Policy Liabilities definition

Policy Liabilities means all liabilities and obligations arising under or related to the Policies, excluding any Extra Contractual Obligations based on acts, errors or omissions by the Company or any of its officers, employees, agents or representatives, and any attorneys' fees incurred by the Company related to such Extra Contractual Obligations. Without limiting the generality of the foregoing, the term "Policy Liabilities" shall include, without limitation, any and all of the Company's liability:

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

Policy Liabilities means, to the extent applicable, any claims of holders of policies of insurance issued by the Guarantor or for which the Guarantor is responsible or liable and described in paragraph 161(1)(c) of the Winding-Up and Restructuring Act (Canada) and any other statute hereafter enacted in substitution therefor, as such act or substituted statute may be amended from time to time.

Policy Liabilities means: (i) all contractual obligations of Ceding Company under the Reinsured Policies; (ii) all obligations of Ceding Company represented by the Reserves transferred to Reinsurer pursuant to Section 4.3 (to the extent not included in the immediately preceding clause (i)); (iii) all liabilities for premium taxes arising on account of Premiums received by Reinsurer at or after the Effective Time other than such taxes arising on account of Premiums Receivable as of the Effective Time; (iv) all amounts payable for returns or refunds of Premiums under the Reinsured Policies; (v) all liabilities for Commissions payable with respect to the Reinsured Policies with respect to Premiums received by Reinsurer at or after the Effective Time (including the Premiums Receivable to the extent that the Commissions in respect thereof are included in the Policy-Related Liabilities as of the Effective Time but excluding Commissions owing to LeafRe or BBI with respect to Reinsured Policies that are not LeafRe Covered Policies); (vi) all guaranty fund assessments and similar charges imposed with respect to the Reinsured Policies based on Premiums received by Reinsurer at or after the Effective Time other than such assessments and similar charges arising on account of Premiums Receivable as of the Effective Time; and (vii) all Extra-Contractual Liabilities related to acts or omissions that occurred, or were alleged to have occurred at or after the Effective Time, other than Extra-Contractual Liabilities arising from acts or omissions of Ceding Company; provided, however, that acts or omissions of Reinsurer and its Affiliates, acting on behalf of Ceding Company, with respect to the Reinsured Policies and the Other Agreements will not be deemed to be the acts or omissions of Ceding Company and provided that acts or omissions at and after the Effective Time of (x) brokers and agents that Ceding Company appointed prior to the Effective Time to market the Reinsured Policies, (y) brokers and agents that Reinsurer appoints on behalf of Ceding Company after the Effective Time with respect to the Reinsured Policies or (z) brokers and agents that Ceding Company appoints at the direction of Reinsurer with respect to the Reinsured Policies will not be deemed to be the acts or omissions of Ceding Company.

Examples of Policy Liabilities in a sentence

• The Reinsurer's coinsurance of the Policy Liabilities pursuant to this Agreement with respect to any of the Policies is intended for the sole benefit of the parties to this Agreement and shall not create any right on the part of any policyholder, insured, claimant or beneficiary under such Policies against the Reinsurer or any legal relationship between such policyholders, insureds, claimants or beneficiaries and the Reinsurer.

• The Guarantor covenants and agrees that the Guarantor’s obligations under this Subordinated Guarantee to make any payment with respect to the Debentures are expressly postponed and subordinated, to the extent and in the manner hereinafter set forth, in right of payment to the prior payment in full of all Policy Liabilities and all Guarantor Senior Indebtedness, in accordance with the terms of such Policy Liabilities and Guarantor Senior Indebtedness whether now outstanding or hereinafter incurred.

• It is understood that the provisions of this paragraph and paragraph (a) above are and are intended solely for the purpose of defining the relative rights of the Holders, on the one hand, and the holders of Policy Liabilities and Guarantor Senior Indebtedness, on the other hand.

• The Reinsurer hereby agrees to pay directly any Policy Liabilities under the Policies on behalf of, and in the name of, the Company; provided, however, that the Reinsurer shall have no direct or indirect obligation itself to insureds, claimants, or beneficiaries under such Policies.

• To the extent that a court of competent jurisdiction or Governmental Entity determines that the foregoing transfer and conveyance of Policy-Related Assets is not effective to vest absolute and irrevocable title in such Policy-Related Assets in Reinsurer, then Ceding Company hereby grants to Reinsurer a first priority security interest in such Policy-Related Assets to secure payment and performance of the Policy Liabilities and the Other Assumed Liabilities.

More Definitions of Policy Liabilities

Policy Liabilities means the following Liabilities (without duplication) arising out of or resulting from the Reinsured Policies, but in all events excluding Excluded Liabilities:

Policy Liabilities has the meaning set forth in the Reinsurance Agreement. “Policyholder” has the meaning set forth in the Reinsurance Agreement.

Policy Liabilities has the meaning set forth in the LPT and Quota Share Reinsurance Agreement.

Policy Liabilities shall include, without limitation, any and all of the Company's liability:

Policy Liabilities and "Ultimate Net Loss" shall have the meaning set forth in the Reinsurance Agreements.

Policy Liabilities means any and all gross liabilities and obligations arising out of or relating to the Policies issued on or after the Coinsurance Effective Date, including Extra Contractual Obligations, Loss In Excess of Policy Limits and Loss Expense, and including claims during Interim Coverage; provided, however, Policy Liabilities shall not include any Premium-related Taxes (as defined below in “Premium-related Taxes Allowances”) and fees, and any assessments and similar charges in connection with Company’s participation in any guaranty association(s).

Policy Liabilities means all Losses (net of reinsurance payments actually received by Ceding Company from reinsurers not affiliated with Ceding Company) arising out of or relating to policies written through Darwin Professional Underwriters, Inc. ("DPU") on Ceding Company paper pursuant to an Underwriting Management Agreement between DPU and Ceding Company effective June 1, 2003 and not otherwise ceded by Ceding Company to Darwin National Assurance Company or otherwise paid by the Ceding Company prior to the Reinsurance Effective Date (the "Policies").