Recapture. If the Ceding Company increases its Maximum Dollar Retention Limits shown in Section 3 of Schedule A, then it may, with 90 day's Written notice to the reinsurer, reduce or recapture the reinsurance in force subject to the following requirments: i. An in-force cession is not eligible for recapture until it has been reinsured for the minimum number of years shown in Section 7 of Schedule A. The effective date of the reduction in reinsurance will be the later of the first policy anniversary following the expiration of the 90-day notice period to recapture and the policy anniversary date when the required minimum number of years is attained. ii. On all policies eligible for recapture, reinsurance will be reduced by the amount necessary to increase the total insurance retained up to the new Maximum Dollar Retention Limits iii. If more than one policy per life is eligible for recapture, then any recapture must be effected beginning with the policy with the earliest issue date and continuing in chronological order according to the remaining policies' issue dates. iv. The Ceding Company may not rescind its election to recapture for policies becoming eligible at future anniversaries. v. Recapture of reinsurance will not be allowed on any policy for which the Ceding Company did not keep its Maximum Dollar Retention Limit at issue. The Ceding Company's Maximum Dollar Retention Limits are stated in Section 3 of Schedule A. vi. If any policy eligible for recapture is also eligible for recapture from other reinsurers, the reduction in the Reinsurer's reinsurance on that policy will be in proportion to the total amount of reinsurance on the life with all reinsurers. vii. Recapture will not be made on a basis that may result in any anti-selection against the Reinsurer. The Reinsurer maintains the discretion to determine when anti-selection has occurred. viii. Upon the effective date of recapture and again six months following the recapture, the Reinsurer will calculate a terminal accounting that will include a refund of unearned premiums and unpaid claims. The Reinsurer will not pay to the Ceding Company any amount representing the reserve held on the business. Payment of amounts specified in the terminal accounting will be the Reinsurer's full and final payment to the Ceding Company.
Appears in 1 contract
Sources: Coinsurance Agreement (Cuna Mutual Variable Life Insurance Account)
Recapture. If 12.1 Whenever the Ceding Company increases its Maximum Dollar maximum retention limits over the maximum retention limits set forth in Exhibit A - Retention Limits shown in Section 3 of Schedule Athe Ceding Company, then the Ceding Company has the option to recapture certain risk amounts. If the Ceding Company has maintained its maximum stated retention (not a special retention limit) for the plan and the insured's age, sex, and mortality classification, it may, with 90 day's Written notice may apply its increased retention limits to reduce the reinsurer, reduce or recapture the amount of reinsurance in force subject to the following requirmentsas follows:
i. An in-force cession is not eligible for recapture until it has been reinsured for (a) The Ceding Company must give the minimum number of years shown in Section 7 of Schedule A. The effective Reinsurer 90 days written notice prior to its intended date of the recapture.
(b) The reduction in of reinsurance on affected policies will be the later of the first policy anniversary following the expiration of the 90-day notice period to recapture and become effective on the policy anniversary date when immediately following the required minimum number notice of years is attainedelection to recapture; however, no reduction will be made until a policy has been in force for at least 10 years.
ii. On (c) If any reinsured policy is recaptured, all reinsured policies eligible for recapture, reinsurance will recapture under the provisions of this Article must be reduced by the amount necessary to increase the total insurance retained recaptured up to the Ceding Company's new Maximum Dollar Retention Limits
iii. If more than one policy per life is eligible for recapture, then any recapture maximum retention limits in a consistent manner and the Ceding Company must be effected beginning with the policy with the earliest issue date and continuing in chronological order according to the remaining policies' issue dates.
ivincrease its total amount of insurance on each reinsured life. The Ceding Company may not rescind revoke its election to recapture for policies becoming eligible at future anniversaries.
v. Recapture . If portions of reinsurance will not be allowed on any the reinsured policy for which have been ceded to more than one reinsurer, the Ceding Company did must allocate the reduction in reinsurance among all the reinsurers so that the relationship of the total reinsurance among the reinsurers in any given layer does not keep its Maximum Dollar Retention Limit at issuechange due to the recapture. The Ceding Company's Maximum Dollar Retention Limits are stated in Section 3 amount of Schedule A.
vi. If any policy reinsurance eligible for recapture is also eligible for recapture from other reinsurersbased on the net amount at risk as of the date of recapture. For a policy issued as a result of a fully-underwritten exchange, the reduction in policy date and the Reinsurer's reinsurance on that current duration of the new policy and the recapture provisions under this Agreement will be in proportion to the total amount of reinsurance on the life with all reinsurers.
viiused. Recapture will not be made on a basis that may result in any anti-selection against the Reinsurer. The Reinsurer maintains the discretion to determine when anti-selection has occurred.
viii. Upon After the effective date of recapture and again six months following the recapture, the Reinsurer will calculate a terminal accounting not be liable for any reinsured policies or portions of such reinsured policies eligible for recapture that will include a refund of unearned premiums and unpaid claims. The Reinsurer will not pay to the Ceding Company any amount representing has overlooked. If the reserve held on Ceding Company transfers business that is reinsured under this Agreement to a successor ceding company, then the business. Payment of amounts specified successor ceding company has the option to recapture the reinsurance in accordance with the terminal accounting will be recapture criteria outlined in this Article, but only, if the Reinsurer's full and final payment successor ceding company has or adopts a higher retention limit than that applicable to the Ceding Companyblock of business subject to recapture.
Appears in 1 contract
Sources: Automatic Yrt Reinsurance Agreement (Ids Life of New York Account 8)
Recapture. 12.1 Whenever the Ceding Company, pursuant to Article 11, increases its retention limits over the retention limits set forth in Exhibit A - Retention Limits of the Ceding Company, the Ceding Company has the option to recapture certain risk amounts. If the Ceding Company increases has maintained its Maximum Dollar maximum stated retention for the plan and the insured's age, sex, and mortality classification or at least the lesser of its Per Life Retention Limits shown in Section 3 Limit or [percentage] on a facultative risk, it may apply its increased retention limits to reduce the amount of Schedule A, then it may, with 90 day's Written notice to the reinsurer, reduce or recapture the reinsurance in force subject to the following requirmentsas follows:
i. An in-force cession is not eligible for recapture until it has been reinsured for (a) The Ceding Company must give the minimum number of years shown in Section 7 of Schedule A. The effective Reinsurer ninety (90) days written notice prior to its intended date of the recapture.
(b) The reduction in of reinsurance on affected policies will be the later of the first policy anniversary following the expiration of the 90-day notice period to recapture and become effective on the policy anniversary date when immediately following the required minimum number notice of years is attainedelection to recapture; however, no reduction will be made until a policy has been in force for a duration of at least twenty (20) years.
ii. On (c) If any reinsured policy is recaptured, all reinsured policies eligible for recapture, reinsurance will recapture under the provisions of this Article or under the provisions of another treaty must be reduced by the amount necessary to increase the total insurance retained recaptured up to the Ceding Company's new Maximum Dollar Retention Limits
iii. If more than one policy per life is eligible for recapture, then any recapture retention limits in a consistent manner and the Ceding Company must be effected beginning with the policy with the earliest issue date and continuing in chronological order according to the remaining policies' issue dates.
ivincrease its total amount of insurance retained on each reinsured life. The Ceding Company may not rescind revoke its election to recapture for policies becoming eligible at future anniversaries.
v. . Recapture for a policy may occur at different times because of different duration requirements under various reinsurance will not agreements. For a policy subject to recapture from the Reinsurer that has met the duration requirement in clause (b) above, the revised Reinsured Net Amount at Risk shall be allowed on any policy for which the Ceding Company did not keep its Maximum Dollar Retention Limit at issue. The determined using Ceding Company's Maximum Dollar Retention Limits are stated Retained Share as if the policy were eligible for recapture from all reinsurers who have a share of the risk on that policy (or who had a share of risk on that policy prior to an earlier recapture). For a policy not yet subject to recapture from the Reinsurer because of an unattained duration requirement, Reinsured Net Amount at Risk will continue being determined using Ceding Company's Retained Share as provided for in Section 3 Exhibit A as if the policy were not eligible for recapture by any of Schedule A.
vithe reinsurers who have or had a share of the risk on the policy. If any policy The amount of reinsurance eligible for recapture is also eligible for recapture from other reinsurersbased on the Net Amount at Risk as of the date of recapture. For a policy issued as a result of a fully-underwritten exchange, the reduction in policy date and current duration of the Reinsurer's reinsurance on that new policy and the recapture provisions under this Agreement will be in proportion to the total amount of reinsurance on the life with all reinsurers.
viiused. Recapture will not be made on a basis that may result in any anti-selection against the Reinsurer. The Reinsurer maintains the discretion to determine when anti-selection has occurred.
viii. Upon Following the effective date of recapture and again six months following the recapture, the Reinsurer will calculate a terminal accounting not be liable for any reinsured policies or portions of such reinsured policies eligible for recapture that will include a refund of unearned premiums and unpaid claims. The Reinsurer will not pay to the Ceding Company any amount representing has overlooked inadvertently. If the reserve held on Ceding Company transfers business that is reinsured under this Agreement to a successor ceding company, then the business. Payment of amounts specified successor ceding company has the option to recapture the reinsurance in accordance with the terminal accounting will be recapture criteria outlined in this Article, but only if the Reinsurer's full and final payment successor ceding company has or adopts a higher maximum retention limit than that applicable to the Ceding Companyblock of business subject to recapture.
Appears in 1 contract
Sources: Reinsurance Agreement (Ids Life of New York Account 8)
Recapture. If The Company may apply an increase in its Retention Limit to reduce the Ceding Company increases its Maximum Dollar Retention Limits shown in Section 3 ceded amount of Schedule A, then it may, with 90 day's Written notice to the reinsurer, reduce or recapture the inforce reinsurance in force subject to the following requirmentsprovided that:
i. An in-force cession is not a) The Company gives the Reinsurer irrevocable written notice of its intention to recapture; and
b) Recapture will be effected on the next anniversary of each Reinsured Policy eligible for recapture unless agreed otherwise by both parties and with no recapture being made until it the Reinsured Policy has been reinsured in force for the minimum number period specified in Exhibit C-1. For a conversion or re-entry, the recapture terms of years shown in Section 7 of Schedule A. The the original policy will apply and the duration for the recapture period will be measured from the effective date of the reduction original policy; and
c) The Company has maintained, from the time the policy was issued, its full retention as set out in Exhibit D, and has applied its increased Retention Limit to all categories set out in Exhibit D. In applying its increased Retention Limit to Reinsured Policies, the age and mortality rating at the time of issue will be used to determine the amount of the Company's increased retention. For policies issued on an excess retention basis, the amount of reinsurance eligible for recapture will be the later difference between the amount originally retained and the amount the Company would have retained had the new retention been in effect at the time of issue. For policies issued on a quota share basis, the amount of reinsurance eligible for recapture will be the difference between the amount originally retained and the amount the Company would have retained on the same quota share basis had the new retention been in effect at the time of issue. The amount of reinsurance eligible for recapture will be determined based on the reinsurance net amount at risk as of the first policy anniversary following the expiration date of the 90-day notice period to recapture and the policy anniversary date when the required minimum number of years recapture. If there is attained.
ii. On all policies reinsurance with other reinsurers on risks eligible for recapture, reinsurance the reduction will be reduced by the amount necessary applied pro rata to increase the total insurance retained up to outstanding reinsurance. Recapture is optional, but if any reinsured business is recaptured, all eligible reinsured business must be recaptured. In addition, all life risks reinsured under any other reinsurance agreement between the new Maximum Dollar Retention Limits
iii. If more than one policy per life is Reinsurer and the Company which are eligible for recapture, then any recapture must be effected beginning with similarly recaptured. No reserves for the policy with the earliest issue date and continuing in chronological order according recaptured business will be paid to the remaining policies' issue dates.
iv. The Ceding Company may not rescind its election to recapture for policies becoming eligible at future anniversaries.
v. Recapture of reinsurance will not be allowed on any policy for which the Ceding Company did not keep its Maximum Dollar Retention Limit at issue. The Ceding Company's Maximum Dollar Retention Limits are stated in Section 3 of Schedule A.
vi. If any policy eligible for recapture is also eligible for recapture from other reinsurers, the reduction in the Reinsurer's reinsurance on that policy will be in proportion to the total amount of reinsurance on the life with all reinsurers.
vii. Recapture will not be made on a basis that may result in any anti-selection against by the Reinsurer. The Reinsurer maintains Effective as of the discretion to determine when anti-selection has occurred.
viii. Upon the effective date of recapture and again six months following the recapturedate, the Reinsurer will calculate a terminal accounting that will include a refund of unearned premiums and unpaid claimsnot be liable for any eligible business which was overlooked. The Reinsurer parties' obligations for any recaptured business will not pay be limited to those relating to events or circumstances arising or occurring before the recapture date. Upon recapture, each party will be deemed to be fully and finally released from all obligations under this Agreement with respect to the Ceding Company any amount representing the reserve held on the recaptured business. Payment of amounts specified in the terminal accounting will be the Reinsurer's full and final payment to the Ceding CompanyExhibit A Business Covered Agreement Effective Date: June 1, 2008. The commencement dates for specific plans are shown below.
Appears in 1 contract
Sources: Reinsurance Agreement (Ameritas Variable Separate Account V)
Recapture. 12.1 Whenever the Ceding Company, pursuant to Article 11, increases its retention limits over the retention limits set forth in Exhibit A - Retention Limits of the Ceding Company, the Ceding Company has the option to recapture certain risk amounts. If the Ceding Company increases has maintained its Maximum Dollar maximum stated retention for the plan and the insured's age, sex, and mortality classification or at least the lesser of its Per Life Retention Limits shown in Section 3 Limit or [percentage] on a facultative risk, it may apply its increased retention limits to reduce the amount of Schedule A, then it may, with 90 day's Written notice to the reinsurer, reduce or recapture the reinsurance in force subject to the following requirmentsas follows:
i. An in-force cession is not eligible for recapture until it has been reinsured for (a) The Ceding Company must give the minimum number of years shown in Section 7 of Schedule A. The effective Reinsurer ninety (90) days written notice prior to its intended date of the recapture.
(b) The reduction in of reinsurance on affected policies will be the later of the first policy anniversary following the expiration of the 90-day notice period to recapture and become effective on the policy anniversary date when immediately following the required minimum number notice of years is attainedelection to recapture; however, no reduction will be made until a policy has been in force for a duration of at least [number] years.
ii. On (c) If any reinsured policy is recaptured, all reinsured policies eligible for recapture, reinsurance will recapture under the provisions of this Article must be reduced by the amount necessary to increase the total insurance retained recaptured up to the Ceding Company's new Maximum Dollar Retention Limits
iii. If more than one policy per life is eligible for recapture, then any recapture retention limits in a consistent manner and the Ceding Company must be effected beginning with the policy with the earliest issue date and continuing in chronological order according to the remaining policies' issue dates.
ivincrease its total amount of insurance retained on each reinsured life. The Ceding Company may not rescind revoke its election to recapture for policies becoming eligible at future anniversaries.
v. . Recapture for a policy may occur at different times because of different duration requirements under various reinsurance will not agreements. For a policy subject to recapture from the Reinsurer that has met the duration requirement in clause (b) above, the revised Reinsured Net Amount at Risk shall be allowed on any policy for which the Ceding Company did not keep its Maximum Dollar Retention Limit at issue. The determined using Ceding Company's Maximum Dollar Retention Limits are stated Retained Share as if the policy were eligible for recapture from all reinsurers who have a share of the risk on that policy (or who had a share of risk on that policy prior to an earlier recapture). For a policy not yet subject to recapture from the Reinsurer because of an unattained duration requirement, Reinsured Net Amount at Risk will continue being determined using Ceding Company's Retained Share as provided for in Section 3 Exhibit A as if the policy were not eligible for recapture by any of Schedule A.
vithe reinsurers who have or had a share of the risk on the policy. If any policy The amount of reinsurance eligible for recapture is also eligible for recapture from other reinsurersbased on the Net Amount at Risk as of the date of recapture. For a policy issued as a result of a fully-underwritten exchange, the reduction in policy date and current duration of the Reinsurer's reinsurance on that new policy and the recapture provisions under this Agreement will be in proportion to the total amount of reinsurance on the life with all reinsurers.
viiused. Recapture will not be made on a basis that may result in any anti-selection against the Reinsurer. The Reinsurer maintains the discretion to determine when anti-selection has occurred.
viii. Upon IDSL VUL4 / LP Select Treaty 19 Following the effective date of recapture and again six months following the recapture, the Reinsurer will calculate a terminal accounting not be liable for any reinsured policies or portions of such reinsured policies eligible for recapture that will include a refund of unearned premiums and unpaid claims. The Reinsurer will not pay to the Ceding Company any amount representing has overlooked inadvertently. If the reserve held on Ceding Company transfers business that is reinsured under this Agreement to a successor ceding company, then the business. Payment of amounts specified successor ceding company has the option to recapture the reinsurance in accordance with the terminal accounting will be recapture criteria outlined in this Article, but only if the Reinsurer's full and final payment successor ceding company has or adopts a higher maximum retention limit than that applicable to the Ceding Companyblock of business subject to recapture.
