Reinsurance Trust Sample Clauses

Reinsurance Trust. If, as of the end of any calendar quarter following the Second Amendment Closing Date, the Reinsurer fails to maintain an RBC Ratio of at least 200% (or, if and to the extent that the Reinsurer grants to any of its other ceding companies a financial impairment trigger at an RBC Ratio higher than 200% (a “MFN Trigger”), if the Reinsurer fails to maintain an RBC Ratio of at least such higher percentage) (a “Security Event”), the Reinsurer shall provide additional security at its sole cost and expense for the performance of its obligations under this Amendment No. 2, and shall promptly establish and as provided below thereafter maintain a trust account (“Trust Account”) with a mutually-agreed trustee that is a qualified United States financial institution (as used in the Maryland insurance laws) and, subject to a mutually-agreed form of trust agreement which the Parties agree to negotiate in good faith (the “Trust Agreement”), secure the payment of amounts due the Ceding Company under this Amendment No. 2 in accordance with the provisions of this Section 5 and the terms of the Trust Agreement. The Reinsurer shall pay into, and shall thereafter maintain in the Trust Account during the pendency of such Security Event cash in United States currency and securities permitted under (a) the investment guidelines used by the Reinsurer for its general account investments and (b) applicable law in the Reinsurer’s state of domicile having an aggregate then-current statutory book value calculated in accordance with statutory accounting principles applicable to the Reinsurer, consistently applied, equal to no less than 102% of the then-current Ceded Reserves, which Trust Account balance the Reinsurer shall adjust on at least a quarterly basis. For purposes of the foregoing, the term “RBC Ratio” means as to any insurer the ratio, as of the date of determination, of an insurer’s “total adjusted capital” over its “authorized control level” of risk-based capital as such terms are defined and prescribed by requirements promulgated by the National Association of Insurance Commissioners and regulations adopted by the insurance regulatory authorities in the Reinsurer’s and the Ceding Company’s state of domicile which are in effect as of the date hereof, calculated as of the end of each calendar quarter, and using reserving methodologies and asset classifications that are in accordance with generally accepted statutory accounting principles and practices required or permitted by t...
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Reinsurance Trust. (a) Any trust agreement establishing a Reinsurance Trust for the benefit of the Ceding Company shall comply in all respects with the statutes and regulations of the State of Iowa.
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Reinsurance Trust. Prior to the Closing, Seller shall cause OBIC, as grantor, to enter into and fund a reinsurance trust in substantially the form of Exhibit C, naming each of EIC and EICNJ as beneficiaries, in order to collateralize the OB Liabilities of EIC and EICNJ. Buyer shall have the right to consent to the party named as trustee under such trust agreement, such consent not to be unreasonably withheld, conditioned or delayed.
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Reinsurance Trust. 13 Section 6.03 Drawings on Letter of Credit or Trust Account .....................................................14
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Reinsurance Trust. (a) In the event and to the extent that the sum of the Letter of Credit and Statutory Value of the Funds Withheld Account Assets is less than the Required Amount, the Reinsurer, as grantor, shall create a Trust pursuant to a trust agreement (the “Trust Agreement”) with a qualified U.S. financial institution and, no later than the last day of the Quarterly Accounting Period in which such event occurs or such later date as is permissible for the Ceding Company to take statutory reserve credit for the Quarterly Accounting Period, deposit Qualifying Assets in the trust account (“Trust Account”) in an amount (the “Required Trust Account Amount”) that, when taken together with the Statutory Value of the Funds Withheld Account Assets and the Letter of Credit, if any, and the VIAC Segregated Account is equal to or greater than the Statutory Value of the Required Amount. Any Trust shall be governed by a Trust Agreement meeting the requirements for reinsurance reserve credit under the insurance laws and regulations of the State of Iowa.
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Reinsurance Trust. The provisions of Section 5 of Amendment No. 2 apply to the Reinsurer’s obligations with respect to the Third Amendment Additional Policies.
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Reinsurance Trust. (b) Reinsurer will secure its obligations to the Ceding Company hereunder via a deposit into a trust account, pursuant to a separate trust agreement (“Trust Agreement”), which is attached hereto as Exhibit A. The Reinsurer shall, substantially contemporaneously with the execution of this Agreement, establish a trust account with the Trustee for the sole use and benefit of the Ceding Company, upon the terms and conditions set forth in the Trust Agreement (“Trust Account”), and shall deposit collateral in the Trust Account in the amount equal to One Hundred Two Percent (102%) of the gross reserves with respect to the Reinsured Liabilities at the Effective Time to secure the Reinsurer’s initial and ongoing obligations under this Agreement.
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Related to Reinsurance Trust

