Regulatory Trust definition

Regulatory Trust means the collateral trust account established pursuant to the Regulatory Trust Agreement to allow PRC to take statutory financial statement credit for the reinsurance provided hereunder, in accordance with the Connecticut Insurance Code and the New York Insurance Law.
View Source

Examples of Regulatory Trust in a sentence

  • The Reinsurer, prior to depositing assets into the Securities Account or the Regulatory Trust, shall execute assignments, endorsements in blank or transfer legal title to Citibank in its capacity of securities intermediary of the Securities Account or trustee of the Regulatory Trust, as applicable, of all assets, in order that the Company, or Citibank upon the direction of the Company, may whenever necessary negotiate any such assets without consent or signature from the Reinsurer or any other Person.

  • Any and all expenses, including reasonable attorneys' fees and disbursements, incurred or paid by the Company in protecting, preserving or enforcing the Company's rights with respect to any of the Collateral or the Regulatory Trust shall constitute obligations secured by the Collateral and the Regulatory Trust.

  • The Reinsurer shall enter into the Account Control Agreement and the Regulatory Trust Agreement and, in connection therewith, establish a securities account and a collateral trust account, respectively, for the benefit of the Company, with respect to the reinsurance provided pursuant to this Agreement.

  • As a condition precedent to any right of action hereunder (except for the exercise of any rights or remedies available to the Company in respect of the Collateral or the Regulatory Trust), any dispute arising out of the interpretation, performance or breach of this Agreement, including the formation or validity thereof, shall be determined by binding arbitration.

  • Within 10 Business Days following the Reinsurer's receipt of such Cash Call Demand, the Company shall be entitled to cause an amount equal to the Cash Call Loss Amount to be withdrawn from the Securities Account and/or the Regulatory Trust and to utilize and apply such assets to satisfy such obligation of the Reinsurer to the Company.

  • The Company agrees that it will not re-hypothecate any of the assets in the Regulatory Trust or the Collateral to secure obligations of the Company.

  • The Company shall not be deemed to have waived any of its rights upon or under the obligations of the Reinsurer hereunder, the Collateral or the Regulatory Trust unless such waiver shall be in writing and signed by the Company.

  • All rights and remedies of the Company with respect to the obligations of the Reinsurer hereunder, the Collateral or the Regulatory Trust shall be cumulative and may be exercised singularly, alternatively, successively or concurrently at such time or at such times as the Company deems expedient.

  • The Reinsurer's obligations to PRC shall be secured by the Regulatory Trust, as more fully described below.

  • The Company shall order the release of all assets in the Securities Account and the Regulatory Trust at such time when all Reinsurer Obligations have been paid in full.