Appears in 1 contract
Sources: Reinsurance Agreement (Ids Life Variable Life Separate Account)
Recapture. If The Company may apply its increased retention limits to reduce the Ceding Company increases its Maximum Dollar Retention Limits shown in Section 3 amount of Schedule A, then it may, with 90 day's Written notice to the reinsurer, reduce or recapture the reinsurance in force subject to the following requirmentsReinsured Policies provided:
i. An in-force cession is not eligible for 8.2.1 The Company gives the Reinsurer written notice of its intention to recapture until it has been reinsured for within 90 days of the minimum number of years shown in Section 7 of Schedule A. The effective date of the reduction retention increase; and
8.2.2 Such recaptures are made on the next anniversary of each Reinsured Policy affected unless mutually agreed otherwise by the Company and the Reinsurer and with no recapture being made until the Reinsured Policy has been in reinsurance force for the period stated in Exhibit C. For a conversion or re-entry, the recapture terms of the original policy will apply and the duration for the recapture period will be measured from the later effective date of the original policy; and
8.2.3 The Company has maintained from the time the policy was issued, its full retention as set out in Exhibit D for the plan and the insured's classification. Reinsured policies on a first policy anniversary following dollar quota share basis will not be eligible for recapture; and
8.2.4 The Company has applied its increased Retention Limits in a consistent manner to all categories of its Retention Limits set out in Exhibit D unless otherwise agreed to by the expiration Reinsurer. In applying its increased Retention Limits to Reinsured Policies, the age and mortality rating at the time of issue will be used to determine the amount of the 90-day notice period to Company's increased retention. Recapture as provided herein is optional with the Company, but if any Reinsured Policy is recaptured, all Reinsured Policies eligible for recapture and under the policy anniversary date when the required minimum number provisions of years this Article must be recaptured. If there is attained.
ii. On all policies reinsurance in other companies on risks eligible for recapture, reinsurance will the necessary reduction is to be reduced by the amount necessary applied pro rata to increase the total insurance retained up to the new Maximum Dollar Retention Limits
iiioutstanding reinsurance. If more than one policy per life is The amount of reinsurance eligible for recapture is based on the reinsurance net amount at risk as of the date of recapture, then any recapture must be effected beginning with the policy with the earliest issue date and continuing in chronological order according to the remaining policies' issue dates.
iv. The Ceding Company may not rescind revoke its election to recapture for policies Reinsured Policies becoming eligible at future anniversaries.
v. Recapture . No recapture of Reinsured Policies will occur if the Company has either obtained or increased stop loss reinsurance will not be allowed on any policy coverage as justification for which the Ceding Company did not keep its Maximum Dollar Retention Limit at issue. The Ceding Company's Maximum Dollar Retention Limits are stated increase in Section 3 of Schedule A.
viretention. If any policy eligible for there is a Waiver of Premium (W.P.) claim in effect when recapture is also eligible for recapture from other reinsurerstakes place, the reduction W.P. claim will stay in the Reinsurer's reinsurance on that policy will be in proportion to the total amount of reinsurance on the life with all reinsurers.
vii. Recapture will not be made on a basis that may result in any anti-selection against the Reinsurer. The Reinsurer maintains the discretion to determine when anti-selection has occurred.
viii. Upon the effective date of recapture effect and again six months following the recapture, the Reinsurer will calculate a terminal accounting that will include a refund continue to pay its share of unearned premiums and unpaid claimsthe W.P. claim until it terminates. The Reinsurer will not pay be liable for any other benefits, including the basic life risk, which are eligible for recapture. All such eligible benefits will be recaptured as if there was no W.P. claim. The Reinsurer will not be liable, after the effective date of recapture, for any Reinsured Policies or portions of such Reinsured Policies eligible for recapture that the Company has overlooked. The Reinsurer will be liable only for a credit of the premiums, received after the recapture date, less any allowance. The terms and conditions for the Company to recapture in force Reinsured Policies due to the Ceding Company any amount representing insolvency of the reserve held on the business. Payment of amounts specified Reinsurer are set out in the terminal accounting will be Insolvency clause in Article 11. If the Reinsurer's full and final payment Company transfers business which is reinsured under this Agreement to a successor company, then the Ceding successor company has the option to recapture the reinsurance, in accordance with the recapture criteria outlined in this Article, only if the successor company has or adopts a higher retention limit than the Company.
Appears in 1 contract
Sources: Reinsurance Agreement (Nationwide Vli Separate Account 6)
Recapture. If The Company may apply an increase in its Retention Limit to reduce the Ceding Company increases its Maximum Dollar Retention Limits shown in Section 3 ceded amount of Schedule Ainforce reinsurance provided, then it mayhowever, with 90 day's Written notice to the reinsurer, reduce or recapture the reinsurance in force subject to the following requirmentsthat:
i. An in-force cession is not eligible for a) The Company gives the Reinsurer an irrevocable written notice of its intention to recapture until it has been reinsured for within one year after the minimum number of years shown in Section 7 of Schedule A. The effective date of the reduction increase in its Retention Limit; and
b) Recapture will be effected on the next anniversary of each Reinsured Policy eligible for recapture unless agreed otherwise by both parties and with no recapture being made until the Reinsured Policy has been in force for the period specified in Exhibit C-1. For a conversion or re-entry, the recapture terms of the original policy will apply and the duration for the recapture period will be measured from the effective date of the original policy; and
c) The Company has maintained, from the time the policy was issued, its quota share retention as set out in Exhibit D, and has applied its increased Retention Limit to all categories set out in Exhibit D; and
d) Other than as respects catastrophe or financial reinsurance arrangements, the Company will retain all recaptured risks. No recapture will occur if the Company has either obtained or increased stop loss reinsurance coverage as justification for the increase in retention. In applying its increased Retention Limit to Reinsured Policies, the age and mortality rating at the time of issue will be used to determine the amount of the Company’s increased retention. The amount of reinsurance eligible for recapture will be the later of difference between the first policy anniversary following the expiration of the 90-day notice period to recapture amount originally retained and the policy anniversary date when amount the required minimum number Company would have retained on the same quota share basis had the new retention been in effect at the time of years issue. If there is attained.
ii. On all policies reinsurance with other reinsurers on risks eligible for recapture, reinsurance the reduction will be reduced by the amount necessary applied pro rata to increase the total insurance retained up to outstanding reinsurance. Recapture is optional, but if any reinsured business is recaptured, all eligible reinsured business must be recaptured. In addition, all life risks reinsured under any other reinsurance agreement between the new Maximum Dollar Retention Limits
iii. If more than one policy per life is Reinsurer and the Company which are eligible for recapture, then any recapture must be effected beginning similarly recaptured. Any successor of the Company will have the option to recapture reinsurance in accordance with this Article, provided that the policy with successor company has or adopts a higher retention limit than previously used by the earliest issue date and continuing in chronological order Company. If the Company elects to terminate reinsurance under this Article, a termination settlement will be made according to the remaining policies' issue dates.
iv. The Ceding Company may not rescind its election to recapture for policies becoming eligible at future anniversaries.
v. Recapture terms specified in the Business Transfer Events provision of reinsurance Exhibit C-1, but will not be allowed on any policy for which include amounts specified in 12(d) of that provision. Effective as of the Ceding Company did not keep its Maximum Dollar Retention Limit at issue. The Ceding Company's Maximum Dollar Retention Limits are stated in Section 3 of Schedule A.
vi. If any policy eligible for recapture is also eligible for recapture from other reinsurers, the reduction in the Reinsurer's reinsurance on that policy will be in proportion to the total amount of reinsurance on the life with all reinsurers.
vii. Recapture will not be made on a basis that may result in any anti-selection against the Reinsurer. The Reinsurer maintains the discretion to determine when anti-selection has occurred.
viii. Upon the effective date of recapture and again six months following the recapturedate, the Reinsurer will calculate a terminal accounting that will include a refund of unearned premiums and unpaid claimsnot be liable for any eligible business which was overlooked. The Reinsurer parties’ obligations for any recaptured business will not pay be limited to those relating to events or circumstances arising or occurring before the recapture date, including payment of the termination settlement amount. Upon payment of the termination settlement amount, each party will be deemed to be fully and finally released from all obligations under this Agreement with respect to the Ceding Company any amount representing the reserve held on the recaptured business. Payment of amounts specified in the terminal accounting will be the Reinsurer's full and final payment to the Ceding Company.
Appears in 1 contract
Sources: Reinsurance Agreement (Tiaa-Cref Life Separate Account Vli-1)
Recapture. If 12.1 Whenever the Ceding Company increases its Maximum Dollar maximum retention limits over the maximum retention limits set forth in Exhibit A - Retention Limits shown in Section 3 of Schedule Athe Ceding Company, then the Ceding Company has the option to recapture certain risk amounts. If the Ceding Company has maintained its maximum stated retention (not a special retention limit) for the plan and the insured's age, sex, and mortality classification, it may, with 90 day's Written notice may apply its increased retention limits to reduce the reinsurer, reduce or recapture the amount of reinsurance in force subject to the following requirmentsas follows:
i. An in-force cession is not eligible for recapture until it has been reinsured for (a) The Ceding Company must give the minimum number of years shown in Section 7 of Schedule A. The effective Reinsurer 90 days written notice prior to its intended date of the recapture.
(b) The reduction in of reinsurance on affected policies will be the later of the first policy anniversary following the expiration of the 90-day notice period to recapture and become effective on the policy anniversary date when immediately following the required minimum number notice of years is attainedelection to recapture; however, no reduction will be made until a policy has been in force for at least 10 years.
ii. On (c) If any reinsured policy is recaptured, all reinsured policies eligible for recapture, reinsurance will recapture under the provisions of this Article must be reduced by the amount necessary to increase the total insurance retained recaptured up to the Ceding Company's new Maximum Dollar Retention Limits
iii. If more than one policy per life is eligible for recapture, then any recapture maximum retention limits in a consistent manner and the Ceding Company must be effected beginning with the policy with the earliest issue date and continuing in chronological order according to the remaining policies' issue dates.
ivincrease its total amount of insurance on each reinsured life. The Ceding Company may not rescind revoke its election to recapture for policies becoming eligible at future anniversaries.
v. Recapture . If portions of reinsurance will not be allowed on any the reinsured policy for which have been ceded to more than one reinsurer, the Ceding Company did must allocate the reduction in reinsurance among all the reinsurers so that the relationship of the total reinsurance among the reinsurers in any given layer does not keep its Maximum Dollar Retention Limit at issuechange due to the recapture. The Ceding Company's Maximum Dollar Retention Limits are stated in Section 3 amount of Schedule A.
vi. If any policy reinsurance eligible for recapture is also eligible for recapture from other reinsurersbased on the net amount at risk as of the date of recapture. For a policy issued as a result of a fully-underwritten exchange, the reduction in policy date and the Reinsurer's reinsurance on that current duration of the new policy and the recapture provisions under this Agreement will be in proportion to the total amount of reinsurance on the life with all reinsurers.
viiused. Recapture will not be made on a basis that may result in any anti-selection against the Reinsurer. The Reinsurer maintains the discretion to determine when anti-selection has occurred.
viii. Upon After the effective date of recapture and again six months following the recapture, the Reinsurer will calculate a terminal accounting not be liable for any reinsured policies or portions of such reinsured policies eligible for recapture that will include a refund of unearned premiums and unpaid claims. The Reinsurer will not pay to the Ceding Company any amount representing has overlooked. If the reserve held on Ceding Company transfers business that is reinsured under this Agreement to a successor ceding company, then the business. Payment of amounts specified successor ceding company has the option to recapture the reinsurance in accordance with the terminal accounting will be recapture criteria outlined in this Article, but only if the Reinsurer's full and final payment successor ceding company has or adopts a higher retention limit than that applicable to the Ceding Companyblock of business subject to recapture.
Appears in 1 contract
Sources: Automatic Yrt Reinsurance Agreement (Ids Life of New York Account 8)
Recapture. If 11.1 Whenever the Ceding Company increases its Maximum Dollar Retention Limits shown maximum retention limits over the maximum retention limits set forth in Section 3 of Schedule Exhibit A, then the Ceding Company, through the Administrator, has the option to recapture certain risk amounts. If the Ceding Company has maintained its maximum stated retention (not a special retention limit) for the plan and the insured’s issue age, sex, and mortality classification, it may, with 90 day's Written notice may apply its increased retention limits to reduce the reinsurer, reduce or recapture the amount of reinsurance in force subject as follows.
(a) The Ceding Company, through the Administrator, must give MARC thirty (30) days written notice prior to the following requirments:commencement of recapture.
i. An in-force cession is not eligible for recapture until it has been reinsured for the minimum number (b) The reduction of years shown in Section 7 of Schedule A. The reinsurance on affected policies will become effective date of the reduction in reinsurance will be the later of the first policy anniversary following the expiration of the 90-day notice period to recapture and on the policy anniversary date when immediately following the required minimum number notice of years is attainedelection to recapture; however, no reduction will be made until a policy has been in force for at least twenty (20) years.
ii. On (c) If any reinsured policy is recaptured, all reinsured policies eligible for recapture, reinsurance will recapture under the provisions of this Article must be reduced by the amount necessary to increase the total insurance retained recaptured up to the Ceding Company’s new Maximum Dollar Retention Limits
iii. If more than one policy per life is eligible for recapture, then any recapture maximum retention limits in a consistent manner and the Ceding Company must be effected beginning with the policy with the earliest issue date and continuing in chronological order according to the remaining policies' issue dates.
ivincrease its total amount of insurance on each reinsured life. The Ceding Company may not rescind revoke its election to recapture for policies becoming eligible at future anniversaries.
v. Recapture . If portions of reinsurance will not be allowed on any the reinsured policy for which have been ceded to more than one reinsurer, the Ceding Company did not keep its Maximum Dollar Retention Limit Company, through the Administrator, must allocate the reduction in reinsurance so that the amount reinsured by each reinsurer after the reduction is proportionately the same as if the new maximum dollar retention limits had been in effect at the time of issue. The Ceding Company's Maximum Dollar Retention Limits are stated in Section 3 amount of Schedule A.
vi. If any policy reinsurance eligible for recapture is also eligible for recapture from other reinsurersbased on the current amount at risk as of the date of recapture. For a policy issued as a result of exchange, conversion, or re-entry, the reduction in recapture terms of the Reinsurer's reinsurance on that agreement covering the original policy will apply, and the duration period for the purpose of recapture will be in proportion to the total amount of reinsurance on the life with all reinsurers.
vii. Recapture will not be made on a basis that may result in any anti-selection against the Reinsurer. The Reinsurer maintains the discretion to determine when anti-selection has occurred.
viii. Upon measured from the effective date of the reinsurance on the original policy. If there is a reinsured waiver of premium claim in effect when recapture and again six months following takes place, MARC will continue to pay its share of the waiver claim until it terminates. MARC will not be liable for any other benefits, including the basic life risk, that are eligible for recapture. All such eligible benefits will be recaptured as if there were no waiver claim in effect. After the effective date of recapture, the Reinsurer will calculate a terminal accounting that will include a refund of unearned premiums and unpaid claims. The Reinsurer MARC will not pay to be liable for any reinsured policies or portions of such reinsured policies eligible for recapture that the Ceding Company any amount representing the reserve held on the businesshas overlooked. Payment of amounts specified in the terminal accounting No recapture will be the Reinsurer's full and final payment to permitted if the Ceding CompanyCompany has either obtained or increased stop loss reinsurance coverage as justification for the increase in retention limits.
Appears in 1 contract
Sources: Automatic Yrt Second Excess Reinsurance Agreement (First Trinity Financial CORP)
Recapture. If The Company may apply its increased retention limits to reduce the Ceding Company increases its Maximum Dollar Retention Limits shown in Section 3 amount of Schedule A, then it may, with 90 day's Written notice to the reinsurer, reduce or recapture the reinsurance in force subject to the following requirmentsReinsured Policies provided:
i. An in-force cession is not eligible for 8.2.1 The Company gives the Reinsurer written notice of its intention to recapture until it has been reinsured for within 90 days of the minimum number of years shown in Section 7 of Schedule A. The effective date of the reduction retention increase; and
8.2.2 Such recaptures are made on the next anniversary of each Reinsured Policy affected unless mutually agreed otherwise by the Company and the Reinsurer and with no recapture being made until the Reinsured Policy has been in reinsurance force for the period stated in Exhibit C. For a conversion or re-entry, the recapture terms of the original policy will apply and the duration for the recapture period will be measured from the later effective date of the original policy; and
8.2.3 The Company has maintained from the time the policy was issued, its full retention as set out in Exhibit D for the plan and the insured's classification. Reinsured policies on a first policy anniversary following dollar quota share basis will not be eligible for recapture; and
8.2.4 The Company has applied its increased Retention Limits in a consistent manner to all categories of its Retention Limits set out in Exhibit D unless otherwise agreed to by the expiration Reinsurer. In applying its increased Retention Limits to Reinsured Policies, the age and mortality rating at the time of issue will be used to determine the amount of the 90-day notice period to Company's increased retention. Recapture as provided herein is optional with the Company, but if any Reinsured Policy is recaptured, all Reinsured Policies eligible for recapture and under the policy anniversary date when the required minimum number provisions of years this Article must be recaptured. If there is attained.
ii. On all policies reinsurance in other companies on risks eligible for recapture, reinsurance will the necessary reduction is to be reduced by the amount necessary applied pro rata to increase the total insurance retained up to the new Maximum Dollar Retention Limits
iiioutstanding reinsurance. If more than one policy per life is The amount of reinsurance eligible for recapture is based on the reinsurance net amount at risk as of the date of recapture, then any recapture must be effected beginning with the policy with the earliest issue date and continuing in chronological order according to the remaining policies' issue dates.
iv. The Ceding Company may not rescind revoke its election to recapture for policies Reinsured Policies becoming eligible at future anniversaries.
v. Recapture . No recapture of Reinsured Policies will occur if the Company has either obtained or increased stop loss reinsurance will not be allowed on any policy coverage as justification for which the Ceding Company did not keep its Maximum Dollar Retention Limit at issue. The Ceding Company's Maximum Dollar Retention Limits are stated increase in Section 3 of Schedule A.
viretention. If any policy eligible for there is a Waiver of Premium (W.P.) claim in effect when recapture is also eligible for recapture from other reinsurerstakes place, the reduction W.P. claim will stay in the Reinsurer's reinsurance on that policy will be in proportion to the total amount of reinsurance on the life with all reinsurers.
vii. Recapture will not be made on a basis that may result in any anti-selection against the Reinsurer. The Reinsurer maintains the discretion to determine when anti-selection has occurred.
viii. Upon the effective date of recapture effect and again six months following the recapture, the Reinsurer will calculate a terminal accounting that will include a refund continue to pay its share of unearned premiums and unpaid claimsthe W.P. claim until it terminates. The Reinsurer will not pay be liable for any other benefits, including the basic life risk, which are eligible for recapture. All such eligible benefits will be recaptured as if there was no W.P. claim. The Reinsurer will not be liable, after the effective date of recapture, for any Reinsured Policies or portions of such Reinsured Policies eligible for recapture that the Company has overlooked. The Reinsurer will be liable only for a credit of the premiums, received after the recapture date, less any allowance. The terms and conditions for the Company to recapture in force Reinsured Policies due to the Ceding Company any amount representing insolvency of the reserve held on the business. Payment of amounts specified Reinsurer are set out in the terminal accounting will be Insolvency clause in Article 11. If the Reinsurer's full and final payment company transfers business which is reinsured under this Agreement to a successor company, then the Ceding successor company has the option to recapture the reinsurance, in accordance with the recapture criteria outlined in this Article, only if the successor company has or adopts a higher retention limit than the Company.
Appears in 1 contract
Sources: Reinsurance Agreement (Nationwide Vli Separate Account 5)
Recapture. 12.1 Whenever the Ceding Company, pursuant to Article 11, increases its retention limits over the retention limits set forth in Exhibit A - Retention Limits of the Ceding Company, the Ceding Company has the option to recapture certain risk amounts. If the Ceding Company increases has maintained its Maximum Dollar stated retention for the plan and the insured's age, sex, and mortality classification on an automatic risk, or at least the lesser of its Per Life Retention Limits shown in Section 3 Limit or [percentage] on a facultative risk, it may apply its increased retention limits to reduce the amount of Schedule A, then it may, with 90 day's Written notice to the reinsurer, reduce or recapture the reinsurance in force subject to the following requirmentsas follows:
i. An in-force cession is not eligible for recapture until it has been reinsured for (a) The Ceding Company must give the minimum number of years shown in Section 7 of Schedule A. The effective Reinsurer ninety (90) days written notice prior to its intended date of the recapture.
