Basis of Reinsurance and Business Reinsured. 18 Section 2.1. Coverage 18 Section 2.2. Insurance Contract Changes 18 Section 2.3. Liability 19 Section 2.4. Indemnity Reinsurance 19 Section 2.5. Territory 19 Section 2.6. Reinstatements 19 Section 2.7. Non-Guaranteed Elements 19 Section 2.8. Retrocession 19 Section 2.9. Separate Accounts 20 Section 2.10. Annuitizations 21 Section 2.11. Additional Roll-Overs 22 Section 2.12. Net Retention 22 Section 2.13. [***] 22 ARTICLE III. PAYMENTS; ADDITIONAL CONSIDERATION 23 Section 3.1. Initial Reinsurance Premium 23 Section 3.2. Additional Consideration 23 Section 3.3. Net Settlement 24 Section 3.4. Delayed Payments 26 Section 3.5. Defenses 26 Section 3.6. Offset 26 Section 3.7. Premium Taxes 26 Section 3.8. Reports from the Reinsurer 26 Section 3.9. Reports from the Ceding Company 29 ARTICLE IV. ADMINISTRATION 30 Section 4.1. Administration 30 Section 4.2. Performance Standards 32 Section 4.3. Administrative Expense Allowance 32 Section 4.4. Designated Administrative Account. 33 Section 4.5. Producer Agreements 33 Section 4.6. Books and Records and Access 33
Basis of Reinsurance and Business Reinsured. 5 Section 2.1 Existing Business 5 Section 2.2 Transfer of Loss Reserves 5 Article 3 PAYMENTS, OFFSET, AND SECURITY 7 Section 3.1 Offset Rights 7 Section 3.2 Reports and Remittances 7 Section 3.3 Security 8 Article 4 CLAIMS, UNDERWRITING AND OTHER ADMINISTRATION 10 Article 5 REGULATORY MATTERS 12 Article 6 DUTY OF COOPERATION & INDEMNITY 12 Section 6.1 Cooperation 12 Section 6.2 Indemnity 12 Article 7 [INTENTIONALLY OMITTED] 12 Article 8 INSOLVENCY 12 Article 9 REGULATORY APPROVALS 13 Article 10 DURATION 13 Article 11 FOLLOW THE FORTUNES 13 Article 12 SURVIVAL; INDEMNIFICATION 14 Section 12.1 Indemnification 14 Article 13 MISCELLANEOUS 15 Section 13.1 Notices 15 Section 13.2 Assignment; Parties in Interest 16 Section 13.3 Waivers and Amendments; Preservation of Remedies 16 Section 13.4 Governing Law; Venue 16 Section 13.5 Counterparts 16 Section 13.6 Entire Agreement; Merger 17 Section 13.7 Exhibits and Schedules 17 Section 13.8 Headings 17 Section 13.9 Severability 17 Section 13.10 Expenses 17 Section 13.11 Currency 17 LOSS PORTFOLIO TRANSFER AGREEMENT THIS LOSS PORTFOLIO TRANSFER AGREEMENT (this “Agreement”) is entered into as of [ ], 2014 by and among [TOWER INSURANCE COMPANY OF NEW YORK, an insurance company organized under the laws of New York]/[CASTLE POINT NATIONAL INSURANCE COMPANY, an insurance company organized under the laws of Illinois,] TOWER NATIONAL INSURANCE COMPANY, an insurance company organized under the laws of Massachusetts, HERMITAGE INSURANCE COMPANY, an insurance company organized under the laws of New York, CASTLE POINT FLORIDA INSURANCE COMPANY, an insurance company organized under the laws of Florida, KODIAK INSURANCE COMPANY, an insurance company organized under the laws of New Jersey, NORTH EAST INSURANCE COMPANY, an insurance company organized under the laws of Maine, YORK INSURANCE COMPANY OF MAINE, an insurance company organized under the laws of Maine, MASSACHUSETTS HOMELAND INSURANCE COMPANY, an insurance company organized under the laws of Massachusetts, PRESERVER INSURANCE COMPANY, an insurance company organized under the laws of New Jersey, and CASTLE POINT INSURANCE COMPANY, an insurance company organized under the laws of New York, as the Companies (collectively, the “Companies” and, individually, each a “Company”), and either CastlePoint Reinsurance Company Ltd. or Tower Reinsurance, Ltd., as agreed to by the parties (the “Reinsurer”) (collectively, the “Parties”).
Basis of Reinsurance and Business Reinsured. 12 Section 2.1. Coverage.....................................................................................................12 Section 2.2. Insurance Contract Changes ....................................................................12 Section 2.3. Liability ......................................................................................................13 Section 2.4.
Basis of Reinsurance and Business Reinsured. Section II.1 Reinsurance.
Basis of Reinsurance and Business Reinsured. 10 Section 2.1. Coverage .................................................................................................. 10 Section 2.2. Non-Guaranteed Elements ...................................................................... 10 Section 2.3. Reinsured Policy Changes ....................................................................... 10 Section 2.4. Liability ................................................................................................... 10 Section 2.5. Indemnity Reinsurance ............................................................................ 10 Section 2.6. Territory ................................................................................................... 11 Section 2.7. Reinstatements ......................................................................................... 11 Section 2.8. New Insurance Policies; Replacements ................................................... 11 ARTICLE III.
Basis of Reinsurance and Business Reinsured. 16 Section 2.1 Reinsurance 16 Section 2.2 Separate Accounts 17 Section 2.3 Existing Reinsurance 17 Section 2.4 Non-Guaranteed Elements 20 Section 2.5 Reserves and Liabilities Reporting 21 Section 2.6 Insurance Contract Changes 21 Section 2.7 Follow the Fortunes 22
Basis of Reinsurance and Business Reinsured. 4 Section 2.1 Loss Portfolio Transfer Reinsurance 4 Section 2.2 Third Party Reinsurance Treaties 5
Basis of Reinsurance and Business Reinsured