  • Reinsurance The Contractor shall purchase reinsurance from a commercial reinsurer and shall establish reinsurance agreements meeting the requirements listed below. The Contractor shall submit new policies, renewals or amendments to OMPP for review and approval at least one hundred and twenty (120) calendar days before becoming effective.  Agreements and Coverage  The attachment point shall be equal to or less than $200,000 and shall apply to all services, unless otherwise approved by OMPP. The Contractor electing to establish commercial reinsurance agreements with an attachment point greater than $200,000 must provide a justification in its proposal or submit justification to OMPP in writing at least one hundred and twenty (120) calendar days prior to the policy renewal date or date of the proposed change. The Contractor must receive approval from OMPP before changing the attachment point.  The Contractor’s co-insurance responsibilities above the attachment point shall be no greater than twenty percent (20%).  Reinsurance agreements shall transfer risk from the Contractor to the reinsurer.  The reinsurer's payment to the Contractor shall depend on and vary directly with the amount and timing of claims settled under the reinsured contract. Contractual features that delay timely reimbursement are not acceptable.  The Contractor shall maintain a plan acceptable to the IDOI commissioner for continuation of benefits in the event of receivership. The Contractor must finance the greater of $1,000,000 or total projected costs as calculated by the form set forth in 760 IAC 1-70-8.  The Contractor shall obtain continuation of coverage insurance (insolvency insurance) to continue plan benefits for members until the end of the period for which premiums have been paid. This coverage shall extend to members in acute care hospitals or nursing facility settings when the Contractor’s insolvency occurs during the member’s inpatient stay. The Contractor shall continue to reimburse for its member’s care under those circumstances (i.e., inpatient stays) until the member is discharged from the acute care setting or nursing facility.  Requirements for Reinsurance Companies  The Contractor shall submit documentation that the reinsurer follows the National Association of Insurance Commissioners' (NAIC) Reinsurance Accounting Standards.  The Contractor shall be required to obtain reinsurance from insurance organizations that have Standard and Poor's claims- paying ability ratings of "AA" or higher and a Xxxxx’x bond rating of “A1” or higher, unless otherwise approved by OMPP.  Subcontractors  Subcontractors’ reinsurance coverage requirements must be clearly defined in the reinsurance agreement.  Subcontractors should be encouraged to obtain their own stop-loss coverage with the above-mentioned terms.  If subcontractors do not obtain reinsurance on their own, the Contractor is required to forward appropriate recoveries from stop- loss coverage to applicable subcontractors.

  • Reinsurance Administration THE COMPANY shall perform all duties with respect to the administration of the reinsurance under this Agreement on the portion of the policies reinsured under this Agreement.

  • Insurance Companies Insurance required hereunder shall be in companies duly licensed to transact business in the State of Washington, and maintaining during the policy term a General Policyholders Rating of ‘A-’ or better and a financial rating of ‘IX’ or better, as set forth in the most current issue of “Best’s Insurance Guide.”

  • Separate Insurance Borrower shall not take out separate insurance contributing in the event of loss with that required to be maintained pursuant to this Section 6.1 unless such insurance complies with this Section 6.1.

  • Reinsurance Agreements In consideration of the premium stated herein, the Underwriter does hereby agree with the Named Insured to reinsure the Named Insured's insurance policies which provide coverage to the Assured, to the extent hereinafter set forth:

  • LIABILITY OF THE REINSURER A. The liability of the Reinsurer shall follow that of the Company in every case and be subject in all respects to all the general and specific stipulations, clauses, waivers and modifications of the Company's policies and any endorsements thereon. However, in no event shall this be construed in any way to provide coverage outside the terms and conditions set forth in this Contract.

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