(b) The reduction in of reinsurance on affected policies will be the later of the first policy anniversary following the expiration of the 90-day notice period to recapture and become effective on the policy anniversary date when immediately following the required minimum number notice of years is attainedelection to recapture; however, no reduction will be made until a policy has been in force for a duration of at least [number] years.
ii. On (c) If any reinsured policy is recaptured, all reinsured policies eligible for recapture, reinsurance will recapture under the provisions of this Article must be reduced by the amount necessary to increase the total insurance retained recaptured up to the Ceding Company's new Maximum Dollar Retention Limits
iii. If more than one policy per life is eligible for recapture, then any recapture retention limits in a consistent manner and the Ceding Company must be effected beginning with the policy with the earliest issue date and continuing in chronological order according to the remaining policies' issue dates.
ivincrease its total amount of insurance retained on each reinsured life. The Ceding Company may not rescind revoke its election to recapture for policies becoming eligible at future anniversaries.
v. . Recapture for a policy may occur at different times because of different duration requirements under various reinsurance will not agreements. For a policy subject to recapture from the Reinsurer that has met the duration requirement in clause (b) above, the revised Reinsured Net Amount at Risk shall be allowed on any policy for which the Ceding Company did not keep its Maximum Dollar Retention Limit at issue. The determined using Ceding Company's Maximum Dollar Retention Limits are stated Retained Share as if the policy were eligible for recapture from all reinsurers who have a share of the risk on that policy (or who had a share of risk on that policy prior to an earlier recapture). For a policy not yet subject to recapture from the Reinsurer because of an unattained duration requirement, Reinsured Net Amount at Risk will continue being determined using Ceding Company's Retained Share as provided for in Section 3 Exhibit A as if the policy were not eligible for recapture by any of Schedule A.
vithe reinsurers who have or had a share of the risk on the policy. If any policy The amount of reinsurance eligible for recapture is also eligible for recapture from other reinsurersbased on the Net Amount at Risk as of the date of recapture. For a policy issued as a result of an exchange or conversion, the reduction in policy date and current duration of the Reinsurer's reinsurance on that new policy and the recapture provisions under this Agreement will be in proportion to the total amount of reinsurance on the life with all reinsurers.
viiused. Recapture will not be made on a basis that may result in any antiIDSL - [redacted] 20 VUL IV Plus/VUL IV Plus-selection against the Reinsurer. The Reinsurer maintains the discretion to determine when anti-selection has occurred.
viii. Upon ES Doc# 2081398 Following the effective date of recapture and again six months following the recapture, the Reinsurer will calculate a terminal accounting not be liable for any reinsured policies or portions of such reinsured policies eligible for recapture that will include a refund of unearned premiums and unpaid claims. The Reinsurer will not pay to the Ceding Company any amount representing has overlooked inadvertently. If the reserve held on Ceding Company transfers business that is reinsured under this Agreement to a successor ceding company, then the business. Payment of amounts specified successor ceding company has the option to recapture the reinsurance in accordance with the terminal accounting will be recapture criteria outlined in this Article, but only if the Reinsurer's full and final payment successor ceding company has or adopts a higher maximum retention limit than that applicable to the Ceding Companyblock of business subject to recapture.
Appears in 1 contract
Sources: Reinsurance Agreement (Ids Life Variable Life Separate Account)
Recapture. If The Company may apply an increase in its Retention Limit to reduce the Ceding Company increases its Maximum Dollar Retention Limits shown in Section 3 amount of Schedule A, then it may, with 90 day's Written notice to the reinsurer, reduce or recapture the inforce reinsurance in force subject to the following requirmentsceded on an automatic basis provided that:
i. An in-force cession is not a) The Company gives the Reinsurer irrevocable written notice of its intention to recapture; and
b) Recapture will be effected on the next anniversary of each Reinsured Policy eligible for recapture unless agreed otherwise by both parties and with no recapture being made until it the Reinsured Policy has been reinsured in force for the minimum number period specified in the applicable Exhibit. For a conversion or re-entry, the recapture terms of years shown in Section 7 of Schedule A. The the original policy will apply and the duration for the recapture period will be measured from the effective date of the reduction original policy; and
c) The Company has maintained, from the time the policy was issued, its maximum limit of retention as set out in Exhibit D, and has applied its increased Retention Limit to all categories set out in Exhibit D. In applying its increased Retention Limit to Reinsured Policies, the age and mortality rating at the time of issue will be used to determine the amount of the Company's increased retention. The amount of reinsurance eligible for recapture will be the later difference between the amount originally retained and the amount the Company would have retained had the new retention been in effect at the time of issue. The amount of reinsurance eligible for recapture will be determined based on the reinsurance net amount at risk as of the first policy anniversary following the expiration date of the 90-day notice period to recapture and the policy anniversary date when the required minimum number of years recapture. If there is attained.
ii. On all policies reinsurance with other reinsurers on risks eligible for recapture, reinsurance the reduction will be reduced by the amount necessary applied pro rata to increase the total insurance retained up to outstanding reinsurance. Recapture is optional, but if any reinsured business is recaptured, all eligible reinsured business must be recaptured. Eligible reinsured business means business with the new Maximum Dollar Retention Limits
iiisame form of underwriting. If more than one policy per In addition, all life is risks reinsured under any other reinsurance agreement between the Reinsurer and the Company which are eligible for recapture, then any recapture must be effected beginning with similarly recaptured. No reserves for the policy with the earliest issue date and continuing in chronological order according recaptured business will be paid to the remaining policies' issue dates.
iv. The Ceding Company may not rescind its election to recapture for policies becoming eligible at future anniversaries.
v. Recapture of reinsurance will not be allowed on any policy for which the Ceding Company did not keep its Maximum Dollar Retention Limit at issue. The Ceding Company's Maximum Dollar Retention Limits are stated in Section 3 of Schedule A.
vi. If any policy eligible for recapture is also eligible for recapture from other reinsurers, the reduction in the Reinsurer's reinsurance on that policy will be in proportion to the total amount of reinsurance on the life with all reinsurers.
vii. Recapture will not be made on a basis that may result in any anti-selection against by the Reinsurer. The Reinsurer maintains (QT 2▇▇▇▇▇▇▇▇) Effective as of the discretion to determine when anti-selection has occurred.
viii. Upon the effective date of recapture and again six months following the recapturedate, the Reinsurer will calculate not be liable for any eligible reinsured business which was overlooked. The parties' obligations for any recaptured business will be limited to those relating to events or circumstances arising or occurring before the recapture date, including payment of the termination settlement amount. If a terminal accounting that cession eligible for recapture has been overlooked by the Company, the liability of the Reinsurer will include a be limited to the refund of unearned the amount of premiums accepted by the Reinsurer after the date of recapture, less allowances or claims paid, if any. Upon recapture, each party will be deemed to be fully and unpaid claims. The Reinsurer will not pay finally released from all obligations under this Agreement with respect to the Ceding Company any amount representing the reserve held on the recaptured business. Payment of amounts specified in the terminal accounting will be the Reinsurer's full and final payment to the Ceding Company.
Appears in 1 contract
Sources: Reinsurance Agreement (Ameritas Variable Separate Account V)
Recapture. 12.1 Whenever the Ceding Company, pursuant to Article 11, increases its retention limits over the retention limits set forth in Exhibit A - Retention Limits of the Ceding Company, the Ceding Company has the option to recapture certain risk amounts. If the Ceding Company increases has maintained its Maximum Dollar maximum stated retention for the plan and the insured's age, sex, and mortality classification or at least the lesser of its Per Life Retention Limits shown in Section 3 Limit or [percentage] on a facultative risk, it may apply its increased retention limits to reduce the amount of Schedule A, then it may, with 90 day's Written notice to the reinsurer, reduce or recapture the reinsurance in force subject to the following requirmentsas follows:
i. An in-force cession is not eligible for recapture until it has been reinsured for (a) The Ceding Company must give the minimum number of years shown in Section 7 of Schedule A. The effective Reinsurer ninety (90) days written notice prior to its intended date of the recapture.
(b) The reduction in of reinsurance on affected policies will be the later of the first policy anniversary following the expiration of the 90-day notice period to recapture and become effective on the policy anniversary date when immediately following the required minimum number notice of years is attainedelection to recapture; however, no reduction will be made until a policy has been in force for a duration of at least ten (10) years.
ii. On (c) If any reinsured policy is recaptured, all reinsured policies eligible for recapture, reinsurance will recapture under the provisions of this Article must be reduced by the amount necessary to increase the total insurance retained recaptured up to the Ceding Company's new Maximum Dollar Retention Limits
iii. If more than one policy per life is eligible for recapture, then any recapture retention limits in a consistent manner and the Ceding Company must be effected beginning with the policy with the earliest issue date and continuing in chronological order according to the remaining policies' issue dates.
ivincrease its total amount of insurance retained on each reinsured life. The Ceding Company may not rescind revoke its election to recapture for policies becoming eligible at future anniversaries.
v. . Recapture for a policy may occur at different times because of different duration requirements under various reinsurance will not agreements. For a policy subject to recapture from the Reinsurer that has met the duration requirement in clause (b) above, the revised Reinsured Net Amount at Risk shall be allowed on any policy for which the Ceding Company did not keep its Maximum Dollar Retention Limit at issue. The determined using Ceding Company's Maximum Dollar Retention Limits are stated Retained Share as if the policy were eligible for recapture from all reinsurers who have a share of the risk on that policy (or who had a share of risk on that policy prior to an earlier recapture). For a policy not yet subject to recapture from the Reinsurer because of an unattained duration requirement, Reinsured Net Amount at Risk will continue being determined using Ceding Company's Retained Share as provided for in Section 3 Exhibit A as if the policy were not eligible for recapture by any of Schedule A.
vithe reinsurers who have or had a share of the risk on the policy. If any policy The amount of reinsurance eligible for recapture is also eligible for recapture from other reinsurersbased on the Net Amount at Risk as of the date of recapture. For a policy issued as a result of a fully-underwritten exchange, the reduction in policy date and current duration of the Reinsurer's reinsurance on that new policy and the recapture provisions under this Agreement will be in proportion to the total amount of reinsurance on the life with all reinsurers.
viiused. Recapture will not be made on a basis that may result in any anti-selection against the Reinsurer. The Reinsurer maintains the discretion to determine when anti-selection has occurred.
viii. Upon Following the effective date of recapture and again six months following the recapture, the Reinsurer will calculate a terminal accounting not be liable for any reinsured policies or portions of such reinsured policies eligible for recapture that will include a refund of unearned premiums and unpaid claims. The Reinsurer will not pay to the Ceding Company any amount representing has overlooked inadvertently. IDSL VUL4/LP Select Treaty 19 If the reserve held on Ceding Company transfers business that is reinsured under this Agreement to a successor ceding company, then the business. Payment of amounts specified successor ceding company has the option to recapture the reinsurance in accordance with the terminal accounting will be recapture criteria outlined in this Article, but only if the Reinsurer's full and final payment successor ceding company has or adopts a higher maximum retention limit than that applicable to the Ceding Companyblock of business subject to recapture.
Appears in 1 contract
Sources: Reinsurance Agreement (Ids Life Variable Life Separate Account)
Recapture. If 1) In addition to any other recapture rights provided herein, the Ceding Company increases its Maximum Dollar Retention Limits shown has the option to recapture certain risk amounts after the level premium period of each plan only upon an increase in Section 3 the Company’s maximum retention limit as set forth in Exhibit A. The Company will maintain the existing quota share percentage of Schedule A, then retention; however it may, with 90 day's Written notice may apply the percentage to the reinsurer, new increased limits. The amount eligible for recapture will be the difference between the amount originally retained and the amount the Company would have retained on the same quota share basis had the new retention schedule been in effect at the time of issue. The Company may apply its increased retention limits to reduce or recapture the amount of reinsurance in force subject to the following requirmentsas follows:
i. An in-force cession is not eligible for recapture until it has been reinsured for a. The Company must give the minimum number of years shown in Section 7 of Schedule A. The effective Reinsurer ninety (90) days written notice prior to its intended date of the commencement of recapture.
b. The reduction in of reinsurance on affected policies will be the later of the first policy anniversary following the expiration of the 90-day notice period to recapture and become effective on the policy anniversary date when immediately following the required minimum number notice of years election to recapture; however, no reduction will be made prior to the policy anniversary specified in Exhibit D.
c. If any reinsured policy is attained.
ii. On recaptured, all reinsured policies eligible for recapture, reinsurance will recapture under the provisions of this Article must be reduced by the amount necessary to increase the total insurance retained recaptured up to the Company’s new Maximum Dollar Retention Limits
iii. If more than one policy per life is eligible for recapture, then any recapture maximum retention limits in a consistent manner and the Company must be effected beginning with the policy with the earliest issue date and continuing in chronological order according to the remaining policies' issue dates.
ivincrease its total amount of insurance on each reinsured life. The Ceding Company may not rescind revoke its election to recapture for policies becoming eligible at future anniversaries.
v. Recapture . When performed in accordance with the terms of this Agreement, there shall be no fee or penalty to the Company for exercising the Company’s increase in retention and recapture rights. If portions of the reinsured policy have been ceded to more than one reinsurer, the Company must allocate the reduction in reinsurance will not be allowed on any policy for which so that the Ceding Company did not keep its Maximum Dollar Retention Limit amount reinsured by each reinsurer after the reduction is proportionately the same as if the new maximum dollar retention limits had been in effect at the time of issue. The Ceding Company's Maximum Dollar Retention Limits are stated in Section 3 amount of Schedule A.
vi. If any policy reinsurance eligible for recapture is also eligible for recapture from other reinsurersbased on the current amount at risk as of the date of recapture. For a policy issued as a result of exchange, conversion, or re-entry, the reduction in recapture terms of the Reinsurer's reinsurance on that agreement covering the original policy will apply, and the duration period for the purpose of recapture will be in proportion to the total amount of reinsurance on the life with all reinsurers.
vii. Recapture will not be made on a basis that may result in any anti-selection against the Reinsurer. The Reinsurer maintains the discretion to determine when anti-selection has occurred.
viii. Upon measured from the effective date of recapture and again six months following the reinsurance on the original policy. After the effective date of recapture, the Reinsurer will calculate a terminal accounting not be liable for any reinsured policies or portions of such reinsured policies eligible for recapture that will include a refund of unearned premiums and unpaid claims. The Reinsurer will not pay to the Ceding Company any amount representing the reserve held on the business. Payment of amounts specified in the terminal accounting will be the Reinsurer's full and final payment to the Ceding Companyhas overlooked.
Appears in 1 contract
Recapture. If The Ceding Company may increase its maximum retention limits over the maximum retention limits set forth in Exhibit I and therefore "Recapture" a portion of the reinsured risk if the following conditions have been met.
1. Reinsured Polices are not eligible for Recapture until the end of [*] years from each such Reinsured Policy's effective date.
2. The Ceding Company must give Generali USA ninety (90) days written notice prior to its intended date of the commencement of recapture.
3. The Recapture must occur in conjunction with an increase in the Ceding Company's maximum amount on its schedule of retention. For a Reinsured Policy, if the Ceding Company increases has maintained its Maximum Dollar Retention Limits shown in Section 3 maximum retention for the plan of Schedule Ainsurance and the insured's issue age, then sex, and mortality classification, it may, with 90 day's Written notice may apply its increased retention limits to that Reinsured Policy to reduce the reinsurer, reduce or recapture the amount of reinsurance in force subject to the following requirments:force.
i. An in-force cession is not eligible for recapture until it has been reinsured for the minimum number 4. The reduction of years shown in Section 7 of Schedule A. The reinsurance on affected policies will become effective date of the reduction in reinsurance will be the later of the first policy anniversary following the expiration of the 90-day notice period to recapture and on the policy anniversary date when immediately following the required minimum number notice of years is attainedelection to recapture.
ii5. On If any reinsured policy is recaptured in accordance with this Article, all policies similarly situated Reinsured Policies eligible for recapture, reinsurance will recapture under the provisions of this Article must be reduced by the amount necessary to increase the total insurance retained recaptured up to the Ceding Company's new Maximum Dollar Retention Limits
iiimaximum retention limits. If more than one policy per life is eligible for recapture, then any Such recapture must be effected beginning with done in a consistent manner and the policy with the earliest issue date and continuing in chronological order according to the remaining policies' issue dates.
ivCeding Company must increase its total amount of insurance on each reinsured life that is eligible. The Ceding Company may not rescind revoke its election to recapture for policies becoming eligible at future anniversaries.
v. Recapture 6. If this Agreement utilizes a "quota share" method of reinsurance will not be allowed on any policy for which allocating the reinsured risk and the Ceding Company did not keep its Maximum Dollar Retention Limit at issue. The Ceding Company's Maximum Dollar Retention Limits are stated in Section 3 recaptures a portion of Schedule A.
vi. If any policy eligible for recapture is also eligible for recapture from other reinsurersthe reinsured risk, it must apply the reduction in same percentage ceded to each reinsurer when determining the Reinsurer's reinsurance on that policy will amount to be in proportion to the total amount of reinsurance on the life with all reinsurersrecaptured .
vii. Recapture will not be made on a basis that may result in any anti-selection against the Reinsurer. The Reinsurer maintains the discretion to determine when anti-selection has occurred.
viii. Upon the effective date of recapture and again six months following the recapture, the Reinsurer will calculate a terminal accounting that will include a refund of unearned premiums and unpaid claims. The Reinsurer will not pay to the Ceding Company any amount representing the reserve held on the business. Payment of amounts specified in the terminal accounting will be the Reinsurer's full and final payment to the Ceding Company.
Appears in 1 contract
Sources: Reinsurance Agreement (Ameritas Variable Separate Account V)
Recapture. 12.1 Whenever the Ceding Company, pursuant to Article 11, increases its retention limits over the retention limits set forth in Exhibit A - Retention Limits of the Ceding Company, the Ceding Company has the option to recapture certain risk amounts. If the Ceding Company increases has maintained its Maximum Dollar stated retention for the plan and the insured's age, sex, and mortality classification on an automatic risk, or at least the lesser of its Per Life Retention Limits shown in Section 3 Limit or [percentage] on a facultative risk, it may apply its increased retention limits to reduce the amount of Schedule A, then it may, with 90 day's Written notice to the reinsurer, reduce or recapture the reinsurance in force subject to the following requirmentsas follows:
i. An in-force cession is not eligible for recapture until it has been reinsured for (a) The Ceding Company must give the minimum number of years shown in Section 7 of Schedule A. The effective Reinsurer ninety (90) days written notice prior to its intended date of the recapture.
