Common use of AUTOMATIC PROVISIONS Clause in Contracts

AUTOMATIC PROVISIONS. A. Subject to Article III, on the EFFECTIVE DATE of this Agreement, the CEDING COMPANY shall cede and the REINSURER shall accept the ACTIVE CONTRACTS that are covered under this Agreement. B. This Agreement covers only the liability for GMDB CLAIMS payable and determined in accordance with the strict terms stated in the VARIABLE ANNUITY CONTRACT forms or benefit rider forms that were inforce prior to the EFFECTIVE DATE. C. This Agreement covers only the liability for GMDB CLAIMS paid under VARIABLE ANNUITY CONTRACTs invested in Variable and Fixed investment funds described on Schedule B. If the CEDING COMPANY intends to cede to the REINSURER a liability with respect to a new or revised investment fund it must provide written notice to the REINSURER of such intention together with a copy of the new or revised investment fund, and a revised Schedule B, within thirty (30) days of the fund's initial availability. The CEDING COMPANY may add new or revise investment funds without REINSURER approval. The effective date of reinsurance hereunder shall be the date REINSURER receives notice of the new or revised fund, or such other earlier date as designated by REINSURER. D. This Agreement covers only the liability for GMDB CLAIMS where the date of death of the INSURED LIFE is on or after the EFFECTIVE DATE and before or on the TERMINATION DATE. Notwithstanding anything else in this Agreement, the REINSURER'S liability shall not begin prior to the date of death.