Reinsurance. 15.1 The Managing General Agent shall not have the power to accept or bind risk on behalf of the Company other than as set forth herein, as set forth in the Reinsurance Agreement or as may be subsequently authorized by the Company. The Managing General Agent shall not knowingly cede, arrange, facilitate or bind reinsurance or retrocessions on behalf of the Company, commit the Company to participate in insurance or reinsurance syndicates, or collect a payment from a reinsurer or commit the Company to a claims settlement with a reinsurer.
Appears in 8 contracts
Samples: Managing General Agency Agreement (Bowhead Specialty Holdings Inc.), General Agency Agreement (Bowhead Specialty Holdings Inc.), Managing General Agency Agreement (Bowhead Specialty Holdings Inc.)
Reinsurance. 15.1 17.1 The Managing General Agent shall may not have the power to accept or bind risk on behalf of the Company other than as set forth herein, as set forth in the Reinsurance Agreement or as may be subsequently authorized by the Company. The Managing General Agent shall not knowingly cede, arrange, facilitate or bind reinsurance or retrocessions on behalf of the Company, may not commit the Company to participate in insurance or reinsurance syndicates, or syndicates and may not collect a payment premium from a reinsurer or commit the Company to a claims settlement with a reinsurerreinsurer without the prior written approval of the Company. If the Company gives such prior approval, the Managing General Agent must promptly forward a report to the Company.
Appears in 3 contracts
Samples: Managing General Agency Agreement, General Agency Agreement (Affirmative Insurance Holdings Inc), General Agency Agreement (Direct General Corp)
Reinsurance. 15.1 17.1 The Managing General Agent shall may not have the power to accept or bind risk on behalf of the Company other than as set forth herein, as set forth in the Reinsurance Agreement or as may be subsequently authorized by the Company. The Managing General Agent shall not knowingly cede, arrange, facilitate or bind reinsurance or retrocessions on behalf of the Company, may not commit the Company to participate in insurance or reinsurance syndicates, or syndicates and may not collect a payment premium from a reinsurer or commit the Company to a claims settlement with a reinsurerreinsurer without the prior written approval of the Company. If such prior approval is given by the Company, the Managing General Agent must promptly forward a report to the Company.
Appears in 2 contracts
Samples: General Agency Agreement, General Agency Agreement (Affirmative Insurance Holdings Inc)