(b) The reduction in of reinsurance on affected policies will be the later of the first policy anniversary following the expiration of the 90-day notice period to recapture and become effective on the policy anniversary date when immediately following the required minimum number notice of years is attainedelection to recapture; however, no reduction will be made until a policy has been in force for a duration of at least [number] years.
ii. On (c) If any reinsured policy is recaptured, all reinsured policies eligible for recapture, reinsurance will recapture under the provisions of this Article must be reduced by the amount necessary to increase the total insurance retained recaptured up to the Ceding Company's new Maximum Dollar Retention Limits
iii. If more than one policy per life is eligible for recapture, then any recapture retention limits in a consistent manner and the Ceding Company must be effected beginning with the policy with the earliest issue date and continuing in chronological order according to the remaining policies' issue dates.
ivincrease its total amount of insurance retained on each reinsured life. The Ceding Company may not rescind revoke its election to recapture for policies becoming eligible at future anniversaries.
v. . Recapture for a policy may occur at different times because of different duration requirements under various reinsurance will not agreements. For a policy subject to recapture from the Reinsurer that has met the duration requirement in clause (b) above, the revised Reinsured Net Amount at Risk shall be allowed on any policy for which the Ceding Company did not keep its Maximum Dollar Retention Limit at issue. The determined using Ceding Company's Maximum Dollar Retention Limits are stated Retained Share as if the policy were eligible for recapture from all reinsurers who have a share of the risk on that policy (or who had a share of risk on that policy prior to an earlier recapture). For a policy not yet subject to recapture from the Reinsurer because of an unattained duration requirement, Reinsured Net Amount at Risk will continue being determined using Ceding Company's Retained Share as provided for in Section 3 Exhibit A as if the policy were not eligible for recapture by any of Schedule A.
vithe reinsurers who have or had a share of the risk on the policy. If any policy The amount of reinsurance eligible for recapture is also eligible for recapture from other reinsurersbased on the Net Amount at Risk as of the date of recapture. For a policy issued as a result of an exchange or conversion, the reduction in policy date and current duration of the Reinsurer's reinsurance on that new policy and the recapture provisions under this Agreement will be in proportion to the total amount of reinsurance on the life with all reinsurers.
viiused. Recapture will not be made on a basis that may result in any antiIDSL - [redacted] 19 VUL IV Plus/VUL IV Plus-selection against the Reinsurer. The Reinsurer maintains the discretion to determine when anti-selection has occurred.
viii. Upon ES Doc#2081405 Following the effective date of recapture and again six months following the recapture, the Reinsurer will calculate a terminal accounting not be liable for any reinsured policies or portions of such reinsured policies eligible for recapture that will include a refund of unearned premiums and unpaid claims. The Reinsurer will not pay to the Ceding Company any amount representing has overlooked inadvertently. If the reserve held on Ceding Company transfers business that is reinsured under this Agreement to a successor ceding company, then the business. Payment of amounts specified successor ceding company has the option to recapture the reinsurance in accordance with the terminal accounting will be recapture criteria outlined in this Article, but only if the Reinsurer's full and final payment successor ceding company has or adopts a higher maximum retention limit than that applicable to the Ceding Companyblock of business subject to recapture.
Appears in 1 contract
Sources: Reinsurance Agreement (Ids Life Variable Life Separate Account)
Recapture. 12.1 Whenever the Ceding Company, pursuant to Article 11, increases its retention limits over the retention limits set forth in Exhibit A - Retention Limits of the Ceding Company, the Ceding Company has the option to recapture certain risk amounts. If the Ceding Company increases has maintained its Maximum Dollar stated retention for the plan and the insured's age, sex, and mortality classification on an automatic risk, or at least the lesser of its Per Life Retention Limits shown in Section 3 Limit or [percentage] on a facultative risk, it may apply its increased retention limits to reduce the amount of Schedule A, then it may, with 90 day's Written notice to the reinsurer, reduce or recapture the reinsurance in force subject to the following requirmentsas follows:
i. An in-force cession is not eligible for recapture until it has been reinsured for (a) The Ceding Company must give the minimum number of years shown in Section 7 of Schedule A. The effective Reinsurer ninety (90) days written notice prior to its intended date of the recapture.
(b) The reduction in of reinsurance on affected policies will be the later of the first policy anniversary following the expiration of the 90-day notice period to recapture and become effective on the policy anniversary date when immediately following the required minimum number notice of years is attainedelection to recapture; however, no reduction will be made until a policy has been in force for a duration of at least thirty (30) years.
ii. On (c) If any reinsured policy is recaptured, all reinsured policies eligible for recapture, reinsurance will recapture under the provisions of this Article must be reduced by the amount necessary to increase the total insurance retained recaptured up to the Ceding Company's new Maximum Dollar Retention Limits
iii. If more than one policy per life is eligible for recapture, then any recapture retention limits in a consistent manner and the Ceding Company must be effected beginning with the policy with the earliest issue date and continuing in chronological order according to the remaining policies' issue dates.
ivincrease its total amount of insurance retained on each reinsured life. The Ceding Company may not rescind revoke its election to recapture for policies becoming eligible at future anniversaries.
v. . Recapture for a policy may occur at different times because of different duration requirements under various reinsurance will not agreements. For a policy subject to recapture from the Reinsurer that has met the duration requirement in clause (b) above, the revised Reinsured Net Amount at Risk shall be allowed on any policy for which the Ceding Company did not keep its Maximum Dollar Retention Limit at issue. The determined using Ceding Company's Maximum Dollar Retention Limits are stated Retained Share as if the policy were eligible for recapture from all reinsurers who have a share of the risk on that policy (or who had a share of risk on that policy prior to an earlier recapture). For a policy not yet subject to recapture from the Reinsurer because of an unattained duration requirement, Reinsured Net Amount at Risk will continue being determined using Ceding Company's Retained Share as provided for in Section 3 Exhibit A as if the policy were not eligible for recapture by any of Schedule A.
vithe reinsurers who have or had a share of the risk on the policy. If any policy The amount of reinsurance eligible for recapture is also eligible for recapture from other reinsurersbased on the Net Amount at Risk as of the date of recapture. For a policy issued as a result of an exchange or conversion, the reduction in policy date and current duration of the Reinsurer's reinsurance on that new policy and the recapture provisions under this Agreement will be in proportion to the total amount of reinsurance on the life with all reinsurers.
viiused. Recapture will not be made on a basis that may result in any antiIDSL - [redacted] VUL IV Plus/VUL IV Plus-selection against the Reinsurer. The Reinsurer maintains the discretion to determine when anti-selection has occurred.
viii. Upon ES Doc# 2080257 19 Following the effective date of recapture and again six months following the recapture, the Reinsurer will calculate a terminal accounting not be liable for any reinsured policies or portions of such reinsured policies eligible for recapture that will include a refund of unearned premiums and unpaid claims. The Reinsurer will not pay to the Ceding Company any amount representing has overlooked inadvertently. If the reserve held on Ceding Company transfers business that is reinsured under this Agreement to a successor ceding company, then the business. Payment of amounts specified successor ceding company has the option to recapture the reinsurance in accordance with the terminal accounting will be recapture criteria outlined in this Article, but only if the Reinsurer's full and final payment successor ceding company has or adopts a higher maximum retention limit than that applicable to the Ceding Companyblock of business subject to recapture.
Appears in 1 contract
Sources: Reinsurance Agreement (Ids Life Variable Life Separate Account)
Recapture. 12.1 Whenever the Ceding Company, pursuant to Article 11, increases its retention limits over the retention limits set forth in Exhibit A - Retention Limits of the Ceding Company, the Ceding Company has the option to recapture certain risk amounts. If the Ceding Company increases has maintained its Maximum Dollar maximum stated retention for the plan and the insured's age, sex, and mortality classification or at least the lesser of its Per Life Retention Limits shown in Section 3 Limit or [percentage amount] on a facultative risk, it may apply its increased retention limits to reduce the amount of Schedule A, then it may, with 90 day's Written notice to the reinsurer, reduce or recapture the reinsurance in force subject to the following requirmentsas follows:
i. An in-force cession is not eligible for recapture until it has been reinsured for (a) The Ceding Company must give the minimum number of years shown in Section 7 of Schedule A. The effective Reinsurer ninety (90) days written notice prior to its intended date of the recapture.
(b) The reduction in of reinsurance on affected policies will be the later of the first policy anniversary following the expiration of the 90-day notice period to recapture and become effective on the policy anniversary date when immediately following the required minimum number notice of years is attainedelection to recapture; however, no reduction will be made until a policy has been in force for a duration of at least [number] years.
ii. On (c) If any reinsured policy is recaptured, all reinsured policies eligible for recapture, reinsurance will recapture under the provisions of this Article must be reduced by the amount necessary to increase the total insurance retained recaptured up to the Ceding Company's new Maximum Dollar Retention Limits
iii. If more than one policy per life is eligible for recapture, then any recapture retention limits in a consistent manner and the Ceding Company must be effected beginning with the policy with the earliest issue date and continuing in chronological order according to the remaining policies' issue dates.
ivincrease its total amount of insurance retained on each reinsured life. The Ceding Company may not rescind revoke its election to recapture for policies becoming eligible at future anniversaries.
v. . Recapture for a policy may occur at different times because of different duration requirements under various reinsurance will not agreements. For a policy subject to recapture from the Reinsurer that has met the duration requirement in clause (b) above, the revised Reinsured Net Amount at Risk shall be allowed on any policy for which the Ceding Company did not keep its Maximum Dollar Retention Limit at issue. The determined using Ceding Company's Maximum Dollar Retention Limits are stated Retained Share as if the policy were eligible for recapture from all reinsurers who have a share of the risk on that policy (or who had a share of risk on that policy prior to an earlier recapture). For a policy not yet subject to recapture from the Reinsurer because of an unattained duration requirement, Reinsured Net Amount at Risk will continue being determined using Ceding Company's Retained Share as provided for in Section 3 Exhibit A as if the policy were not eligible for recapture by any of Schedule A.
vithe reinsurers who have or had a share of the risk on the policy. If any policy The amount of reinsurance eligible for recapture is also eligible for recapture from other reinsurersbased on the Net Amount at Risk as of the date of recapture. For a policy issued as a result of a fully-underwritten exchange, the reduction in policy date and current duration of the Reinsurer's reinsurance on that new policy and the recapture provisions under this Agreement will be in proportion to the total amount of reinsurance on the life with all reinsurers.
viiused. Recapture will not be made on a basis that may result in any anti-selection against the Reinsurer. The Reinsurer maintains the discretion to determine when anti-selection has occurred.
viii. Upon Following the effective date of recapture and again six months following the recapture, the Reinsurer will calculate a terminal accounting not be liable for any reinsured policies or portions of such reinsured policies eligible for recapture that will include a refund of unearned premiums and unpaid claims. The Reinsurer will not pay to the Ceding Company any amount representing has overlooked inadvertently. IDSL-NY VUL4/LP Select Treaty 20 If the reserve held on Ceding Company transfers business that is reinsured under this Agreement to a successor ceding company, then the business. Payment of amounts specified successor ceding company has the option to recapture the reinsurance in accordance with the terminal accounting will be recapture criteria outlined in this Article, but only if the Reinsurer's full and final payment successor ceding company has or adopts a higher maximum retention limit than that applicable to the Ceding Companyblock of business subject to recapture.
Appears in 1 contract
Sources: Reinsurance Agreement (Ids Life of New York Account 8)
Recapture. 12.1 Whenever the Ceding Company, pursuant to Article 11, increases its retention limits over the retention limits set forth in Exhibit A - Retention Limits of the Ceding Company, the Ceding Company has the option to recapture certain risk amounts. If the Ceding Company increases has maintained its Maximum Dollar maximum stated retention for the plan and the insured's age, sex, and mortality classification or at least the lesser of its Per Life Retention Limits shown in Section 3 Limit or [percentage] on a facultative risk, it may apply its increased retention limits to reduce the amount of Schedule A, then it may, with 90 day's Written notice to the reinsurer, reduce or recapture the reinsurance in force subject to the following requirmentsas follows:
i. An in-force cession is not eligible for recapture until it has been reinsured for (a) The Ceding Company must give the minimum number of years shown in Section 7 of Schedule A. The effective Reinsurer ninety (90) days written notice prior to its intended date of the recapture.
(b) The reduction in of reinsurance on affected policies will be the later of the first policy anniversary following the expiration of the 90-day notice period to recapture and become effective on the policy anniversary date when immediately following the required minimum number notice of years is attainedelection to recapture; however, no reduction will be made until a policy has been in force for a duration of at [duration].
ii. On (c) If any reinsured policy is recaptured, all reinsured policies eligible for recapture, reinsurance will recapture under the provisions of this Article must be reduced by the amount necessary to increase the total insurance retained recaptured up to the Ceding Company's new Maximum Dollar Retention Limits
iii. If more than one policy per life is eligible for recapture, then any recapture retention limits in a consistent manner and the Ceding Company must be effected beginning with the policy with the earliest issue date and continuing in chronological order according to the remaining policies' issue dates.
ivincrease its total amount of insurance retained on each reinsured life. The Ceding Company may not rescind revoke its election to recapture for policies becoming eligible at future anniversaries.
v. . Recapture for a policy may occur at different times because of different duration requirements under various reinsurance will not agreements. For a policy subject to recapture from the Reinsurer that has met the duration requirement in clause (b) above, the revised Reinsured Net Amount at Risk shall be allowed on any policy for which the Ceding Company did not keep its Maximum Dollar Retention Limit at issue. The determined using Ceding Company's Maximum Dollar Retention Limits are stated Retained Share as if the policy were eligible for recapture from all reinsurers who have a share of the risk on that policy (or who had a share of risk on that policy prior to an earlier recapture). For a policy not yet subject to recapture from the Reinsurer because of an unattained duration requirement, Reinsured Net Amount at Risk will continue being determined using Ceding Company's Retained Share as provided for in Section 3 Exhibit A as if the policy were not eligible for recapture by any of Schedule A.
vithe reinsurers who have or had a share of the risk on the policy. If any policy The amount of reinsurance eligible for recapture is also eligible for recapture from other reinsurersbased on the Net Amount at Risk as of the date of recapture. For a policy issued as a result of a fully-underwritten exchange, the reduction in policy date and current duration of the Reinsurer's reinsurance on that new policy and the recapture provisions under this Agreement will be in proportion to the total amount of reinsurance on the life with all reinsurersused.
vii. Recapture will not be made on a basis that may result in any anti-selection against the Reinsurer. The Reinsurer maintains the discretion to determine when anti-selection has occurred.
viii. Upon the effective date of recapture and again six months following the recapture, the Reinsurer will calculate a terminal accounting that will include a refund of unearned premiums and unpaid claims. The Reinsurer will not pay to the Ceding Company any amount representing the reserve held on the business. Payment of amounts specified in the terminal accounting will be the Reinsurer's full and final payment to the Ceding Company.
Appears in 1 contract
Sources: Reinsurance Agreement (Ids Life of New York Account 8)
Recapture. If The Company may apply its increased retention limits to reduce the Ceding Company increases its Maximum Dollar Retention Limits shown in Section 3 amount of Schedule A, then it may, with 90 day's Written notice to the reinsurer, reduce or recapture the reinsurance in force subject to the following requirmentsReinsured Policies provided:
i. An in-force cession is not eligible for 8.2.1 The Company gives the Reinsurer written notice of its intention to recapture until it has been reinsured for within 90 days of the minimum number of years shown in Section 7 of Schedule A. The effective date of the reduction retention increase; and
8.2.2 Such recaptures are made on the next anniversary of each Reinsured Policy affected unless mutually agreed otherwise by the Company and the Reinsurer and with no recapture being made until the Reinsured Policy has been in reinsurance force for the period stated in Exhibit C. For a conversion or re-entry, the recapture terms of the original policy will apply and the duration for the recapture period will be measured from the later effective date of the original policy; and
8.2.3 The Company has maintained from the time the policy was issued, its full retention as set out in Exhibit D for the plan and the insured's classification. Reinsured policies on a first policy anniversary following dollar quota share basis will not be eligible for recapture; and
8.2.4 The Company has applied its increased Retention Limits in a consistent manner to all categories of its Retention Limits set out in Exhibit D unless otherwise agreed to by the expiration Reinsurer. In applying its increased Retention Limits to Reinsured Policies, the age and mortality rating at the time of issue will be used to determine the amount of the 90-day notice period to Company's increased retention. Recapture as provided herein is optional with the Company, but if any Reinsured Policy is recaptured, all Reinsured Policies eligible for recapture and under the policy anniversary date when the required minimum number provisions of years this Article must be recaptured. If there is attained.
ii. On all policies reinsurance in other companies on risks eligible for recapture, reinsurance will the necessary reduction is to be reduced by the amount necessary applied pro rata to increase the total insurance retained up to the new Maximum Dollar Retention Limits
iiioutstanding reinsurance. If more than one policy per life is The amount of reinsurance eligible for recapture is based on the reinsurance net amount at risk as of the date of recapture, then any recapture must be effected beginning with the policy with the earliest issue date and continuing in chronological order according to the remaining policies' issue dates.
iv. The Ceding Company may not rescind revoke its election to recapture for policies Reinsured Policies becoming eligible at future anniversaries.
v. Recapture . No recapture of Reinsured Policies will occur if the Company has either obtained or increased stop loss reinsurance will not be allowed on any policy coverage as justification for which the Ceding Company did not keep its Maximum Dollar Retention Limit at issue. The Ceding Company's Maximum Dollar Retention Limits are stated increase in Section 3 of Schedule A.
viretention. If any policy eligible for there is a Waiver of Premium (W.P.) claim in effect when recapture is also eligible for recapture from other reinsurerstakes place, the reduction W.P. claim will stay in the Reinsurer's reinsurance on that policy will be in proportion to the total amount of reinsurance on the life with all reinsurers.
vii. Recapture will not be made on a basis that may result in any anti-selection against the Reinsurer. The Reinsurer maintains the discretion to determine when anti-selection has occurred.
viii. Upon the effective date of recapture effect and again six months following the recapture, the Reinsurer will calculate a terminal accounting that will include a refund continue to pay its share of unearned premiums and unpaid claimsthe W.P. claim until it terminates. The Reinsurer will not pay be liable for any other benefits, including the basic life risk, which are eligible for recapture. All such eligible benefits will be recaptured as if there was no W.P. claim. 9 The Reinsurer will not be liable, after the effective date of recapture, for any Reinsured Policies or portions of such Reinsured Policies eligible for recapture that the Company has overlooked. The Reinsurer will be liable only for a credit of the premiums, received after the recapture date, less any allowance. The terms and conditions for the Company to recapture in force Reinsured Policies due to the Ceding Company any amount representing insolvency of the reserve held on the business. Payment of amounts specified Reinsurer are set out in the terminal accounting will be Insolvency clause in Article 11. If the Reinsurer's full and final payment Company transfers business which is reinsured under this Agreement to a successor company, then the Ceding successor company has the option to recapture the reinsurance, in accordance with the recapture criteria outlined in this Article, only if the successor company has or adopts a higher retention limit than the Company.
