (IBNR) claims and claims in the course of settlement (ICOS). For the avoidance of doubt, for purposes of the reinsurance provided under this Agreement, (i) Current Third Party Reinsurance Contracts shall be deemed to continue in place throughout the term of this Agreement on the terms set forth in Schedule 1.1(d) hereof, without regard to any modifications or amendments of the terms thereof, or termination or recapture with respect thereto, and (ii) the Reinsurer shall not participate in the risks associated with any future rate actions or increases, or non-performance of, any Current Third Party Reinsurance Contracts. The reinsurance effected under this Agreement shall be maintained in force, without reduction, unless such reinsurance effected under this Agreement is terminated as provided herein.
Modified Coinsurance. As of the Effective Date, the Ceding Company hereby agrees to cede on a modified coinsurance basis to the Reinsurer, and the Reinsurer hereby accepts and agrees to reinsure and indemnify the Ceding Company for, the Quota Share of (i) all FLIC Liabilities payable out of the Separate Accounts with respect to the FLIC Contracts but excluding any FLIC Liabilities giving rise to FLIC General Account Reserves under the FLIC Contracts and (ii) all FH Liabilities arising from and after the Effective Date.
Modified Coinsurance. Subject to the terms and conditions of this Agreement, as of the Effective Time, the Cedant hereby cedes on a modified coinsurance basis to the Reinsurer, and the Reinsurer hereby accepts and agrees to assume and reinsure on a modified coinsurance basis, (a) the Non-NY Reinsured Liabilities, and (b) the NY Reinsured Liabilities, in each case, in the Reinsurer’s Quota Share specified for each of the Non-NY Reinsured Liabilities and NY Reinsured Liabilities in the definition thereof; provided, that, any Reinsured Liabilities incurred prior to the Effective Time shall be excluded from the reinsurance hereunder, including losses in respect of incurred but not reported (IBNR) claims and claims in the course of settlement (ICOS). [*].
Modified Coinsurance. North American Security Life Insurance Company currently has a modified coinsurance agreement in place with PaineWebber Life which cedes a [*] share of the new variable annuity business which is generated by PaineWebber. The quota share under this agreement will reduce to [*] for new business sold January 1, 1997 and later.
