Reserve Credit. The Reinsurer shall establish and maintain reserves with respect to ceded Policy liabilities that equal or exceed the Reinsurer's proportionate share of the reserve credit taken by the Ceding Company. The Ceding Company shall on an annual basis provide the Reinsurer with a reserve summary for ceded Policy liabilities hereunder. This annual reserve summary shall include the opinion of the Ceding Company's actuary applicable to such Policy liabilities.
Reserve Credit. The Reinsurer shall, to the extent necessary, together with all its subsequent retrocessionaires, establish adequate net reserves, and shall agree in good faith to take any other steps necessary, pursuant to the requirements of Texas or any other state or jurisdiction in which the Ceding Company is licensed or accredited, for the Ceding Company to take statutory credit for reinsurance ceded to an unadmitted, unauthorized or unaccredited reinsurer, up to the full amount of the reserve that the Ceding Company would have established for the Policies if it had retained the Policies.
Reserve Credit. The Reinsurer shall agree in good faith to take any other steps necessary, pursuant to the requirements of Illinois, for the Ceding Company to take statutory credit for reinsurance ceded to an unadmitted, unauthorized or unaccredited reinsurer, up to the full amount of the reserve that the Ceding Company would have established for the Policies if it had retained the Policies.
Reserve Credit. NOTE: Reserve Credit Hours of four (4) to be implemented twelve (12) months following the effective date of this Agreement.
Reserve Credit. It is the intention of the Ceding Company and the Reinsurer that the Ceding Company receive full statutory accounting credit for reinsurance ceded to the Reinsurer pursuant to this Agreement in all jurisdictions in which the Ceding Company is authorized to do business or accredited as a reinsurer. In addition to the requirements of other provisions of this Agreement, the Reinsurer agrees to take any other steps necessary for the Ceding Company to receive such statutory accounting treatment. If, despite its best efforts, the Reinsurer is unable or fails to comply with the terms of this section, it shall immediately notify the Ceding Company, and the Ceding Company shall have the right to terminate this Agreement and recapture all reinsurance hereunder pursuant to Articles VII and XII.
Reserve Credit. 34-2.01 Each Reserve Period will be credited four (4) Credit Hours.
Reserve Credit. For those states in which we are not licensed, admitted, or authorized and you are consequently not permitted to take reserve credit on your Annual Statement for all or a part of the reinsurance ceded to us, we will furnish a clean, unconditional, evergreen and irrevocable Letter of Credit. The Letter of Credit will be issued by a bank which is neither a parent, subsidiary, nor an affiliate of the parties (hereinafter referred to as the “designated bank”) in an amount equal to the reserves ceded to us. The designated bank must be organized or licensed in the United States and must appear on the list of approved banks published by the Securities Valuation Office of the National Association of Insurance Commissioners. We will bear the cost of the Letter of Credit.
Reserve Credit. The parties intend that the Ceding Company will receive statutory reserve credit in its state of domicile for reinsurance provided under this Agreement. The parties agree to use reasonable efforts to ensure that such reserve credit will remain available to the Ceding Company. If the Ceding Company loses statutory reserve credit in part or in total due to a change in law or regulation (or a change in the interpretation or application of existing law or regulation by a regulator) or due to a failure by the Reinsurer to maintain in effect a required license or accreditation in the Ceding Company’s state of domicile (hereinafter a “Reserve Credit Event”), then the parties will take the steps specified below. The parties will provide prompt notice of the occurrence of any Reserve Credit Event. Upon the occurrence of any Reserve Credit Event, the Reinsurer shall establish on behalf of the Ceding Company such trust accounts, letters of credit, premiums withheld by the Ceding Company, or a combination thereof as may be required by applicable law in order to permit the Ceding Company to obtain credit for such reinsurance. The Reinsurer will have the option of determining the method of funding to be utilized so long as the Ceding Company is satisfied that such method will provide such statutory financial statement credit. The Reinsurer also agrees to take any additional action as may be required so as to comply with the requirements imposed by the insurance laws and regulations of the State of Minnesota and of any other State or jurisdiction having jurisdiction over the Ceding Company in order to give the Ceding Company at all times full statutory financial statement credit for the reinsurance being provided under this Agreement, including by amending this Agreement to add required credit for reinsurance provisions. If a Reserve Credit Event is not cured within 90 days and the Reinsurer fails to establish or maintain collateral as set forth above, then the Ceding Company may recapture the business ceded under this Agreement. In that event, the Ceding Company and the Reinsurer will negotiate in good faith the terms of a mutually agreed recapture of the reinsurance provided hereunder, including payment of the appropriate amount of benefit reserves to be held in respect of the reinsured amounts being recaptured, determined as of the effective date of the recapture, based on U.S. generally accepted accounting principles (“GAAP”) consistent with FASB Statement 60 compute...
Reserve Credit. The Ceding Company and the Reinsurer agree that the Ceding Company shall take full credit on its statutory financial statements for reinsurance during the duration of this Agreement in an amount equal to the sum of the Net Coinsurance Reserves Post-Recapture, the Funds Withheld Account Balance, and the MRT Reserves. If the Reinsurer becomes unauthorized or otherwise unaccredited as an insurer or reinsurer in any jurisdiction to which the Ceding Company must provide statutory statements of financial condition such that the Ceding Company will not obtain full statutory financial statement credit for reinsurance in such jurisdiction for the reinsurance provided under this Agreement, the Reinsurer, upon request of the Ceding Company, will establish and maintain, at the Reinsurer’s sole cost, trust accounts, letters of credit or other acceptable alternatives for the benefit of the Ceding Company in an amount necessary to permit the Ceding Company to obtain such full statutory financial statement credit for such reinsurance in all applicable Jurisdictions. The Ceding Company shall cooperate with the Reinsurer to take such steps. In such event, the Reinsurer will take all action that may be necessary pursuant to applicable law to permit the Ceding Company to receive full statutory financial statement credit for reinsurance ceded under this Agreement in its statutory statements of financial condition required to be filed with regulatory authority(ies) in all jurisdictions in which the Ceding Company must provide statutory statements of financial condition.
Reserve Credit. The Reinsurer will hold reserves it deems appropriate considering the regulations of their state of domicile. Notwithstanding any other provision of this Agreement to the contrary, if the Reinsurer becomes unauthorized in any applicable State or the District of Columbia or any other jurisdiction where authorization is required by insurance regulatory authorities in order for the Company to obtain credit on its statutory financial statements for the reinsurance being provided under this Agreement, then the Reinsurer shall establish on behalf of the Company such trust accounts, letters of credit, premiums withheld by the Company, or a combination thereof as required by Applicable Law to permit the Company to obtain credit for such reinsurance in each such jurisdiction. Reinsurer will have the option of determining the method of funding to be utilized provided that the Company is satisfied that such method will provide such financial statement credit. The Reinsurer also agrees to take any additional action as may be required so as to comply with the requirements imposed by the insurance laws and regulations of the State of [Ohio] and of any other state or jurisdiction having jurisdiction over the Company in order to give the Company at all times full statutory financial statement credit for the reinsurance being provided under this Agreement, including amending this Agreement to add required credit for reinsurance provisions.