Appears in 1 contract
Sources: Reinsurance Agreement (National Variable Life Insurance Account)
Recapture. 12.1 Recapture is not available until the end of the tenth (10th) policy year and then must be in conjunction with an increase in the Ceding Company’s maximum schedule of retention. The amount eligible for recapture will be the difference between the amount originally retained and the amount the Ceding Company would have retained on the same quota share basis had the new retention schedule been in effect at the time of issue. If the Ceding Company increases has maintained its Maximum Dollar Retention Limits shown in Section 3 maximum stated retention (not a special retention limit) for the plan and the insured’s issue age, sex, and mortality classification, it may apply its increased retention limits to reduce the amount of Schedule A, then it may, with 90 day's Written notice to the reinsurer, reduce or recapture the reinsurance in force subject as follows.
a. The Ceding Company must give the Reinsurer ninety (90) days written notice prior to the following requirments:its intended date to commence recapture.
i. An in-force cession is not eligible for recapture until it has been reinsured for the minimum number b. The reduction of years shown in Section 7 of Schedule A. The reinsurance on affected policies will become effective date of the reduction in reinsurance will be the later of the first policy anniversary following the expiration of the 90-day notice period to recapture and on the policy anniversary date when immediately following the required minimum number notice of years is attainedelection to recapture; however, no reduction will be made until a policy has been in force for at least ten (10) years.
ii. On c. If any reinsured policy is recaptured, all reinsured policies eligible for recapture, reinsurance will recapture under the provisions of this Article must be reduced by the amount necessary to increase the total insurance retained recaptured up to the Ceding Company’s new Maximum Dollar Retention Limits
iii. If more than one policy per life is eligible for recapture, then any recapture maximum retention limits in a consistent manner and the Ceding Company must be effected beginning with the policy with the earliest issue date and continuing in chronological order according to the remaining policies' issue dates.
ivincrease its total amount of insurance on each reinsured life. The Ceding Company may not rescind revoke its election to recapture for policies becoming eligible at future anniversaries.
v. Recapture . If portions of reinsurance will not be allowed on any the reinsured policy for which have been ceded to more than one reinsurer, the Ceding Company did not keep its Maximum Dollar Retention Limit must allocate the reduction in reinsurance so that the amount reinsured by each reinsurer after the reduction is proportionately the same as if the new maximum dollar retention limits had been in effect at the time of issue. The Ceding Company's Maximum Dollar Retention Limits are stated in Section 3 amount of Schedule A.
vi. If any policy reinsurance eligible for recapture is also eligible for recapture from other reinsurersbased on the current amount at risk as of the date of recapture. For a policy issued as a result of exchange, conversion, or re-entry, the reduction in recapture terms of the Reinsurer's reinsurance on that agreement covering the original policy will apply, and the duration period for the purpose of recapture will be in proportion to the total amount of reinsurance on the life with all reinsurers.
vii. Recapture will not be made on a basis that may result in any anti-selection against the Reinsurer. The Reinsurer maintains the discretion to determine when anti-selection has occurred.
viii. Upon measured from the effective date of the reinsurance on the original policy. If there is a reinsured waiver of premium claim in effect when recapture and again six months following takes place, the Reinsurer will continue to pay its share of the waiver claim until it terminates. The Reinsurer will not be liable for any other benefits, including the basic life risk, that are eligible for recapture. All such eligible benefits will be recaptured as if there were no waiver claim in effect. After the effective date of recapture, the Reinsurer will calculate not be liable for any reinsured policies or portions of such reinsured policies eligible for recapture that the Ceding Company has overlooked. The acceptance by the Reinsurer of reinsurance premiums under these circumstances shall not constitute a terminal accounting that will include liability on the part of the Reinsurer for such reinsurance. The Reinsurer shall be liable only for a refund of unearned premiums and unpaid claimspremiums. The Reinsurer will not pay to terms and conditions for the Ceding Company any amount representing to recapture reinsured policies, as made necessary by the reserve held on insolvency of the businessReinsurer, are set forth in Article 16.2. Payment of amounts specified in the terminal accounting No recapture will be the Reinsurer's full and final payment to permitted if the Ceding CompanyCompany has either obtained or increased stop loss reinsurance coverage as justification for the increase in retention limits.
Appears in 1 contract
Sources: Yearly Renewable Term Reinsurance Agreement (American National Variable Life Separate Account)
Recapture. If the Ceding Company increases its Maximum Dollar Retention Limits shown in Section 3 of Schedule A, then it may, with 90 day's Written days’ written notice to the reinsurerReinsurer, reduce or recapture the reinsurance in force subject to the following requirmentsrequirements:
i. An in-force cession is not eligible for recapture until it has been reinsured for the minimum number of years shown in Section 7 of Schedule A. The effective date of the reduction in reinsurance will be the later of the first policy anniversary following the expiration of the 90-day notice period to recapture and the policy anniversary date when the required minimum number of years is attained.
ii. On all policies eligible for recapture, reinsurance will be reduced by the amount necessary to increase the total insurance retained up to the new Maximum Dollar Retention Limits.
iii. If more than one policy per life is eligible for recapture, then any recapture must be effected beginning with the policy with the earliest issue date and continuing in chronological order according to the remaining policies' ’ issue dates.
iv. The Ceding Company may not rescind its election to recapture for policies becoming eligible at future anniversaries.
v. Recapture of reinsurance will not be allowed on any policy for which the Ceding Company did not keep its Maximum Dollar Retention Limit at issue. The Ceding Company's ’s Maximum Dollar Retention Limits are stated in Section 3 of Schedule A.
vi. If any policy eligible for recapture is also eligible for recapture from other reinsurers, the reduction in the Reinsurer's ’s reinsurance on that policy will be in proportion to the total amount of reinsurance on the life with all reinsurers.
vii. Recapture will not be made on a basis that may result in any anti-selection against the Reinsurer. The Reinsurer maintains the discretion to determine when anti-selection has occurred.
viii. Upon the effective date of recapture and again six months following the recapture, the Reinsurer will calculate a terminal accounting that will include a refund of unearned premiums and unpaid claims. The Reinsurer will not pay to the Ceding Company any amount representing the reserve held on the business. Payment of amounts specified in the terminal accounting will be the Reinsurer's ’s full and final payment to the Ceding Company.
Appears in 1 contract
Sources: Reinsurance Agreement (Kansas City Life Insurance Co)
Recapture. If 11.1 Whenever the Ceding Company increases its Maximum Dollar Retention Limits shown maximum retention limits over the maximum retention limits set forth in Section 3 of Schedule Exhibit A, then the Ceding Company has the option to recapture certain risk amounts. If the Ceding Company has maintained its maximum stated retention (not a special retention limit) for the plan and the insured's issue age, sex, and mortality classification, it may, with 90 day's Written notice may apply its increased retention limits to reduce the reinsurer, reduce or recapture the amount of reinsurance in force subject as follows.
(a) The Ceding Company must give MARC thirty (30) days written notice prior to the following requirments:commencement of recapture.
i. An in-force cession is not eligible for recapture until it has been reinsured for the minimum number (b) The reduction of years shown in Section 7 of Schedule A. The reinsurance on affected policies will become effective date of the reduction in reinsurance will be the later of the first policy anniversary following the expiration of the 90-day notice period to recapture and on the policy anniversary date when immediately following the required minimum number notice of years is attainedelection to recapture; however, no reduction will be made until a policy has been in force for at least twenty (20) years.
ii. On (c) If any reinsured policy is recaptured, all reinsured policies eligible for recapture, reinsurance will recapture under the provisions of this Article must be reduced by the amount necessary to increase the total insurance retained recaptured up to the Ceding Company's new Maximum Dollar Retention Limits
iii. If more than one policy per life is eligible for recapture, then any recapture maximum retention limits in a consistent manner and the Ceding Company must be effected beginning with the policy with the earliest issue date and continuing in chronological order according to the remaining policies' issue dates.
ivincrease its total amount of insurance on each reinsured life. The Ceding Company may not rescind revoke its election to recapture for policies becoming eligible at future anniversaries.
v. Recapture . If portions of reinsurance will not be allowed on any the reinsured policy for which have been ceded to more than one reinsurer, the Ceding Company did not keep its Maximum Dollar Retention Limit must allocate the reduction in reinsurance so that the amount reinsured by each reinsurer after the reduction is proportionately the same as if the new maximum dollar retention limits had been in effect at the time of issue. The Ceding Company's Maximum Dollar Retention Limits are stated in Section 3 amount of Schedule A.
vi. If any policy reinsurance eligible for recapture is also eligible for recapture from other reinsurersbased on the current amount at risk as of the date of recapture. For a policy issued as a result of exchange, conversion, or re-entry, the reduction in recapture terms of the Reinsurer's reinsurance on that agreement covering the original policy will apply, and the duration period for the purpose of recapture will be in proportion to the total amount of reinsurance on the life with all reinsurers.
vii. Recapture will not be made on a basis that may result in any anti-selection against the Reinsurer. The Reinsurer maintains the discretion to determine when anti-selection has occurred.
viii. Upon measured from the effective date of the reinsurance on the original policy. If there is a reinsured waiver of premium claim in effect when recapture and again six months following takes place, MARC will continue to pay its share of the waiver claim until it terminates. MARC will not be liable for any other benefits, including the basic life risk, that are eligible for recapture. All such eligible benefits will be recaptured as if there were no waiver claim in effect. After the effective date of recapture, the Reinsurer will calculate a terminal accounting that will include a refund of unearned premiums and unpaid claims. The Reinsurer MARC will not pay to be liable for any reinsured policies or portions of such reinsured policies eligible for recapture that the Ceding Company any amount representing the reserve held on the business. Payment of amounts specified in the terminal accounting has overlooked, provided however that MARC will be the Reinsurer's liable for a refund in full and final payment to of any premium so received. No recapture will be permitted if the Ceding Company.Company has either obtained or increased stop loss reinsurance coverage as justification for the increase in retention limits. 15 -------------------------------------------------------------------------------- [GRAPHIC OMITTED] MARC MUNICH RE GROUP
Appears in 1 contract
Sources: Automatic Yrt Reinsurance Agreement (Jackson National Separate Account Iv)
Recapture. If Whenever the Ceding Company increases its Maximum Dollar Retention Limits shown Per Life as set forth in Section 3 Exhibit A (A.1) the Ceding Company will notify the Reinsurer of Schedule A, then it may, with 90 day's Written notice its intent to recapture to the reinsurernew retention limits. If the Ceding Company has maintained its Maximum Retention Per Life for the plan and the insured's issue age, sex, and mortality classification, it may apply its increased retention limits to reduce or recapture the amount of reinsurance in force subject to the following requirmentsas follows:
i. An in-force cession is not eligible for recapture until it has been reinsured for a. the minimum number of years shown in Section 7 of Schedule A. The effective Ceding Company must give the Reinsurer ninety (90) days written notice prior to its intended date of the commencement of recapture; and
b. the reduction in of reinsurance on affected policies will be the later of the first policy anniversary following the expiration of the 90-day notice period to recapture and become effective on the policy anniversary date when immediately following the required minimum number notice of years is attained.
ii. On all policies eligible for election to recapture; however, reinsurance no reduction will be reduced by made until a policy has been in force for at least [*] where the amount necessary to increase the total insurance retained corporate maximum dollar retention was held at issue, up to the then current increased retention; and
c. if any policy reinsured on the life is recaptured, all policies reinsured on the life that are eligible for recapture under the provisions of this Article must be recaptured up to the Ceding Company's new Maximum Dollar Retention Limits
iii. If more than one policy per life is eligible for recapturePer Life in a consistent manner, then any recapture and the Ceding Company must be effected beginning with the policy with the earliest issue date and continuing in chronological order according to the remaining policies' issue dates.
ivincrease its total amount of insurance on each reinsured life. The Ceding Company may not rescind revoke its election to recapture for policies becoming eligible at future anniversaries.; and
v. Recapture d. no recapture will be made unless the Ceding Company retained its corporate maximum dollar limit of reinsurance retention for the plan, age and mortality rating at the time the policy was issued. No recapture will not be allowed on in any policy class of fully reinsured business nor in any classes of risks for which the Ceding Company did not keep its Maximum Dollar Retention Limit at issue. The established special retention limits less than the Ceding Company's Maximum Dollar Retention Limits are stated in Section 3 of Schedule A.
viPer Life for the plan, age, and mortality rating at the time the policy was issued. If portions of a policy reinsured under this Agreement have been reinsured with more than one Reinsurer, the Ceding Company must allocate the reduction in reinsurance so that the amount reinsured by each Reinsurer after the reduction is proportionately the same as if the new Maximum Retention Per Life had been in effect at the time of issue. Recapture is not available due to any policy change in the financial condition of the Reinsurer. The amount of reinsurance eligible for recapture is also eligible for recapture from other reinsurersbased on the Reinsured Net Amount at Risk as of the date of recapture. For a policy issued as a result of exchange, conversion or re-entry, the reduction in recapture terms of the Reinsurer's reinsurance on that policy agreement covering the Original Policy will apply, and the duration for the purpose of recapture will be in proportion to the total amount of reinsurance on the life with all reinsurers.
vii. Recapture will not be made on a basis that may result in any anti-selection against the Reinsurer. The Reinsurer maintains the discretion to determine when anti-selection has occurred.
viii. Upon measured from the effective date of the reinsurance on the Original Policy. If there is a reinsured waiver of premium claim in effect when recapture and again six months following takes place, the Reinsurer will continue to pay its share of the waiver claim until it terminates. The Reinsurer will not be liable for any other benefits, including the basic life risk, that are eligible for recapture. All such eligible benefits will be recaptured as if there were no waiver claim in effect. After the effective date of recapture, the Reinsurer will calculate a terminal accounting not be liable for any benefits on reinsured policies or portions of such reinsured policies eligible for recapture that will include a refund of unearned premiums and unpaid claims. The Reinsurer will not pay to the Ceding Company any amount representing the reserve held on the business. Payment of amounts specified in the terminal accounting will be the Reinsurer's full and final payment to the Ceding Companyhas overlooked.
Appears in 1 contract
Sources: Reinsurance Agreement (Ameritas Variable Separate Account V)
Recapture. If The Company may apply an increase in its Retention Limit to reduce the Ceding Company increases its Maximum Dollar Retention Limits shown in Section 3 ceded amount of Schedule A, then it may, with 90 day's Written notice to the reinsurer, reduce or recapture the inforce reinsurance in force subject to the following requirmentsprovided that:
i. An in-force cession is not a) The Company gives the Reinsurer irrevocable written notice of its intention to recapture; and
b) Recapture will be effected on the next anniversary of each Reinsured Policy eligible for recapture unless agreed otherwise by both parties and with no recapture being made until it the Reinsured Policy has been reinsured in force for the minimum number period specified in Exhibit C-1. For a conversion or re-entry, the recapture terms of years shown in Section 7 of Schedule A. The the original policy will apply and the duration for the recapture period will be measured from the effective date of the reduction original policy; and
c) The Company has maintained, from the time the policy was issued, its full retention as set out in Exhibit D, and has applied its increased Retention Limit to all categories set out in Exhibit D. In applying its increased Retention Limit to Reinsured Policies, the age and mortality rating at the time of issue will be used to determine the amount of the Company’s increased retention. The amount of reinsurance eligible for recapture will be the later difference between the amount originally retained and the amount the Company would have retained had the new retention been in effect at the time of issue. The amount of reinsurance eligible for recapture will be determined based on the reinsurance net amount at risk as of the first policy anniversary following the expiration date of the 90-day notice period to recapture and the policy anniversary date when the required minimum number of years recapture. If there is attained.
ii. On all policies reinsurance with other reinsurers on risks eligible for recapture, reinsurance the reduction will be reduced by the amount necessary applied pro rata to increase the total insurance retained up to outstanding reinsurance. Recapture is optional, but if any reinsured business is recaptured, all eligible reinsured business must be recaptured. In addition, all life risks reinsured under any other reinsurance agreement between the new Maximum Dollar Retention Limits
iii. If more than one policy per life is Reinsurer and the Company which are eligible for recapture, then any recapture must be effected beginning with similarly recaptured. No reserves for the policy with the earliest issue date and continuing in chronological order according recaptured business will be paid to the remaining policies' issue dates.
iv. The Ceding Company may not rescind its election to recapture for policies becoming eligible at future anniversaries.
v. Recapture of reinsurance will not be allowed on any policy for which the Ceding Company did not keep its Maximum Dollar Retention Limit at issue. The Ceding Company's Maximum Dollar Retention Limits are stated in Section 3 of Schedule A.
vi. If any policy eligible for recapture is also eligible for recapture from other reinsurers, the reduction in the Reinsurer's reinsurance on that policy will be in proportion to the total amount of reinsurance on the life with all reinsurers.
vii. Recapture will not be made on a basis that may result in any anti-selection against by the Reinsurer. The Reinsurer maintains Any successor of the discretion Company will have the option to determine when anti-selection recapture reinsurance in accordance with this Article, provided that the successor company has occurred.
viiior adopts a higher Retention Limit than previously used by the Company. Upon Effective as of the effective date of recapture and again six months following the recapturedate, the Reinsurer will calculate a terminal accounting that will include a refund of unearned premiums and unpaid claimsnot be liable for any eligible business which was overlooked. The Reinsurer parties’ obligations for any recaptured business will not pay be limited to those relating to events or circumstances arising or occurring before the recapture date. Upon recapture, each party will be deemed to be fully and finally released from all obligations under this Agreement with respect to the Ceding Company any amount representing the reserve held on the recaptured business. Payment of amounts specified in the terminal accounting will be the Reinsurer's full and final payment to the Ceding Company.
Appears in 1 contract
Sources: Reinsurance Agreement (Thrivent Variable Life Account I)
Recapture. 12.1 Whenever the Ceding Company, pursuant to Article 11, increases its retention limits over the retention limits set forth in Exhibit A - Retention Limits of the Ceding Company, the Ceding Company has the option to recapture certain risk amounts. If the Ceding Company increases has maintained its Maximum Dollar stated retention for the plan and the insured's age, sex, and mortality classification on an automatic risk, or at least the lesser of its Per Life Retention Limits shown in Section 3 Limit or [percentage] on a facultative risk, it may apply its increased retention limits to reduce the amount of Schedule A, then it may, with 90 day's Written notice to the reinsurer, reduce or recapture the reinsurance in force subject to the following requirmentsas follows:
i. An in-force cession is not eligible for recapture until it has been reinsured for (a) The Ceding Company must give the minimum number of years shown in Section 7 of Schedule A. The effective Reinsurer ninety (90) days written notice prior to its intended date of the recapture.
(b) The reduction in of reinsurance on affected policies will be the later of the first policy anniversary following the expiration of the 90-day notice period to recapture and become effective on the policy anniversary date when immediately following the required minimum number notice of years is attainedelection to recapture; however, no reduction will be made until a policy has been in force for a duration of at least [number] years.
ii. On (c) If any reinsured policy is recaptured, all reinsured policies eligible for recapture, reinsurance will recapture under the provisions of this Article must be reduced by the amount necessary to increase the total insurance retained recaptured up to the Ceding Company's new Maximum Dollar Retention Limits
iii. If more than one policy per life is eligible for recapture, then any recapture retention limits in a consistent manner and the Ceding Company must be effected beginning with the policy with the earliest issue date and continuing in chronological order according to the remaining policies' issue dates.
ivincrease its total amount of insurance retained on each reinsured life. The Ceding Company may not rescind revoke its election to recapture for policies becoming eligible at future anniversaries.
v. . Recapture for a policy may occur at different times because of different duration requirements under various reinsurance will not agreements. For a policy subject to recapture from the Reinsurer that has met the duration requirement in clause (b) above, the revised Reinsured Net Amount at Risk shall be allowed on any policy for which the Ceding Company did not keep its Maximum Dollar Retention Limit at issue. The determined using Ceding Company's Maximum Dollar Retention Limits are stated Retained Share as if the policy were eligible for recapture from all reinsurers who have a share of the risk on that policy (or who had a share of risk on that policy prior to an earlier recapture). For a policy not yet subject to recapture from the Reinsurer because of an unattained duration requirement, Reinsured Net Amount at Risk will continue being determined using Ceding Company's Retained Share as provided for in Section 3 Exhibit A as if the policy were not eligible for recapture by any of Schedule A.
vithe reinsurers who have or had a share of the risk on the policy. If any policy The amount of reinsurance eligible for recapture is also eligible for recapture from other reinsurersbased on the Net Amount at Risk as of the date of recapture. For a policy issued as a result of an exchange or conversion, the reduction in policy date and current duration of the Reinsurer's reinsurance on that new policy and the recapture provisions under this Agreement will be in proportion to the total amount of reinsurance on the life with all reinsurers.
viiused. Recapture will not be made on a basis that may result in any anti-selection against the Reinsurer. The Reinsurer maintains the discretion to determine when anti-selection has occurred.
viii. Upon Following the effective date of recapture and again six months following the recapture, the Reinsurer will calculate a terminal accounting not be liable for any reinsured policies or portions of such reinsured policies eligible for recapture that will include a refund of unearned premiums and unpaid claims. The Reinsurer will not pay to the Ceding Company any amount representing has overlooked inadvertently. If the reserve held on Ceding Company transfers business that is reinsured under this Agreement to a successor ceding company, then the business. Payment of amounts specified successor ceding company has the option to recapture the reinsurance in accordance with the terminal accounting will be recapture criteria outlined in this Article, but only if the Reinsurer's full and final payment successor ceding company has or adopts a higher maximum retention limit than that applicable to the Ceding Companyblock of business subject to recapture.
