Unauthorized Reinsurers. A. If the Reinsurer is unauthorized in any state of the United States of America or the District of Columbia, the Reinsurer agrees to fund its share of the Company's ceded unearned premium and outstanding loss and loss adjustment expense reserves (including incurred but not reported loss reserves) by:
Unauthorized Reinsurers. A. If the Subscribing Reinsurer is unauthorized in any state in which the insurance regulatory authority has jurisdiction over the Company's financial statements, this Article shall apply. In the event any of the provisions of this Article conflict with or otherwise fail to satisfy the requirements of the appropriate credit for reinsurance statutes or regulations, or if a provision is so required but not included herein, this Article shall be deemed amended to conform to such requirements under the appropriate statutes or regulations.
Unauthorized Reinsurers. A. If the Reinsurer is unauthorized in any state of the United States of America or the District of Columbia, the Reinsurer agrees to fund its share of the Company's ceded United States outstanding loss and loss adjustment expense reserves by: 1. Clean, irrevocable and unconditional letters of credit issued and confirmed, if confirmation is required by the insurance regulatory authorities involved, by a bank or banks meeting the NAIC Securities Valuation Office credit standards for issuers of letters of credit and acceptable to said insurance regulatory authorities; and/or 2. Escrow accounts for the benefit of the Company; and/or 3. Cash advances; if, without such funding, a penalty would accrue to the Company on any financial statement it is required to file with the insurance regulatory authorities involved. The Reinsurer, at its sole option, may fund in other than cash if its method and form of funding are acceptable to the insurance regulatory authorities involved. B. If the Reinsurer is unauthorized in any province or jurisdiction of Canada, the Reinsurer agrees to fund 115% of its share of the Company's ceded Canadian outstanding loss and loss adjustment expense reserves by: 1. A clean, irrevocable and unconditional letter of credit issued and confirmed, if confirmation is required by the insurance regulatory authorities involved, by a Canadian bank or banks meeting the NAIC Securities Valuation Office credit standards for issuers of letters of credit and acceptable to said insurance regulatory authorities, for no more than 15/115ths of the total funding required; and/or 2. Cash advances for the remaining balance of the funding required; if, without such funding, a penalty would accrue to the Company on any financial statement it is required to file with the insurance regulatory authorities involved. C. With regard to funding in whole or in part by letters of credit, it is agreed that each letter of credit will be in a form acceptable to insurance regulatory authorities involved, will be issued for a term of at least one year and will include an "evergreen clause," which automatically extends the term for at least one additional year at each expiration date unless written notice of non-renewal is given to the Company not less than 30 days prior to said expiration date. The Company and the Reinsurer further agree, notwithstanding anything to the contrary in this Contract, that said letters of credit may be drawn upon by the Company or its successors i...
Unauthorized Reinsurers. A. If the Reinsurer is unauthorized in any state of the United States of America or the District of Columbia, the Reinsurer agrees to fund, on or before December 31, 2004, as respects Section I of Article VI, its share of the Company's ceded United States unearned premium and outstanding loss and loss adjustment expense reserves (including all case reserves plus any reasonable amount estimated to be unreported, as determined by the Company, from known loss occurrences) and, as respects Section II of Article VI, its share of the Company's ceded United States unearned premium and outstanding loss reserves (being the sum of all reinstatement premiums paid by the Company under the Underlying Contracts but not yet recovered from the Reinsurer, plus the Company's reserves for reinstatement premiums due under the Underlying Contracts, if any) by:
Unauthorized Reinsurers. The Reinsurer agrees to fund its share of the Company's ceded statutory reserves by:
Unauthorized Reinsurers. (Applies only to a reinsurer who does not qualify for full credit with any insurance regulatory authority having jurisdiction over the Company’s reserves, or which is or becomes rated B++ or lower by A.M. Best or rated BBB or lower by Standard & Poor’s)
Unauthorized Reinsurers. A. If the Reinsurer is unauthorized in any state of the United States of America or the District of Columbia, the Reinsurer agrees to fund its share of the Company’s ceded United States outstanding loss and loss adjustment expense reserves (including all case reserves plus any reasonable amount estimated to be unreported from known loss occurrences) by: Clean, irrevocable and unconditional letters of credit issued and confirmed, if confirmation is required by the insurance regulatory authorities involved, by a bank or banks meeting the NAIC Securities Valuation Office credit standards for issuers of letters of credit and acceptable to said insurance regulatory authorities; and/or
Unauthorized Reinsurers. A. If the REINSURER is unauthorized in any state of the United States of America or the District of Columbia, the REINSURER agrees to fund its share of the COMPANY'S ceded outstanding loss and LOSS ADJUSTMENT EXPENSE reserves and ceded incurred but not reported loss reserves and COVERAGE A return premium accrued by the COMPANY, as determined by the COMPANY, respectively by:
Unauthorized Reinsurers. A. If the Reinsurer is unauthorized in Missouri or Kansas, the Reinsurer agrees to fund its share of the Company's ceded unearned premium and outstanding loss and loss adjustment expenses reserves, whether allocated or unallocated, (including incurred but not reported loss reserves) by:
Unauthorized Reinsurers. A. If the Reinsurer is unauthorized in any state of the United States of America or the District of Columbia, the Reinsurer agrees to fund the Company's ceded reserves for unearned premium and outstanding loss and loss adjustment expenses (reported and incurred but not reported) relating to the Group AV business written and reinsured hereunder, so as to allow the Company to take full credit for reserves ceded in its statutory annual statement, as follows: American Vehicle Insurance Company Quota Share Reinsurance Agreement Originally Effective: April 15, 2006
