Reinsurance Credit. Notwithstanding any other provision of this Agreement to the contrary, if the Reinsurer becomes unauthorized or otherwise unaccredited as an insurer or reinsurer in any U.S. jurisdiction to which the Company must provide statutory statements of financial condition such that the Company will not obtain full statutory financial statement credit for reinsurance in such state for the reinsurance provided under this Agreement, the Reinsurer, upon the request of the Company, will establish, at the Reinsurer’s sole cost and option, trust accounts for the benefit of the Company, letters of credit, or other acceptable alternatives necessary to permit the Company to obtain such full statutory financial statement credit for such reinsurance in all applicable jurisdictions. The Company shall cooperate with the Reinsurer to take such steps. In addition, in such event, the Reinsurer agrees to amend this Agreement and the Trust Agreement to the extent required under Applicable Law in order to provide the Company with such full statutory financial statement credit.
Reinsurance Credit. The parties intend that the Ceding Company be able to obtain full statutory financial statement credit for the reinsurance provided by this Agreement in the Ceding Company Domiciliary State throughout the entire term of this Agreement. The Reinsurer shall promptly notify the Ceding Company in writing of any event with respect to the Reinsurer that, if continuing as of the end of any financial statement period, would be reasonably likely to result in the Ceding Company being unable to take full statutory financial statement credit in the Ceding Company Domiciliary State for the reinsurance provided by this Agreement. The Ceding Company shall promptly notify the Reinsurer in writing of the occurrence of any other event or circumstance that has caused or will cause the Ceding Company to no longer receive such credit for reinsurance in the Ceding Company Domiciliary State, which notice shall describe in reasonable detail the event or development requiring such notice. Upon the occurrence of any event that, if continuing as of the end of any financial statement period, would result in the Ceding Company being unable to take full statutory financial statement credit for the reinsurance provided by this Agreement in the Ceding Company Domiciliary State (a “Reinsurance Credit Event”), the Reinsurer, at its own expense, shall, within (i) forty-five (45) calendar days following the occurrence of such Reinsurance Credit Event or (ii) if earlier, the end of the calendar quarter during which such Reinsurance Credit Event occurred, take all steps necessary to comply with all Applicable Laws so as to permit the Ceding Company to obtain full credit for the reinsurance provided by this Agreement in the Ceding Company Domiciliary State throughout the entire term of this Agreement to the extent credit is not otherwise available under Applicable Law, including the postings of letters of credit, converting the Trust Account into a credit for reinsurance trust or providing other acceptable security in accordance with the terms hereof, it being understood that the Reinsurer shall have the sole discretion to elect among the methods available to it in order to maintain such credit for reinsurance in compliance with this Section 4.01. Furthermore, if, following a Reinsurance Credit Event, the Reinsurer chooses to convert the Trust Account into a credit for reinsurance trust, the Reinsurer and the Ceding Company agree to reasonably cooperate to amend this Agreement or the Trust Agre...
Reinsurance Credit. It is the intention of both the REINSURER and the CEDING COMPANY that the CEDING COMPANY qualify for reinsurance credit in all States for reinsurance ceded hereunder. The REINSURER, at its sole cost and expense, shall do all that is necessary to comply with the insurance laws and regulations of all States in order to enable the CEDING COMPANY to take credit for the reinsurance ceded hereunder, including delivery of any reports required thereunder.
Reinsurance Credit. A. If any Participating Company is unauthorized or otherwise unqualified in any state or other United States jurisdiction, and if, without such security, a financial penalty to an other Participating Company, hereinafter in this Article XIV called the “Reinsured Participating Company”, would result on any statutory statement or report it is required to make or file with insurance regulatory authorities or a court of law in the event of insolvency, the Participating Company will timely secure its share of Obligations under this Agreement in a manner, form, and amount acceptable to the Reinsured Participating Company and to all applicable insurance regulatory authorities in accordance with this Article.
Reinsurance Credit. The Parties intend that the Ceding Company be entitled to take credit for the reinsurance ceded under this Agreement in its statutory financial statements filed in all jurisdictions in which the Allocated Retention Pool (Excess Risks) -- Effective October 1, 2008 Between HLIC and Canada Life Ceding Company is licensed, accredited, or otherwise authorized to transact business ("Reinsurance Credit"). The Parties shall use best efforts to ensure that such entitlement shall become and remain available to the Ceding Company throughout the duration of this Agreement. The amount of the Reinsurance Credit shall be determined by the Ceding Company and shall include mortality risk reserves, unearned premium reserves, and reinsurance recoverables on paid and unpaid losses for the reinsurance ceded under this Agreement. Such amounts shall be calculated in accordance with applicable accounting and valuation laws, regulations and actuarial guidelines to which the Ceding Company is subject on each valuation date and shall take into account the terms of this Agreement.
Reinsurance Credit. Reinsurer shall, at its own expense, take all steps (including the posting of letters of credit or other acceptable security) necessary so as to permit the Ceding Company to obtain Reserve Credit.
Reinsurance Credit. Section 12.1
Reinsurance Credit. It is the intention of both the REINSURER and the CEDING COMPANY that the CEDING COMPANY qualify for reinsurance credit in all States for reinsurance ceded hereunder. The REINSURER, at its sole cost and expense, shall do all that is necessary to comply with the insurance laws and regulations of all States in order to enable the CEDING COMPANY to take credit for the reinsurance ceded hereunder, including, but not limited to, the purchase of a letter of credit and the delivery of any reports required thereunder. Hartford Life Agreement No. 2000-24NYDB Effective May 8, 2000
Reinsurance Credit. It is the intention of Reinsurer and Cedent that Cedent qualify for reinsurance credit for reinsurance ceded under this Agreement. Reinsurer, at its sole cost and expense, shall do all that is necessary to comply with all applicable insurance laws and regulations to enable Cedent to take credit for the reinsurance ceded under this Agreement.
Reinsurance Credit. A. The reserves held by the REINSURER in its statutory financial statements will be greater than or equal to those required by the state where the statement is filed. It is the intention of both the REINSURER and the CEDING COMPANY that the CEDING COMPANY qualify for reinsurance reserve credit in the states in which the REINSURER is currently authorized for the reinsurance ceded hereunder. The REINSURER, at its sole cost and expense, shall do all that is necessary to comply with all the Insurance laws and regulations of the states in which the CEDING COMPANY is admitted, to enable the CEDING COMPANY to take reserve credit for the reinsurance ceded hereunder, including delivery of any reports required thereunder.