Appears in 1 contract
Sources: Reinsurance Agreement (Ids Life Variable Life Separate Account)
Recapture. If When the Ceding Company increases its Corporate Maximum Dollar Retention Limits shown in Section 3 of Schedule ALimit pursuant to this Agreement, then it the Company may, with 90 day's Written notice at its option, recapture an amount equal to the reinsurerdifference between the amount originally retained and the amount the Company would have retained on the same reinsurance basis as specified in the Exhibits hereto had the new Corporate Maximum Retention Limit been in effect at the time of issue, reduce or recapture the reinsurance in force subject to the following requirmentsprovided:
i. An in-force cession is not eligible for The Company gives the Reinsurer written notice of its intention to recapture until it has been reinsured for within ninety (90) days of the minimum number of years shown in Section 7 of Schedule A. The effective date of the reduction in reinsurance will be the later of the first policy anniversary following the expiration of the 90-day notice period to recapture and the policy anniversary date when the required minimum number of years is attained.Corporate Maximum Retention Limit increase; and
ii. On such recaptures are made on the next anniversary of each Reinsured Policy affected unless mutually agreed otherwise by the Company and the Reinsurer and with no recapture being made until the Reinsured Policy has been in force for the period specified in the Exhibits hereto; and
iii. the Company has maintained, from the time the Policy was issued, an amount equal to the applicable Corporate Maximum Retention Limit for the plan and the insured's classification; and
iv. the Company has applied its increased Corporate Maximum Retention Limit in a consistent manner to all policies categories of its Retention Limits specified in the Exhibits hereto unless otherwise agreed to by the Reinsurer. In applying its increased Corporate Maximum Retention Limit to Reinsured Policies, the age and mortality rating at the time of issue will be used to determine the amount of the Company's increased retention. If the Company exercises its option to recapture, all Reinsured Policies eligible for recapture under the provisions of this Article must be recaptured. If there is reinsurance in other companies on risks eligible for recapture, reinsurance will the necessary reduction is to be reduced by the amount necessary applied pro rata to increase the total insurance retained up to the new Maximum Dollar Retention Limits
iiioutstanding reinsurance. If more than one policy per life is The amount of reinsurance eligible for recapture is based on the reinsured net amount at risk as of the date of recapture, then any recapture must be effected beginning with the policy with the earliest issue date and continuing in chronological order according to the remaining policies' issue dates.
iv. The Ceding Company may not rescind revoke its election to recapture for policies on Reinsured Policies becoming eligible at future anniversaries.
v. Recapture . No recapture of Reinsured Policies will occur if the Company has either obtained or increased stop loss reinsurance will not be allowed on any policy coverage as justification for which the Ceding Company did not keep its Maximum Dollar increase in Retention Limit at issueLimits. The Ceding Company's Maximum Dollar Retention Limits are stated in Section 3 of Schedule A.
vi. If any policy eligible for recapture is also eligible for recapture from other reinsurers, the reduction in the Reinsurer's reinsurance on that policy will be in proportion to the total amount of reinsurance on the life with all reinsurers.
vii. Recapture will not be made on a basis that may result in any anti-selection against the Reinsurer. The Reinsurer maintains the discretion to determine when anti-selection has occurred.
viii. Upon Following the effective date of recapture and again six months following the recapture, the Reinsurer will calculate not be liable for claims on any Reinsured Policies or portions of such Reinsured Policies that are eligible for recapture but the Company has overlooked. In this instance, the Reinsurer will be liable only for a terminal accounting that credit of the premiums received after the effective date of recapture, less any allowance. If Waiver of Premium (WP) is a reinsured benefit on any Reinsured Policy covered by this Agreement and there is a WP claim in effect with respect to a Reinsured Policy when recapture takes place, the WP claim will include a refund stay in effect and the Reinsurer will continue to pay its share of unearned premiums and unpaid claimsthe WP claim until such claim terminates. The During such period, the Reinsurer will not pay be liable for any other benefits with respect to the Ceding Reinsured Policy, including the basic life risk, which are eligible for recapture. All eligible benefits will be recaptured as if there was no WP claim. If the Company any amount representing transfers business that is reinsured under this Agreement to a successor company, then the reserve held on successor company has the businessoption to recapture the reinsurance, in accordance with the recapture criteria outlined in this Article, only if the successor company has or adopts a higher retention limit than that of the Company. Payment Should the successor company have a higher retention limit than the Company and exercises a right to recapture the business it may do so only ratably over a 36-month period. The terms and conditions of amounts the Company’s right to recapture due to the Reinsurer’s insolvency are specified in the terminal accounting will be the Reinsurer's full and final payment to the Ceding CompanyInsolvency section of this Agreement.
Appears in 1 contract
Sources: Reinsurance Agreement (Ameritas Variable Separate Account V)
Recapture. If Whenever the Ceding Company increases its Maximum Dollar Retention Limits shown Limit , as set forth in Section 3 of Schedule AExhibit D, then it maymay elect to recapture all in force reinsurance affected by the increase, with 90 day's Written provided a ninety (90) day written notice is given to the reinsurer, reduce or Reinsurer prior to the effective date of commencement of its recapture election. Recapture of the reinsurance in force reinsurance shall be subject to the following requirmentsconditions:
i. a) An in-in force cession is Reinsured Policy shall not be eligible for recapture until it has been reinsured for the minimum number of years shown as specified in Section 7 of Schedule A. Exhibit C-1. The effective date of the reduction in reinsurance will shall be the later of of:
i) the first policy Policy anniversary following the expiration of the ninety (90-) day notice period to recapture and recapture; or
ii) the policy Policy anniversary date when the required minimum number of years is attained; or
iii) a mutually agreed effective date between the Company and the Reinsurer.
ii. On b) The Company must have maintained the maximum dollar retention on the life for the plan, insured's age, sex and mortality classification as set forth in Exhibit D.
c) Reinsurance for all policies Reinsured Policies eligible for recapture, reinsurance will recapture shall be reduced by the amount necessary to increase the total insurance amount retained on the life up to the new Maximum Dollar Retention LimitsLimit. The amount of reinsurance eligible for recapture will be the difference between the amount originally retained and the amount the Company would have retained had the new retention been in effect at the time of issue. The amount of reinsurance eligible for recapture will be determined based on the reinsurance net amount at risk as of the date of recapture.
iii. d) If the Reinsured Policy is eligible for recapture from other reinsurers, the reduction in reinsurance shall be shared proportionately based upon the original risk among the reinsurers.
e) If more than one policy per life Reinsured Policy is eligible for recapture, then any recapture must be effected affected beginning with the policy Reinsured Policy with the earliest issue date and continuing in chronological order according to the remaining policiesReinsured Policies' issue dates.
iv. f) The Ceding Company may shall not rescind or revoke its election decision to recapture once elected for policies any Reinsured Policies becoming eligible at on future Policy anniversaries.
v. g) For a Reinsured Policy issued as a result of a continuation, such as conversion, reentry or exchange, the recapture terms of the agreement covering the original Policy shall apply and the recapture period shall be measured from the issue date of the original Policy.
h) No recapture will occur if the Company has either obtained or increased stop loss reinsurance coverage as justification for the increase in retention.
i) Recapture of is optional, but if any reinsured business is recaptured, all eligible reinsured business must be recaptured. In addition, all life risks reinsured under any other reinsurance will not be allowed on any policy for agreement between the Reinsurer and the Company which the Ceding Company did not keep its Maximum Dollar Retention Limit at issue. The Ceding Company's Maximum Dollar Retention Limits are stated in Section 3 of Schedule A.
vi. If any policy eligible for recapture is also eligible for recapture from other reinsurers, the reduction in the Reinsurer's reinsurance on that policy will must be in proportion to the total amount of reinsurance on the life with all reinsurerssimilarly recaptured.
vii. Recapture j) Any successor of the Company will not be made on have the option to recapture reinsurance in accordance with this Article, provided that the successor company has or adopts a basis that may result in any anti-selection against higher Retention Limit than previously used by the Reinsurer. The Reinsurer maintains the discretion to determine when anti-selection has occurredCompany.
viii. Upon k) Effective as of the effective date of recapture and again six months following the recapturedate, the Reinsurer will calculate a terminal accounting that will include a refund of unearned premiums and unpaid claimsnot be liable for any eligible business which was overlooked. The Reinsurer parties' obligations for any recaptured business will not pay be limited to those relating to events or circumstances arising or occurring before the recapture date, including payment of the termination settlement amount.
l) Upon payment of the termination settlement amount, each party will be deemed to be fully and finally released from all obligations under this Agreement with respect to the Ceding Company any amount representing the reserve held on the recaptured business. Payment of amounts specified in the terminal accounting will be the Reinsurer's full and final payment to the Ceding Company.
Appears in 1 contract
Sources: Reinsurance Agreement (Nationwide VL Separate Account-G)
Recapture. If 12.1 Whenever the Ceding Company increases its Maximum Dollar maximum retention limits over the maximum retention limits set forth in Exhibit A - Retention Limits shown in Section 3 of Schedule Athe Ceding Company, then the Ceding Company has the option to recapture certain risk amounts. If the Ceding Company has maintained its maximum stated retention (not a special retention limit) for the plan and the insured's age, sex, and mortality classification, it may, with 90 day's Written notice may apply its increased retention limits to reduce the reinsurer, reduce or recapture the amount of reinsurance in force subject to the following requirmentsas follows:
i. An in-force cession is not eligible for recapture until it has been reinsured for (a) The Ceding Company must give the minimum number of years shown in Section 7 of Schedule A. The effective Reinsurer 90 days written notice prior to its intended date of the recapture.
(b) The reduction in of reinsurance on affected policies will be the later of the first policy anniversary following the expiration of the 90-day notice period to recapture and become effective on the policy anniversary date when immediately following the required minimum number notice of years is attainedelection to recapture; however, no reduction will be made until a policy has been in force for at least [number] years.
ii. On (c) If any reinsured policy is recaptured, all reinsured policies eligible for recapture, reinsurance will recapture under the provisions of this Article must be reduced by the amount necessary to increase the total insurance retained recaptured up to the Ceding Company's new Maximum Dollar Retention Limits
iii. If more than one policy per life is eligible for recapture, then any recapture maximum retention limits in a consistent manner and the Ceding Company must be effected beginning with the policy with the earliest issue date and continuing in chronological order according to the remaining policies' issue dates.
ivincrease its total amount of insurance on each reinsured life. The Ceding Company may not rescind revoke its election to recapture for policies becoming eligible at future anniversaries.
v. Recapture . If portions of reinsurance will not be allowed on any the reinsured policy for which have been ceded to more than one reinsurer, the Ceding Company did must allocate the reduction in reinsurance among all the reinsurers so that the relationship of the total reinsurance among the reinsurers in any given layer does not keep its Maximum Dollar Retention Limit at issuechange due to the recapture. The Ceding Company's Maximum Dollar Retention Limits are stated in Section 3 amount of Schedule A.
vi. If any policy reinsurance eligible for recapture is also eligible for recapture from other reinsurersbased on the net amount at risk as of the date of recapture. For a policy issued as a result of a fully-underwritten exchange, the reduction in policy date and the Reinsurer's reinsurance on that current duration of the new policy and the recapture provisions under this Agreement will be in proportion to the total amount of reinsurance on the life with all reinsurers.
viiused. Recapture will not be made on a basis that may result in any anti-selection against the Reinsurer. The Reinsurer maintains the discretion to determine when anti-selection has occurred.
viii. Upon After the effective date of recapture and again six months following the recapture, the Reinsurer will calculate a terminal accounting not be liable for any reinsured policies or portions of such reinsured policies eligible for recapture that will include a refund of unearned premiums and unpaid claims. The Reinsurer will not pay to the Ceding Company any amount representing has overlooked. If the reserve held on Ceding Company transfers business that is reinsured under this Agreement to a successor ceding company, then the business. Payment of amounts specified successor ceding company has the option to recapture the reinsurance in accordance with the terminal accounting will be recapture criteria outlined in this Article, but only if the Reinsurer's full and final payment successor ceding company has or adopts a higher retention limit than that applicable to the Ceding Company.block of business subject to recapture. IDSL Succession Select Treaty
Appears in 1 contract
Sources: Automatic Yrt Reinsurance Agreement (Ids Life Variable Life Separate Account)
Recapture. If The Company may apply an increase in its Retention Limit to reduce the Ceding ceded amount of inforce reinsurance provided that
a) The Company increases gives the Reinsurer irrevocable written notice of its Maximum Dollar Retention Limits shown in Section 3 intention to recapture; and
b) Recapture will be effected on the next anniversary of Schedule A, then it may, with 90 day's Written notice to the reinsurer, reduce or recapture the reinsurance in force subject to the following requirments:
i. An in-force cession is not each Reinsured Policy eligible for recapture unless agreed otherwise by both parties and with no recapture being made until it the Reinsured Policy has been reinsured in force for the minimum number period specified in Exhibit C-1. For a conversion or re-entry, the recapture terms of years shown in Section 7 of Schedule A. The the original policy will apply and the duration for the recapture period will be measured from the effective date of the reduction original policy; and
c) The Company has maintained, from the time the policy was issued, its full retention as set out in Exhibit D, and has applied its increased Retention Limit to all categories set out in Exhibit D. In applying its increased Retention Limit to Reinsured Policies, the age and mortality rating at the time of issue will be used to determine the amount of the Company's increased retention. The amount of reinsurance eligible for recapture will be the later difference between the amount originally retained and the amount the Company would have retained had the new retention been in effect at the time of issue. The amount of reinsurance eligible for recapture will be determined based on the reinsurance net amount at risk as of the first policy anniversary following the expiration date of the 90-day notice period to recapture and the policy anniversary date when the required minimum number of years recapture. If there is attained.
ii. On all policies reinsurance with other reinsurers on risks eligible for recapture, reinsurance the reduction will be reduced by the amount necessary applied pro rata to increase the total insurance retained up to outstanding reinsurance. Recapture is optional, but if any reinsured business is recaptured, all eligible reinsured business must be recaptured. In addition, all life risks reinsured under any other reinsurance agreement between the new Maximum Dollar Retention Limits
iii. If more than one policy per life is Reinsurer and the Company which are eligible for recapture, then any recapture must be effected beginning with similarly recaptured. No reserves for the policy with the earliest issue date and continuing in chronological order according recaptured business will be paid to the remaining policies' issue dates.
iv. The Ceding Company may not rescind its election to recapture for policies becoming eligible at future anniversaries.
v. Recapture of reinsurance will not be allowed on any policy for which the Ceding Company did not keep its Maximum Dollar Retention Limit at issue. The Ceding Company's Maximum Dollar Retention Limits are stated in Section 3 of Schedule A.
vi. If any policy eligible for recapture is also eligible for recapture from other reinsurers, the reduction in the Reinsurer's reinsurance on that policy will be in proportion to the total amount of reinsurance on the life with all reinsurers.
vii. Recapture will not be made on a basis that may result in any anti-selection against by the Reinsurer. The Reinsurer maintains Any successor of the discretion Company will have the option to determine when anti-selection recapture reinsurance in accordance with this Article, provided that the successor company has occurred.
viiior adopts a higher Retention Limit than previously used by the Company. Upon Effective as of the effective date of recapture and again six months following the recapturedate, the Reinsurer will calculate a terminal accounting that will include a refund of unearned premiums and unpaid claimsnot be liable for any eligible business which was overlooked. The Reinsurer parties' obligations for any recaptured business will not pay be limited to those relating to events or circumstances arising or occurring before the recapture date. Upon recapture, each party will be deemed to be fully and finally released from all obligations under this Agreement with respect to the Ceding Company any amount representing the reserve held on the recaptured business. Payment of amounts specified in the terminal accounting will be the Reinsurer's full and final payment to the Ceding Company.
Appears in 1 contract
Sources: Reinsurance Agreement (Nationwide VLI Separate Account-7)
Recapture. If 1) Whenever the Ceding Company increases its Maximum Dollar Retention Limits shown maximum retention limits over the maximum retention limits set forth in Section 3 of Schedule Exhibit A, then it may, with 90 day's Written notice the Company has the option to the reinsurer, reduce or recapture the reinsurance in force subject to the following requirments:
i. An in-force cession is not certain risk amounts. The amount eligible for recapture until it has will be the difference between the amount originally retained and the amount the company would have retained on the same basis had the new maximum retention limits been reinsured for in effect at the minimum number time of years shown in Section 7 of Schedule A. issue
a. The effective Company must give the Reinsurer ninety (90) days written notice prior to its intended date of the commencement of recapture.
b. The reduction in of reinsurance on affected policies will be the later of the first policy anniversary following the expiration of the 90-day notice period to recapture and become effective on the policy anniversary date when immediately following the required minimum number notice of years election to recapture; however, no reduction will be made prior to the policy anniversary specified in Exhibit C.
c. If any reinsured policy is attained.
ii. On recaptured, all reinsured policies eligible for recapture, reinsurance will recapture under the provisions of this Article must be reduced by the amount necessary to increase the total insurance retained recaptured up to the Company’s new Maximum Dollar Retention Limits
iii. If more than one policy per life is eligible for recapture, then any recapture maximum retention limits in a consistent manner and the Company must be effected beginning with the policy with the earliest issue date and continuing in chronological order according to the remaining policies' issue dates.
ivincrease its total amount of insurance on each reinsured life. The Ceding Company may not rescind revoke its election to recapture for policies becoming eligible at future anniversaries.
v. Recapture . If portions of the reinsured policy have been ceded to more than one reinsurer, the Company must allocate the reduction in reinsurance will not be allowed on any policy for which so that the Ceding Company did not keep its Maximum Dollar Retention Limit amount reinsured by each reinsurer after the reduction is proportionately the same as if the new maximum dollar retention limits had been in effect at the time of issue. The Ceding Company's Maximum Dollar Retention Limits are stated in Section 3 amount of Schedule A.
vi. If any policy reinsurance eligible for recapture is also eligible for recapture from other reinsurersbased on the current amount at risk as of the date of recapture. For a policy issued as a result of an internal exchange, conversion or re-entry, the reduction in recapture terms of the Reinsurer's reinsurance on that agreement covering the original policy will apply, and the duration period for the purpose of recapture will be in proportion to the total amount of reinsurance on the life with all reinsurers.
vii. Recapture will not be made on a basis that may result in any anti-selection against the Reinsurer. The Reinsurer maintains the discretion to determine when anti-selection has occurred.
viii. Upon measured from the effective date of recapture and again six months following the reinsurance on the original policy. After the effective date of recapture, the Reinsurer will calculate a terminal accounting not be liable for any reinsured policies or portions of such reinsured policies eligible for recapture that will include a refund of unearned premiums and unpaid claims. The Reinsurer will not pay to the Ceding Company any amount representing the reserve held on the business. Payment of amounts specified in the terminal accounting will be the Reinsurer's full and final payment to the Ceding Companyhas overlooked.
