SHARE REINSURANCE CONTRACT Sample Clauses

SHARE REINSURANCE CONTRACT. PREAMBLE This Contract is made and entered into between Darwin National Assurance Company, Darwin Select Insurance Company, Capitol Indemnity Corporation, Capitol Specialty Insurance Corporation, Platte River Insurance Company and/or any other associated, affiliated or subsidiary companies of Alleghany Insurance Holding LLC, but only in respect of business underwritten by Darwin Professional Underwriters Inc. of 9 Farm Springs Road, Farmington, Connecticut 06032 (NAIC Group Code 00000) (xxxxxxxxxxx xxxxxxxx xx xx xxx "Xxxxxxxxx") and the Reinsurers signatory hereto (hereinafter referred to as the "Reinsurers"), on the following terms and conditions:
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SHARE REINSURANCE CONTRACT. The Parties agree that if, after the Closing Effective Time, the Company is required by any voluntary association, guaranty fund or other governmental association of any kind to issue any policy of insurance which is predicated on the existence of the in-force policies of the Company as of the Closing Effective Time (including renewals of any policies which are in-force as of the Closing Effective Time), the Company and Seller will enter into an amendment to the Quota Share Reinsurance Contract to provide that any such newly issued policies are treated as subject policies for purposes of the Quota Share Reinsurance Contract.
SHARE REINSURANCE CONTRACT and on this 23rd day of April, in the year of 2020. HANNOVER XXXX XX By: /s/ Xxxxxxxx Xxxxxx By: /s/ Xxxxx Xxxxxxx Title: Senior Vice President Title: Associate Underwriter Date: 2020.4.23 Date: 2020.4.23 our Reference: 9022869 LEMONADE INSURANCE COMPANY and LEMONADE INSURANCE N.V. WHOLE ACCOUNT QUOTA SHARE REINSURANCE CONTRACT
SHARE REINSURANCE CONTRACT. Effective: January 1, 2020 (the “Contract”) issued to and executed by LEMONADE INSURANCE COMPANY New York, New York and LEMONADE INSURANCE N.V. Amsterdam, Netherlands including any and/or all companies that are or may hereafter become affiliated therewith (collectively, the “Company”) The Subscribing Reinsurer’s share in the interests and liabilities of the Reinsurer as set forth in the Contract shall be [***]%. The share of the Subscribing Reinsurer in the interests and liabilities of the Reinsurer in respect of the Contract shall be separate and apart from the shares of other subscribing reinsurers, if any, on the Contract. The interests and liabilities of the Subscribing Reinsurer shall not be joint with those of such other subscribing reinsurers and in no event shall the Subscribing Reinsurer participate in the interests and liabilities of such other subscribing reinsurers. This Agreement shall become effective at 12:01 a.m., Standard Time, January 1, 2020 and shall be subject to the provisions of the Term Article and the Special Termination Article and all other terms and conditions of the Contract. Premium and loss payments made to Xxx Xxxxxxxxx shall be deposited in a Premium and Loss Account in accordance with Section 32.3(a)(1) of Regulation 98 of the Department of Financial Services of the State of New York. The Subscribing Reinsurer consents to withdrawals from said account in accordance with Section 32.3(a)(3) of the Regulation, including interest and Federal Excise Tax. Brokerage hereunder is [***]% of gross ceded premium.
SHARE REINSURANCE CONTRACT. The 100% Quota Share Reinsurance Contract, effective July 1, 1997, between the Company and the Reinsurer (the “Existing Contract”) is amended and restated effective on the effective date of this Contract. This Contract shall govern the relationship of the Company and the Reinsurer beginning on the effective date of this Contract. Provided, however, the effectiveness of this Amended and Restated Contract is subject to approval of all appropriate regulatory authorities in all states where approval is required. If this Amended and Restated Contract is not approved by all required regulatory authorities, this Amended and Restated Contract shall be void and of no force and the relationship of the Company and the Reinsurer shall continue to be governed by the Existing Contract.

Related to SHARE REINSURANCE CONTRACT

  • Insurance Contracts To the extent that any Welfare Plan is funded through the purchase of an insurance contract or is subject to any stop loss contract, the Parties shall cooperate and use their commercially reasonable efforts to replicate such insurance contracts for SpinCo or Parent as applicable (except to the extent that changes are required under applicable Law or filings by the respective insurers) and to maintain any pricing discounts or other preferential terms for both Parent and SpinCo for a reasonable term. Neither Party shall be liable for failure to obtain such insurance contracts, pricing discounts, or other preferential terms for the other Party. Each Party shall be responsible for any additional premiums, charges, or administrative fees that such Party may incur pursuant to this Section 7.06.

