GLICNY definition
Examples of GLICNY in a sentence
Except as set forth in Section 3.10(a)(iii) of Cedent Disclosure Schedule, each such Ceded Reinsurance Agreement with respect to the Reinsured Policies is in full force and effect and is valid and enforceable against Cedent, GLIC or GLICNY, as applicable, and, to the Knowledge of Cedent, each other party thereto in accordance with its terms, subject to the Enforceability Exceptions.
None of Cedent, GLIC or GLICNY, or, to the Knowledge of Cedent, any other party is in material breach or default under any Ceded Reinsurance Agreement.
As of the date of this Agreement, none of Cedent, GLIC, GLICNY or any of their Affiliates is subject to any pending financial or market conduct examination by any Governmental Authority in connection with the Business except as set forth in Section 3.8(a) of Cedent Disclosure Schedule.
Except as set forth in Section 3.7 of Cedent Disclosure Schedule, (a) to the Knowledge of Cedent, each of Cedent, GLIC and GLICNY, as applicable, held, at the time it issued any Reinsured Policies, all material Permits required under Applicable Law in order to issue such Reinsured Policies, and (b) each of Cedent, GLIC and GLICNY, as applicable, holds all material Permits required under Applicable Law that are necessary to entitle them to conduct the Business as currently conducted.
As reimbursement for Reinsurer’s share of Commissions incurred by Cedent, GLIC or GLICNY, as applicable, Reinsurer shall pay Cedent Commissions in accordance with Section 1 of Article VIII.
Cedent will notify Reinsurer if Cedent intends to contest, compromise or litigate a claim involving a policy reinsured under this Agreement (a “Contest”), including where Cedent has been given the option under the Assumed Reinsurance Agreements to opt out of a Contest with respect to an Assumed Policy but has elected to participate with GLIC or GLICNY, as applicable, in such Contest.
Reinsurer shall accept the decision of Cedent, GLIC and GLICNY, as applicable, in the settlement and payment of claims in accordance with the terms of this Agreement.
Cedent shall give Reinsurer prompt notice of any claim for Covered Benefits made against Cedent on a Reinsured Policy and notice of any claim for Covered Benefits made against GLIC or GLICNY promptly after Cedent receives notice of such claim.
In the event that GLIC and/or GLICNY assign to Cedent such Administrative Services with respect to the Affiliate Policies issued by them, all references in this Section 2(a) to “direct writing company” shall mean to Cedent.
Reinsurer will make one lump sum payment under its reinsurance for all Reinsured Benefits for each Reinsured Policy in accordance with Section 1 of Article VIII, regardless of the mode of settlement effected under the reinsured risk by Cedent, GLIC or GLICNY, as applicable.