Appears in 1 contract
Sources: Reinsurance Agreement (Nationwide VL Separate Account-G)
Recapture. If 12.1 Whenever the Ceding Company increases its Maximum Dollar maximum retention limits over the maximum retention limits set forth in Exhibit A - Retention Limits shown in Section 3 of Schedule Athe Ceding Company, then the Ceding Company has the option to recapture certain risk amounts. If the Ceding Company has maintained its maximum stated retention (not a special retention limit) for the plan and the insured's age, sex, and mortality classification, it may, with 90 day's Written notice may apply its increased retention limits to reduce the reinsurer, reduce or recapture the amount of reinsurance in force subject to the following requirmentsas follows:
i. An in-force cession is not eligible for recapture until it has been reinsured for (a) The Ceding Company must give the minimum number of years shown in Section 7 of Schedule A. The effective Reinsurer 90 days written notice prior to its intended date of the recapture.
(b) The reduction in of reinsurance on affected policies will be the later of the first policy anniversary following the expiration of the 90-day notice period to recapture and become effective on the policy anniversary date when immediately following the required minimum number notice of years is attainedelection to recapture; however, no reduction will be made until a policy has been in force for at least 10 years.
ii. On (c) If any reinsured policy is recaptured, all reinsured policies eligible for recapture, reinsurance will recapture under the provisions of this Article must be reduced by the amount necessary to increase the total insurance retained recaptured up to the Ceding Company's new Maximum Dollar Retention Limits
iii. If more than one policy per life is eligible for recapture, then any recapture maximum retention limits in a consistent manner and the Ceding Company must be effected beginning with the policy with the earliest issue date and continuing in chronological order according to the remaining policies' issue dates.
ivincrease its total amount of insurance on each reinsured life. The Ceding Company may not rescind revoke its election to recapture for policies becoming eligible at future anniversaries.
v. Recapture . If portions of reinsurance will not be allowed on any the reinsured policy for which have been ceded to more than one reinsurer, the Ceding Company did must allocate the reduction in reinsurance among all the reinsurers so that the relationship of the total reinsurance among the reinsurers in any given layer does not keep its Maximum Dollar Retention Limit at issuechange due to the recapture. The Ceding Company's Maximum Dollar Retention Limits are stated in Section 3 amount of Schedule A.
vi. If any policy reinsurance eligible for recapture is also eligible for recapture from other reinsurersbased on the net amount at risk as of the date of recapture. For a policy issued as a result of a fully-underwritten exchange, the reduction in policy date and the Reinsurer's reinsurance on that current duration of the new policy and the recapture provisions under this Agreement will be in proportion to the total amount of reinsurance on the life with all reinsurers.
viiused. Recapture will not be made on a basis that may result in any anti-selection against the Reinsurer. The Reinsurer maintains the discretion to determine when anti-selection has occurred.
viii. Upon After the effective date of recapture and again six months following the recapture, the Reinsurer will calculate a terminal accounting not be liable for any reinsured policies or portions of such reinsured policies eligible for recapture that will include a refund of unearned premiums and unpaid claims. The Reinsurer will not pay to the Ceding Company any amount representing has overlooked. If the reserve held on Ceding Company transfers business that is reinsured under this Agreement to a successor ceding company, then the business. Payment of amounts specified successor ceding company has the option to recapture the reinsurance in accordance with the terminal accounting will be recapture criteria outlined in this Article, but only if the Reinsurer's full and final payment successor ceding company has or adopts a higher retention limit than that applicable to the Ceding Company.block of business subject to recapture. IDS VUL JLLS Generic Master Treaty
Appears in 1 contract
Sources: Automatic Yrt Reinsurance Agreement (Ids Life Variable Life Separate Account)
Recapture. If Whenever the Ceding Company increases its Maximum Dollar Retention Limits shown maximum retention limits over the maximum retention limits set forth in Section 3 of Schedule Exhibit A, then the Company has the option to recapture certain risk amounts. If the Company has maintained its maximum stated retention (not a special retention limit) for the plan and insured's age, sex, and mortality classification, it may, with 90 day's Written notice may apply its increased retention limits to reduce the reinsurer, reduce or recapture the amount of reinsurance in force subject as follows.
1. The Company must give the Reinsurer thirty (30) days written notice prior to the following requirments:
i. An in-force cession is not eligible for recapture until it has been reinsured for the minimum number of years shown in Section 7 of Schedule A. The effective its intended date of the commencement of recapture.
2. The reduction in of reinsurance will be the later of the first policy anniversary following the expiration of the 90-day notice period to recapture and on affected policies shall become effective on the policy anniversary date when immediately following the required minimum notice of election to recapture; however, no reduction shall be made until a policy has been in force for at least [insert number of years is attainedyears] years.
ii3. On If any reinsured policy is recaptured, all reinsured policies eligible for recapture, reinsurance will recapture under the provisions of this Article must be reduced by the amount necessary to increase the total insurance retained recaptured up to the Company's new Maximum Dollar Retention Limits
iii. If more than one policy per life is eligible for recapture, then any recapture maximum retention limits in a consistent manner and the Company must be effected beginning with the policy with the earliest issue date and continuing in chronological order according to the remaining policies' issue dates.
ivincrease its total amount of insurance on each reinsured life. The Ceding Company may not rescind revoke its election to recapture for policies becoming eligible at future anniversaries.
v. Recapture . If portions of the reinsured policy have been ceded to more than one reinsurer, the Company must allocate the reduction on reinsurance will not be allowed on any policy for which so that the Ceding Company did not keep its Maximum Dollar Retention Limit amount reinsured by each reinsurer after the reduction is proportionately the same as if the new maximum dollar retention limits had been in effect at the time of issue. The Ceding Company's Maximum Dollar Retention Limits are stated in Section 3 amount of Schedule A.
vi. If any policy reinsurance eligible for recapture is also eligible for recapture from other reinsurersbased on the current amount at risk as of the date of recapture. For a policy issued as a result of exchange, conversion, or re-entry, the reduction in recapture terms of the Reinsurer's reinsurance on that Agreement covering the original policy will shall apply, and the duration for the purpose of recapture shall be in proportion to the total amount of reinsurance on the life with all reinsurers.
vii. Recapture will not be made on a basis that may result in any anti-selection against the Reinsurer. The Reinsurer maintains the discretion to determine when anti-selection has occurred.
viii. Upon measured from the effective date of the reinsurance on the original policy. If there is a reinsured waiver of premium claim in effect when recapture and again six months following takes place, the Reinsurer shall continue to pay its share of the waiver claim until it terminates. The Reinsurer shall not be liable for any other benefits, including the basic life risk, that are eligible for recapture. All such eligible benefits shall be recaptured as if there were no waiver claim in effect. After the effective date of recapture, the Reinsurer will calculate a terminal accounting shall not be liable for any reinsured policies or portions of such reinsured policies eligible for recapture that will include a refund of unearned premiums and unpaid claimsthe Company has overlooked. The Reinsurer will not pay terms and conditions for the Company to recapture reinsured policies, as made necessary by the Ceding Company any amount representing the reserve held on the business. Payment insolvency of amounts specified in the terminal accounting will be the Reinsurer's full and final payment to , are set forth in Article 16. No recapture shall be permitted if the Ceding CompanyCompany has either obtained or increased stop loss reinsurance coverage as justification for the increase on retention limits.
Appears in 1 contract
Recapture. 12.1 Whenever the Ceding Company, pursuant to Article 11, increases its retention limits over the retention limits set forth in Exhibit A - Retention Limits of the Ceding Company, the Ceding Company has the option to recapture certain risk amounts. If the Ceding Company increases has maintained its Maximum Dollar maximum stated retention for the plan and the insured's age, sex, and mortality classification or at least the lesser of its Per Life Retention Limits shown in Section 3 Limit or [percentage] on a facultative risk, it may apply its increased retention limits to reduce the amount of Schedule A, then it may, with 90 day's Written notice to the reinsurer, reduce or recapture the reinsurance in force subject to the following requirmentsas follows:
i. An in-force cession is not eligible for recapture until it has been reinsured for (a) The Ceding Company must give the minimum number of years shown in Section 7 of Schedule A. The effective Reinsurer ninety (90) days written notice prior to its intended date of the recapture.
(b) The reduction in of reinsurance on affected policies will be the later of the first policy anniversary following the expiration of the 90-day notice period to recapture and become effective on the policy anniversary date when immediately following the required minimum number notice of years is attainedelection to recapture; however, no reduction will be made until a policy has been in force for a duration of at least [number] years.
ii. On (c) If any reinsured policy is recaptured, all reinsured policies eligible for recapture, reinsurance will recapture under the provisions of this Article must be reduced by the amount necessary to increase the total insurance retained recaptured up to the Ceding Company's new Maximum Dollar Retention Limits
iii. If more than one policy per life is eligible for recapture, then any recapture retention limits in a consistent manner and the Ceding Company must be effected beginning with the policy with the earliest issue date and continuing in chronological order according to the remaining policies' issue dates.
ivincrease its total amount of insurance retained on each reinsured life. The Ceding Company may not rescind revoke its election to recapture for policies becoming eligible at future anniversaries.
v. . Recapture for a policy may occur at different times because of different duration requirements under various reinsurance will not agreements. For a policy subject to recapture from the Reinsurer that has met the duration requirement in clause (b) above, the revised Reinsured Net Amount at Risk shall be allowed on any policy for which the Ceding Company did not keep its Maximum Dollar Retention Limit at issue. The determined using Ceding Company's Maximum Dollar Retention Limits are stated Retained Share as if the policy were eligible for recapture from all reinsurers who have a share of the risk on that policy (or who had a share of risk on that policy prior to an earlier recapture). For a policy not yet subject to recapture from the Reinsurer because of an unattained duration requirement, Reinsured Net Amount at Risk will continue being determined using Ceding Company's Retained Share as provided for in Section 3 Exhibit A as if the policy were not eligible for recapture by any of Schedule A.
vithe reinsurers who have or had a share of the risk on the policy. If any policy The amount of reinsurance eligible for recapture is also eligible for recapture from other reinsurersbased on the Net Amount at Risk as of the date of recapture. For a policy issued as a result of a fully-underwritten exchange, the reduction in policy date and current duration of the Reinsurer's reinsurance on that new policy and the recapture provisions under this Agreement will be in proportion to the total amount of reinsurance on the life with all reinsurers.
viiused. Recapture will not be made on a basis that may result in any anti-selection against the Reinsurer. The Reinsurer maintains the discretion to determine when anti-selection has occurred.
viii. Upon Following the effective date of recapture and again six months following the recapture, the Reinsurer will calculate a terminal accounting not be liable for any reinsured policies or portions of such reinsured policies eligible for recapture that will include a refund of unearned premiums and unpaid claims. The Reinsurer will not pay to the Ceding Company any amount representing has overlooked inadvertently. IDSL VUL4/LP Select Treaty 20 If the reserve held on Ceding Company transfers business that is reinsured under this Agreement to a successor ceding company, then the business. Payment of amounts specified successor ceding company has the option to recapture the reinsurance in accordance with the terminal accounting will be recapture criteria outlined in this Article, but only if the Reinsurer's full and final payment successor ceding company has or adopts a higher maximum retention limit than that applicable to the Ceding Companyblock of business subject to recapture.
Appears in 1 contract
Sources: Reinsurance Agreement (Ids Life Variable Life Separate Account)
Recapture. If 11.1 Whenever the Ceding Company increases its Maximum Dollar Retention Limits shown maximum retention limits over the maximum retention limits set forth in Section 3 of Schedule Exhibit A, then the Ceding Company, through the Administrator, has the option to recapture certain risk amounts. If the Ceding Company has maintained its maximum stated retention (not a special retention limit) for the plan and the insured’s issue age, sex, and mortality classification, it may, with 90 day's Written notice may apply its increased retention limits to reduce the reinsurer, reduce or recapture the amount of reinsurance in force subject as follows.
(a) The Ceding Company, through the Administrator, must give IHLIC thirty (30) days written notice prior to the following requirments:commencement of recapture.
i. An in-force cession is not eligible for recapture until it has been reinsured for the minimum number (b) The reduction of years shown in Section 7 of Schedule A. The reinsurance on affected policies will become effective date of the reduction in reinsurance will be the later of the first policy anniversary following the expiration of the 90-day notice period to recapture and on the policy anniversary date when immediately following the required minimum number notice of years is attainedelection to recapture; however, no reduction will be made until a policy has been in force for at least twenty (20) years.
ii. On (c) If any reinsured policy is recaptured, all reinsured policies eligible for recapture, reinsurance will recapture under the provisions of this Article must be reduced by the amount necessary to increase the total insurance retained recaptured up to the Ceding Company’s new Maximum Dollar Retention Limits
iii. If more than one policy per life is eligible for recapture, then any recapture maximum retention limits in a consistent manner and the Ceding Company must be effected beginning with the policy with the earliest issue date and continuing in chronological order according to the remaining policies' issue dates.
ivincrease its total amount of insurance on each reinsured life. The Ceding Company may not rescind revoke its election to recapture for policies becoming eligible at future anniversaries.
v. Recapture . If portions of reinsurance will not be allowed on any the reinsured policy for which have been ceded to more than one reinsurer, the Ceding Company did not keep its Maximum Dollar Retention Limit Company, through the Administrator, must allocate the reduction in reinsurance so that the amount reinsured by each reinsurer after the reduction is proportionately the same as if the new maximum dollar retention limits had been in effect at the time of issue. The Ceding Company's Maximum Dollar Retention Limits are stated in Section 3 amount of Schedule A.
vi. If any policy reinsurance eligible for recapture is also eligible for recapture from other reinsurersbased on the current amount at risk as of the date of recapture. For a policy issued as a result of exchange, conversion, or re-entry, the reduction in recapture terms of the Reinsurer's reinsurance on that agreement covering the original policy will apply, and the duration period for the purpose of recapture will be in proportion to the total amount of reinsurance on the life with all reinsurers.
vii. Recapture will not be made on a basis that may result in any anti-selection against the Reinsurer. The Reinsurer maintains the discretion to determine when anti-selection has occurred.
viii. Upon measured from the effective date of the reinsurance on the original policy. If there is a reinsured waiver of premium claim in effect when recapture and again six months following takes place, IHLIC will continue to pay its share of the waiver claim until it terminates. IHLIC will not be liable for any other benefits, including the basic life risk, that are eligible for recapture. All such eligible benefits will be recaptured as if there were no waiver claim in effect. After the effective date of recapture, the Reinsurer will calculate a terminal accounting that will include a refund of unearned premiums and unpaid claims. The Reinsurer IHLIC will not pay to be liable for any reinsured policies or portions of such reinsured policies eligible for recapture that the Ceding Company any amount representing the reserve held on the businesshas overlooked. Payment of amounts specified in the terminal accounting No recapture will be the Reinsurer's full and final payment to permitted if the Ceding CompanyCompany has either obtained or increased stop loss reinsurance coverage as justification for the increase in retention limits.
Appears in 1 contract
Sources: Automatic Yrt Reinsurance Agreement (First Trinity Financial CORP)
Recapture. If 11.1 Whenever the Ceding Company increases its Maximum Dollar Retention Limits shown maximum retention limits over the maximum retention limits set forth in Section 3 of Schedule Exhibit A, then the Ceding Company has the option to recapture certain risk amounts. If the Ceding Company has maintained its maximum stated retention (not a special retention limit) for the plan and the insured's issue age, sex, and mortality classification, it may, with 90 day's Written notice may apply its increased retention limits to reduce the reinsurer, reduce or recapture the amount of reinsurance in force subject as follows.
(a) The Ceding Company must give MARC thirty (30) days written notice prior to the following requirments:commencement of recapture.
i. An in-force cession is not eligible for recapture until it has been reinsured for the minimum number (b) The reduction of years shown in Section 7 of Schedule A. The reinsurance on affected policies will become effective date of the reduction in reinsurance will be the later of the first policy anniversary following the expiration of the 90-day notice period to recapture and on the policy anniversary date when immediately following the required minimum notice of election to recapture; however, no reduction will be made until a policy has been in force for at least the number of years specified in Exhibit D.
(c) If any reinsured policy is attained.
ii. On recaptured, all reinsured policies eligible for recapture, reinsurance will recapture under the provisions of this Article must be reduced by the amount necessary to increase the total insurance retained recaptured up to the Ceding Company's new Maximum Dollar Retention Limits
iii. If more than one policy per life is eligible for recapture, then any recapture maximum retention limits in a consistent manner and the Ceding Company must be effected beginning with the policy with the earliest issue date and continuing in chronological order according to the remaining policies' issue dates.
ivincrease its total amount of insurance on each reinsured life. The Ceding Company may not rescind revoke its election to recapture for policies becoming eligible at future anniversaries.
v. Recapture . If portions of reinsurance will not be allowed on any the reinsured policy for which have been ceded to more than one reinsurer, the Ceding Company did not keep its Maximum Dollar Retention Limit must allocate the reduction in reinsurance so that the amount reinsured by each reinsurer after the reduction is proportionately the same as if the new maximum dollar retention limits had been in effect at the time of issue. The Ceding Company's Maximum Dollar Retention Limits are stated in Section 3 amount of Schedule A.
vi. If any policy reinsurance eligible for recapture is also eligible for recapture from other reinsurersbased on the current amount at risk as of the date of recapture. For a policy issued as a result of exchange, conversion, or re-entry, the reduction in recapture terms of the Reinsurer's reinsurance on that agreement covering the original policy will apply, and the duration period for the purpose of recapture will be in proportion to the total amount of reinsurance on the life with all reinsurers.
vii. Recapture will not be made on a basis that may result in any anti-selection against the Reinsurer. The Reinsurer maintains the discretion to determine when anti-selection has occurred.
viii. Upon measured from the effective date of the reinsurance on the original policy. If there is a reinsured waiver of premium claim in effect when recapture and again six months following takes place, MARC will continue to pay its share of the waiver claim until it terminates. MARC will not be liable for any other benefits, including the basic life risk, that are eligible for recapture. All such eligible benefits will be recaptured as if there were no waiver claim in effect. After the effective date of recapture, the Reinsurer will calculate a terminal accounting that will include a refund of unearned premiums and unpaid claims. The Reinsurer MARC will not pay to be liable for any reinsured policies or portions of such reinsured policies eligible for recapture that the Ceding Company any amount representing the reserve held on the business. Payment of amounts specified in the terminal accounting has overlooked, provided however that MARC will be the Reinsurer's liable for a refund in full and final payment to of any premium so received. No recapture will be permitted if the Ceding CompanyCompany has either obtained or increased stop loss reinsurance coverage as justification for the increase in retention limits.
