Participating Insurers definition
Examples of Participating Insurers in a sentence
The Company shall be responsible for assuring that the Separate Account calculates voting privileges in a manner consistent with standards provided by the Trust, which standards will also be provided to other Participating Insurers.
In such event, (1) the Trust shall undertake that its Board will monitor the Trust for the existence of material irreconcilable conflicts that may arise between the contract owners of Participating Insurers, for the purpose of identifying and remedying any such conflict and (2) Paragraphs (b), (c) and (d) of this Section 11 shall apply.
The Company shall take such steps at its expense if the conflict affects solely the interests of the owners of the Company Contracts, but shall bear only its equitable portion of any such expense if the conflict also affects the interest of the contract owners of one or more Participating Insurers other than the Company, provided, that this sentence shall not be construed to require the Trust to bear any portion of such expense.
In discharging its responsibilities under this Section 11 hereinafter, the Company will cooperate and coordinate, to the extent necessary, with the Board and with other Participating Insurers.
The Company will report to the Board any potential or existing conflicts of which it is or becomes aware between any of its Contract owners, or between any of its Contract owners and contract owners of other Participating Insurers.
The Trust agrees that it will require, as a condition to participation, that all Participating Insurers shall have obligations and responsibilities regarding conflicts of interest corresponding to those that are agreed to herein by the Company pursuant to this Section 11.
The Company shall take such steps at its expense if the conflict affects solely the interests of the owners of the Company's Contracts, but shall bear only its equitable portion of any such expense if the conflict also affects the interests of the contract owners of one or more Participating Insurers other than the Company, provided: that this sentence shall not be construed to require the Trust to bear any portion of such expense.
In such event, (a) the Fund shall undertake that its Board of Trustees ("Board") will monitor the Fund for the existence of material irreconcilable conflicts that may arise between the Contract owners of Participating Insurers, for the purpose of identifying and remedying any such conflict and (b) paragraphs 10, 11 and 12 shall apply.
The PII Committee on behalf of the Law Society shall communicate periodically with Participating Insurers in relation to the arrangements regarding the provision of Policies to members of the solicitors’ profession generally and any necessary amendments to those arrangements.
It is designed to provide important information for monitoring state programs, and utilization experience to Participating Insurers.