  • Reinsurance The Contractor shall purchase reinsurance from a commercial reinsurer and shall establish reinsurance agreements meeting the requirements listed below. The Contractor shall submit new policies, renewals or amendments to OMPP for review and approval at least one hundred and twenty (120) calendar days before becoming effective.  Agreements and Coverage  The attachment point shall be equal to or less than $200,000 and shall apply to all services, unless otherwise approved by OMPP. The Contractor electing to establish commercial reinsurance agreements with an attachment point greater than $200,000 must provide a justification in its proposal or submit justification to OMPP in writing at least one hundred and twenty (120) calendar days prior to the policy renewal date or date of the proposed change. The Contractor must receive approval from OMPP before changing the attachment point.  The Contractor’s co-insurance responsibilities above the attachment point shall be no greater than twenty percent (20%).  Reinsurance agreements shall transfer risk from the Contractor to the reinsurer.  The reinsurer's payment to the Contractor shall depend on and vary directly with the amount and timing of claims settled under the reinsured contract. Contractual features that delay timely reimbursement are not acceptable.  The Contractor shall maintain a plan acceptable to the IDOI commissioner for continuation of benefits in the event of receivership. The Contractor must finance the greater of $1,000,000 or total projected costs as calculated by the form set forth in 760 IAC 1-70-8.  The Contractor shall obtain continuation of coverage insurance (insolvency insurance) to continue plan benefits for members until the end of the period for which premiums have been paid. This coverage shall extend to members in acute care hospitals or nursing facility settings when the Contractor’s insolvency occurs during the member’s inpatient stay. The Contractor shall continue to reimburse for its member’s care under those circumstances (i.e., inpatient stays) until the member is discharged from the acute care setting or nursing facility.  Requirements for Reinsurance Companies  The Contractor shall submit documentation that the reinsurer follows the National Association of Insurance Commissioners' (NAIC) Reinsurance Accounting Standards.  The Contractor shall be required to obtain reinsurance from insurance organizations that have Standard and Poor's claims- paying ability ratings of "AA" or higher and a Xxxxx’x bond rating of “A1” or higher, unless otherwise approved by OMPP.  Subcontractors  Subcontractors’ reinsurance coverage requirements must be clearly defined in the reinsurance agreement.  Subcontractors should be encouraged to obtain their own stop-loss coverage with the above-mentioned terms.  If subcontractors do not obtain reinsurance on their own, the Contractor is required to forward appropriate recoveries from stop- loss coverage to applicable subcontractors.

  • Plan of Reinsurance A. Reinsurance of Life risks shall be on the risk premium basis. The risk amount on the policy reinsured shall be calculated monthly and shall be equal to the death benefit less the cash value. At the time of issue, the Ceding Company shall cede to the North American Re the portion of the initial risk amount in excess of its retention thereafter, the Ceding Company and the North American Re shall keep the same proportionate shares of the risk amount developed each month.

  • Automatic Reinsurance For automatic reinsurance, the Reinsurer's liability will commence at the same time as the Ceding Company's liability, including liability under any conditional receipt or temporary insurance provision.

  • Other Reinsurance The Company shall be permitted to carry other reinsurance, recoveries under which shall inure solely to the benefit of the Company and be entirely disregarded in applying all of the provisions of this Contract.

  • BASIS OF REINSURANCE Reinsurance under this Agreement will be on the Yearly Renewable Term basis on the portion of each policy that is reinsured as described in Schedule A.

  • Reinsurance Agreements In consideration of the premium stated herein, the Underwriter does hereby agree with the Named Insured to reinsure the Named Insured's insurance policies which provide coverage to the Assured, to the extent hereinafter set forth:

  • REINSURANCE COVERAGE Reinsurance under this Agreement will apply to insurance issued by the Ceding Company on the Plans of Insurance shown in Schedule A. Such Plans of Insurance shall be reinsured with the Reinsurer on an automatic basis, subject to the requirements set forth in Section A below, or on a facultative basis, subject to the requirements set forth in Section B below, or on a facultative obligatory basis, subject to the requirements set forth in Section C below. The specifications for all reinsurance under this Agreement are provided in Schedule B.

  • FACULTATIVE REINSURANCE For Facultative reinsurance, the Reinsurer’s liability will commence at the same time as the Ceding Company’s liability, provided that the Reinsurer has made a binding Facultative offer and that offer was accepted, during the lifetime of the insured, in accordance with the terms of this Agreement.

  • Payment of Reinsurance Premiums For automatic and facultative reinsurance, following the close of each calendar month, the Ceding Company will send the Reinsurer a statement and a listing of new business, changes and terminations. If a net reinsurance premium balance is payable to the Reinsurer, the Ceding Company will forward this balance within (60) sixty days after the close of each month. If a net reinsurance premium balance is payable to the Ceding Company, the balance due will be subtracted from the reinsurance premium payable by Ceding Company for the current month. The Reinsurer shall pay any remaining balance due the Ceding Company sixty days after the Ceding Company submits the statement.

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