Reinsureds definition

Reinsureds means the named reinsureds under any Reinsurance Contract. After the applicable Transfer Date, Reinsureds shall only have the right to file claims arising under such Novated Contracts directly with the Buyer. The Reinsureds shall have a direct right of action against the Buyer and the Buyer hereby consents to be subject to direct action taken by any Reinsured. The rights of any Reinsured shall be limited to and consist of those rights set forth in the applicable Novated Contract (including any amendment to such Novated Contract) and no Reinsured shall have the right to receive a greater amount under such Novated Contract than such party would have had in the absence of this Agreement.

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Reinsureds shall have the meaning set forth in the preamble.

Reinsureds means any entity entitled to claim or receive benefits under any Company Reinsurance Agreement. After the Initial Assumption Effective Date, the Insureds and Reinsureds shall have the right to file claims arising under the Policies and Company Reinsurance Agreements directly with the Reinsurer. The Insureds and Reinsureds shall have a direct right of action against the Reinsurer and the Reinsurer hereby consents to be subject to direct action taken by any Insured or Reinsured. The rights of any Insured, beneficiary, or Reinsured shall be limited to and consist of those rights set forth in the Policy (including any rider or endorsement to the Policy) or Company Reinsurance Agreement, as applicable, and any other rights which such insured, beneficiary or Reinsured may have against Company with respect to such Policy or Company Reinsurance Agreement and no Insured or Reinsured shall have the right to receive a greater amount under or with respect to the Policy or Company Reinsurance Agreement than such party would have had in the absence of this Agreement.

Examples of Reinsureds in a sentence

• The Reinsurer may contest such calculation by providing an alternative calculation to the Reinsured in writing within 30 days of the Reinsurer's receipt of the Reinsured's calculation.

• If the Reinsurer contests the Reinsured's calculation, the parties will act in good faith to reach an agreement as to the correct amount within 30 days of the date the Reinsurer submits its alternative calculation.

• If the Reinsurer contests the Reinsured's calculation of the net consideration, the parties will act in good faith to reach an agreement as to the correct amount within 30 days of the date the Reinsurer submits its alternative calculation.

• The Reinsurer agrees to regard and preserve as confidential all information and material which is related to the Reinsured's business and/or customers that may be obtained by the Reinsurer from any source as a result of this Agreement.

• The Reinsurer will not, without first obtaining the Reinsured's prior written consent disclose to any person, firm or enterprise, or use for its own benefit or for the benefit of any third party any information designated by the Reinsurer as Confidential Information or Customer Information except as necessary for retrocession purposes, external auditors, as required by court order, or as required by law or regulation.

• The foregoing exceptions do not apply to the disclosure of Customer Information, which may not be disclosed without the Reinsured's prior written consent.

• The Reinsurer may contest any calculation contained in a report from the Reinsured by providing an alternative calculation to the Reinsured in writing within 30 days of the Reinsurer's receipt of the Reinsured's calculation.

• No change or modification to the Agreement shall be effective unless such change or modification is (i) filed with the Reinsured's appropriate domiciliary regulator(s) at least 30 days prior to the proposed effective date, (ii) not disapproved, (iii) made in writing, and (iv) signed by the parties hereto.

• No termination shall be effective unless such termination is (i) filed with the Reinsured's appropriate domiciliary regulator(s) at least 30 days prior to the proposed effective date, (ii) not disapproved, (iii) made in writing, and (iv) signed by the parties hereto.

• No assignment or transfer shall be effective unless such assignment or transfer is (i) filed with the Reinsured's appropriate domicilary regulator(s) at least 30 days prior to the proposed effective date, (ii) not disapproved, (iii) made in writing, and (iv) signed by the parties hereto.

More Definitions of Reinsureds

Reinsureds shall have the meaning set forth in the LPT Retrocession Agreement.

Reinsureds shall have the meaning provided in the Preamble hereof, subject to supplementation as set forth in Section 2.1(e) hereof.

Reinsureds shall have the meaning provided in the LPT Retrocession Agreement and is subject to supplementation as set forth therein, provided that any Reinsured added by such supplementation shall execute an addendum to this Agreement acknowledging that it is bound hereby.

Reinsureds shall have the meaning set forth in the Purchase Agreement.