UNAUTHORIZED REINSURANCE. If reinsurance provided under this Agreement is disallowed to any party for financial statement purposes by the insurance regulatory authority of any state, due to the laws or regulations of such state relating to reinsurance effective with unauthorized companies, then the unauthorized company shall secure the reinsurance ceded to the extent it has been disallowed by one of the following methods:
Appears in 3 contracts
Samples: Reinsurance and Pooling Agreement (Zenith National Insurance Corp), Reinsurance and Pooling Agreement (Zenith National Insurance Corp), Reinsurance and Pooling Agreement (Zenith National Insurance Corp)
UNAUTHORIZED REINSURANCE. If reinsurance provided under this Agreement is disallowed to any party for financial statement purposes by the insurance regulatory authority of any state, due to the laws or regulations of such state relating pertaining to reinsurance effective with unauthorized companies, then the unauthorized company letters of credit shall secure the be arranged or other similar action shall be taken to qualify this reinsurance ceded to the extent it has been disallowed disallowed, and the cost thereof will be shared by one of the following methods:parties hereto according to their respective percentages, as shown in Article V hereof.
Appears in 1 contract
Samples: Reinsurance and Pooling Agreement (Zenith National Insurance Corp)
