Third Party Reinsurer definition
Examples of Third Party Reinsurer in a sentence
In the event that the Ceding Company exercises its recapture rights with respect to any Third Party Reinsurance Agreement, on the effective date of such recapture, the Ceding Company shall deposit into the applicable Modco Sub-Account Permitted Assets with a Statutory Carrying Value, as of the effective date of such recapture, equal to the Quota Share of any recapture payment and other amounts received from the applicable Third Party Reinsurer in connection with such recapture.
Cedant shall take such actions, at the expense and reasonable direction of Reinsurer, to enforce its rights thereunder to the extent relating to the Reinsured Policies, including, without limitation, at Reinsurer’s reasonable request, requiring, if applicable and to the extent permitted under the terms thereof, the collateralization by the Third Party Reinsurer of reserve balances and other amounts thereunder.
If any of the Coinsured 11 Policies ceded to the Reinsurer pursuant to Section 2.1 hereof are reinsured under Third Party Reinsurance at the time of assumption by the Reinsurer, then, at the request of the Reinsurer, the Company will make commercially reasonable efforts to obtain the consent of the Third Party Reinsurer to the transfer and assignment to the Reinsurer of such Third Party Reinsurance.
If such consent is granted by the Third Party Reinsurer, then the Company will transfer and assign to the Reinsurer, for no additional consideration, all of its rights, interests and obligations under any such Third Party Reinsurance.