Appears in 1 contract
Sources: Automatic Yrt Reinsurance Agreement (Jackson National Separate Account Iv)
Recapture. If The Company may apply an increase in its Retention Limit to reduce the Ceding Company increases its Maximum Dollar Retention Limits shown in Section 3 ceded amount of Schedule A, then it may, with 90 day's Written notice to the reinsurer, reduce or recapture the inforce reinsurance in force subject to the following requirmentsprovided that:
i. An in-force cession is not a) The Company gives the Reinsurer irrevocable written notice of its intention to recapture; and
b) Recapture will be effected on the next anniversary of each Reinsured Policy eligible for recapture unless agreed otherwise by both parties and with no recapture being made until it the Reinsured Policy has been reinsured in force for the minimum number period specified in Exhibit C-1. For a conversion or re-entry, the recapture terms of years shown in Section 7 of Schedule A. The the original policy will apply and the duration for the recapture period will be measured from the effective date of the reduction original policy; and
c) The Company has maintained, from the time the policy was issued, its full retention as set out in Exhibit D, and has applied its increased Retention Limit to all categories set out in Exhibit D. In applying its increased Retention Limit to Reinsured Policies, the age and mortality rating at the time of issue will be used to determine the amount of the Company’s increased retention. The amount of reinsurance eligible for recapture will be the later difference between the amount originally retained and the amount the Company would have retained had the new retention been in effect at the time of issue. The amount of reinsurance eligible for recapture will be determined based on the reinsurance net amount at risk as of the first policy anniversary following the expiration date of the 90-day notice period to recapture and the policy anniversary date when the required minimum number of years recapture. If there is attained.
ii. On all policies reinsurance with other reinsurers on risks eligible for recapture, reinsurance the reduction will be reduced by the amount necessary applied pro rata to increase the total insurance retained up to outstanding reinsurance. Recapture is optional, but if any reinsured business is recaptured, all eligible reinsured business must be recaptured. In addition, all life risks reinsured under any other reinsurance agreement between the new Maximum Dollar Retention Limits
iii. If more than one policy per life is Reinsurer and the Company which are eligible for recapture, then any recapture must be effected beginning with similarly recaptured. No reserves for the policy with the earliest issue date and continuing in chronological order according recaptured business will be paid to the remaining policies' issue dates.
iv. The Ceding Company may not rescind its election to recapture for policies becoming eligible at future anniversaries.
v. Recapture of reinsurance will not be allowed on any policy for which the Ceding Company did not keep its Maximum Dollar Retention Limit at issue. The Ceding Company's Maximum Dollar Retention Limits are stated in Section 3 of Schedule A.
vi. If any policy eligible for recapture is also eligible for recapture from other reinsurers, the reduction in the Reinsurer's reinsurance on that policy will be in proportion to the total amount of reinsurance on the life with all reinsurers.
vii. Recapture will not be made on a basis that may result in any anti-selection against by the Reinsurer. The Reinsurer maintains Effective as of the discretion to determine when anti-selection has occurred.
viii. Upon the effective date of recapture and again six months following the recapturedate, the Reinsurer will calculate a terminal accounting that will include a refund of unearned premiums and unpaid claimsnot be liable for any eligible business which was overlooked. The Reinsurer parties’ obligations for any recaptured business will not pay be limited to those relating to events or circumstances arising or occurring before the recapture date. Upon recapture, each party will be deemed to be fully and finally released from all obligations under this Agreement with respect to the Ceding Company any amount representing the reserve held on the recaptured business. Payment of amounts specified in the terminal accounting will be the Reinsurer's full and final payment to the Ceding Company.
Appears in 1 contract
Sources: Reinsurance Agreement (Thrivent Variable Life Account I)
Recapture. If 12.1 Whenever the Ceding Company increases its Maximum Dollar maximum retention limits over the maximum retention limits set forth in Exhibit A - Retention Limits shown in Section 3 of Schedule Athe Ceding Company, then the Ceding Company has the option to recapture certain risk amounts. If the Ceding Company has maintained its maximum stated retention (not a special retention limit) for the plan and the insured's age, sex, and mortality classification, it may, with 90 day's Written notice may apply its increased retention limits to reduce the reinsurer, reduce or recapture the amount of reinsurance in force subject to the following requirmentsas follows:
i. An in-force cession is not eligible for recapture until it has been reinsured for (a) The Ceding Company must give the minimum number of years shown in Section 7 of Schedule A. The effective Reinsurer 90 days written notice prior to its intended date of the recapture.
(b) The reduction in of reinsurance on affected policies will be the later of the first policy anniversary following the expiration of the 90-day notice period to recapture and become effective on the policy anniversary date when immediately following the required minimum number notice of years is attainedelection to recapture; however, no reduction will be made until a policy has been in force for at least [number] years.
ii. On (c) If any reinsured policy is recaptured, all reinsured policies eligible for recapture, reinsurance will recapture under the provisions of this Article must be reduced by the amount necessary to increase the total insurance retained recaptured up to the Ceding Company's new Maximum Dollar Retention Limits
iii. If more than one policy per life is eligible for recapture, then any recapture maximum retention limits in a consistent manner and the Ceding Company must be effected beginning with the policy with the earliest issue date and continuing in chronological order according to the remaining policies' issue dates.
ivincrease its total amount of insurance on each reinsured life. The Ceding Company may not rescind revoke its election to recapture for policies becoming eligible at future anniversaries.
v. Recapture . If portions of reinsurance will not be allowed on any the reinsured policy for which have been ceded to more than one reinsurer, the Ceding Company did must allocate the reduction in reinsurance among all the reinsurers so that the relationship of the total reinsurance among the reinsurers in any given layer does not keep its Maximum Dollar Retention Limit at issuechange due to the recapture. The Ceding Company's Maximum Dollar Retention Limits are stated in Section 3 amount of Schedule A.
vi. If any policy reinsurance eligible for recapture is also eligible for recapture from other reinsurersbased on the net amount at risk as of the date of recapture. For a policy issued as a result of a fully-underwritten exchange, the reduction in policy date and the Reinsurer's reinsurance on that current duration of the new policy and the recapture provisions under this Agreement will be in proportion to the total amount of reinsurance on the life with all reinsurers.
viiused. Recapture will not be made on a basis that may result in any anti-selection against the Reinsurer. The Reinsurer maintains the discretion to determine when anti-selection has occurred.
viii. Upon After the effective date of recapture and again six months following the recapture, the Reinsurer will calculate a terminal accounting not be liable for any reinsured policies or portions of such reinsured policies eligible for recapture that will include a refund of unearned premiums and unpaid claims. The Reinsurer will not pay to the Ceding Company any amount representing has overlooked. If the reserve held on Ceding Company transfers business that is reinsured under this Agreement to a successor ceding company, then the business. Payment of amounts specified successor ceding company has the option to recapture the reinsurance in accordance with the terminal accounting will be recapture criteria outlined in this Article, but only if the Reinsurer's full and final payment successor ceding company has or adopts a higher retention limit than that applicable to the Ceding Company.block of business subject to recapture. IDS Succession Select Treaty
Appears in 1 contract
Sources: Automatic Yrt Reinsurance Agreement (Ids Life Variable Life Separate Account)
Recapture. If the Ceding Company increases its Maximum Dollar Retention Limits shown in Section 3 of Schedule A, then it may, with 90 day's Written notice to the reinsurer, reduce or recapture the reinsurance in force subject to the following requirments:
i. An in-force cession is Reinsured policies will not be eligible for recapture due solely to an increase in the Company’s quota share percentage retained. The Company may apply an increase in its Retention limit to reduce the amount of inforce reinsurance ceded on an automatic basis provided, however, that:
a) The Company gives the Reinsurer an irrevocable written notice of its intention to recapture; and
b) Recapture will be effected on the next anniversary of each Reinsured Policy eligible for recapture unless agreed otherwise by both parties and with no recapture being made until it the Reinsured Policy has been reinsured in force for the minimum number period specified in the applicable Exhibit. For a conversion or re-entry, the recapture terms of years shown in Section 7 of Schedule A. The the original policy will apply and the duration for the recapture period will be measured from the effective date of the reduction original policy; and
c) The Company has maintained, from the time the policy was issued, its quota share retention as set out in Exhibit D, and has applied its increased Retention Limit to all categories set out in Exhibit D. In applying its increased Retention Limit to Reinsured Policies, the age and mortality rating at the time of issue will be used to determine the amount of the Company’s increased retention. The amount of reinsurance eligible for recapture will be the later of difference between the first policy anniversary following the expiration of the 90-day notice period to recapture amount originally retained and the policy anniversary date when amount the required minimum number Company would have retained on the same quota share basis had the new retention been in effect at the time of years issue. If there is attained.
ii. On all policies reinsurance with other reinsurers on risks eligible for recapture, reinsurance the reduction will be reduced by the amount necessary applied pro rata to increase the total insurance retained up to the new Maximum Dollar Retention Limits
iiioutstanding reinsurance. If more than one policy per life Recapture is optional, but if any reinsured business is recaptured, all eligible for recapture, then any recapture reinsured business must be effected beginning recaptured. Eligible reinsured business means business with the policy with same form of underwriting. In addition, all life risks reinsured under any other reinsurance agreement between the earliest issue date Reinsurer and continuing in chronological order according to the remaining policies' issue dates.
iv. The Ceding Company may not rescind its election to recapture for policies becoming eligible at future anniversaries.
v. Recapture of reinsurance will not be allowed on any policy for which the Ceding Company did not keep its Maximum Dollar Retention Limit at issue. The Ceding Company's Maximum Dollar Retention Limits are stated in Section 3 of Schedule A.
vi. If any policy eligible for recapture is also eligible must 12107058US·19 (01-01-2019) IOT17345US1Bl be similarly recaptured. No reserves for recapture from other reinsurers, the reduction in the Reinsurer's reinsurance on that policy recaptured business will be in proportion paid to the total amount of reinsurance on the life with all reinsurers.
vii. Recapture will not be made on a basis that may result in any anti-selection against Company by the Reinsurer. The Reinsurer maintains Effective as of the discretion to determine when anti-selection has occurred.
viii. Upon the effective date of recapture and again six months following the recapturedate, the Reinsurer will calculate a terminal accounting that will include a refund of unearned premiums and unpaid claimsnot be liable for any eligible business which was overlooked. The Reinsurer parties’ obligations for any recaptured business will not pay be limited to those relating to events or circumstances arising or occurring before the recapture date, including payment of the termination settlement amount. Upon recapture, each party will be deemed to be fully and finally released from all obligations under this Agreement with respect to the Ceding Company any amount representing the reserve held on the recaptured business. Payment of amounts specified in the terminal accounting will be the Reinsurer's full and final payment to the Ceding Company.
Appears in 1 contract
Sources: Reinsurance Agreement (Thrivent Variable Life Account I)
Recapture. If The Company may apply an increase in its Retention Limit to reduce the Ceding Company increases its Maximum Dollar Retention Limits shown in Section 3 ceded amount of Schedule A, then it may, with 90 day's Written notice to the reinsurer, reduce or recapture the inforce reinsurance in force subject to the following requirmentsprovided that:
i. An in-force cession is not a) The Company gives the Reinsurer irrevocable written notice of its intention to recapture; and
b) Recapture will be effected on the next anniversary of each Reinsured Policy eligible for recapture unless agreed otherwise by both parties and with no recapture being made until it the Reinsured Policy has been reinsured in force for the minimum number period specified in Exhibit C-1. For a conversion or re-entry, the recapture terms of years shown in Section 7 of Schedule A. The the original policy will apply and the duration for the recapture period will be measured from the effective date of the reduction original policy; and
c) The Company has maintained, from the time the policy was issued, its full retention as set out in Exhibit D, and has applied its increased Retention Limit to all categories set out in Exhibit D; and
d) Other than as respects stop-loss, catastrophe, financial reinsurance arrangements, or sale of a block of business, the Company will retain all risks so recaptured and is prohibited from ceding in any form any of the recaptured business without the Reinsurer’s prior written consent. In applying its increased Retention Limit to Reinsured Policies, the age and mortality rating at the time of issue will be used to determine the amount of the Company’s increased retention. The amount of reinsurance eligible for recapture will be the later difference between the amount originally retained and the amount the Company would have retained had the new retention been in effect at the time of issue. The amount of reinsurance eligible for recapture will be determined based on the reinsurance net amount at risk as of the first policy anniversary following the expiration date of the 90-day notice period to recapture and the policy anniversary date when the required minimum number of years recapture. If there is attained.
ii. On all policies reinsurance with other reinsurers on risks eligible for recapture, reinsurance the reduction will be reduced by the amount necessary applied pro rata to increase the total insurance retained up to outstanding reinsurance. ODB# 103515US-09 Recapture is optional, but if any reinsured business is recaptured, all eligible reinsured business must be recaptured. In addition, all life risks reinsured under any other reinsurance agreement between the new Maximum Dollar Retention Limits
iii. If more than one policy per life is Reinsurer and the Company which are eligible for recapture, then any recapture must be effected beginning with similarly recaptured. No reserves for the policy with the earliest issue date and continuing in chronological order according recaptured business will be paid to the remaining policies' issue dates.
iv. The Ceding Company may not rescind its election to recapture for policies becoming eligible at future anniversaries.
v. Recapture of reinsurance will not be allowed on any policy for which the Ceding Company did not keep its Maximum Dollar Retention Limit at issue. The Ceding Company's Maximum Dollar Retention Limits are stated in Section 3 of Schedule A.
vi. If any policy eligible for recapture is also eligible for recapture from other reinsurers, the reduction in the Reinsurer's reinsurance on that policy will be in proportion to the total amount of reinsurance on the life with all reinsurers.
vii. Recapture will not be made on a basis that may result in any anti-selection against by the Reinsurer. The Reinsurer maintains Effective as of the discretion to determine when anti-selection has occurred.
viii. Upon the effective date of recapture and again six months following the recapturedate, the Reinsurer will calculate a terminal accounting that will include a refund of unearned premiums and unpaid claimsnot be liable for any eligible business which was overlooked. The Reinsurer parties’ obligations for any recaptured business will not pay be limited to those relating to events or circumstances arising or occurring before the recapture date. Upon recapture, each party will be deemed to be fully and finally released from all obligations under this Agreement with respect to the Ceding Company any amount representing the reserve held on the recaptured business. Payment of amounts specified in the terminal accounting will be the Reinsurer's full and final payment to the Ceding Company.
Appears in 1 contract
Sources: Automatic Yrt Reinsurance Agreement (First Investors Life Level Premium Variable Lif Ins Sep Ac B)
Recapture. If The Company may apply its increased retention limits to reduce the Ceding Company increases its Maximum Dollar Retention Limits shown in Section 3 benefit amount of Schedule A, then it may, with 90 day's Written notice to the reinsurer, reduce or recapture the reinsurance in force subject to the following requirmentsReinsured Policies provided:
i. An in-force cession is not eligible for 7.2.1 The Company gives the Reinsurer written notice of its intention to recapture until it has been reinsured for with XX days of the minimum number of years shown in Section 7 of Schedule A. The effective date of the reduction retention increase; and
7.2.2 Such recaptures are made on the next anniversary of each Reinsured Policy a affected and with no recapture being made until the Reinsured Policy has been in reinsurance force for the period stated in Exhibit C. For a conversion policy or re-entry, the recapture terms of the original policy will apply and the duration for the recapture period will be measured from the later effective date of the first original policy; and
7.2.3 The Company has maintained from the time the policy anniversary following was issued, its full retention as set out in Exhibit D for the expiration of the 90-day notice period to recapture plan and the policy anniversary date when the required minimum number of years is attained.
iiinsured's classification. On all Reinsured policies eligible for recapture, reinsurance will be reduced by the amount necessary to increase the total insurance retained up to the new Maximum Dollar Retention Limits
iii. If more than one policy per life is eligible for recapture, then any recapture must be effected beginning with the policy with the earliest issue date and continuing in chronological order according to the remaining policies' issue dates.
iv. The Ceding Company may not rescind its election to recapture for policies becoming eligible at future anniversaries.
v. Recapture of reinsurance on a first dollar quota share basis will not be allowed on eligible for Recapture; and
7.2.4 The company has applied its increased Retention Limits in a consistent manner to all categories of its Retention Limits set out Exhibit D unless otherwise agreed to by the Reinsurer. In applying its increased Retention Limits to Reinsured Policies, the age and mortality rating at the time of issue will be used to determine the amount of the Company's increased retention. Recapture as provided herein is optional with the Company, but if any policy Reinsured Policy is recaptured, all Reinsured Policies eligible for which recapture under the Ceding Company did not keep its Maximum Dollar Retention Limit at issueprovision of this Article must be recaptured. If there is reinsurance to be applied prorate to the total outstanding reinsurance. The Ceding Company's Maximum Dollar Retention Limits are stated in Section 3 amount of Schedule A.
vi. If any policy reinsurance eligible for recapture is also eligible based on the reinsurance net amount at risk as of the date of recapture. The Company may not recapture reinsurance if the Company his either obtained or increased stop loss reinsurance coverage as justification for the increase in retention. If there is a Waiver of Premium (W.P.) claim in effect when recapture from other reinsurerstakes place, the reduction W.P. claim will stay in the Reinsurer's reinsurance on that policy will be in proportion to the total amount of reinsurance on the life with all reinsurers.
vii. Recapture will not be made on a basis that may result in any anti-selection against the Reinsurer. The Reinsurer maintains the discretion to determine when anti-selection has occurred.
viii. Upon the effective date of recapture and again six months following the recapture, the Reinsurer will calculate a terminal accounting that will include a refund of unearned premiums and unpaid claimseffect until W.P. claim terminates. The Reinsurer will not pay be liable for any other benefits, including the basic life risk, that are eligible for recapture. All such eligible benefits will be recaptured as if there was no W.P. claim. The Reinsurer will not be liable, after the effective date of recapture, for any Reinsured Policies or portions of such Reinsured Policies eligible for recapture, that the Company has overlooked. The Reinsurer will be liable only for a credit of the premiums, received after the recapture date, less any allowance. The terms and conditions for the Company to recapture in force Reinsured Policies due to the Ceding Company any amount representing insolvency of the reserve held on the business. Payment of amounts specified Reinsurer are set out in the terminal accounting will be Insolvency clause in Article 11. If the Reinsurer's full and final payment Company transfers business which is reinsured under this Agreement to successor company, then the Ceding successor company has the option to recapture the reinsurance, in accordance with the recapture criteria outlined in this Article, only if the successor company has a higher retention limit than the Company.
Appears in 1 contract
Recapture. 12.1 Whenever the Ceding Company, pursuant to Article 11, increases its retention limits over the retention limits set forth in Exhibit A - Retention Limits of the Ceding Company, the Ceding Company has the option to recapture certain risk amounts. If the Ceding Company increases has maintained its Maximum Dollar maximum stated retention for the plan and the insured's age, sex, and mortality classification or at least the lesser of its Per Life Retention Limits shown in Section 3 Limit or [percentage] on a facultative risk, it may apply its increased retention limits to reduce the amount of Schedule A, then it may, with 90 day's Written notice to the reinsurer, reduce or recapture the reinsurance in force subject to the following requirmentsas follows:
i. An in-force cession is not eligible for recapture until it has been reinsured for (a) The Ceding Company must give the minimum number of years shown in Section 7 of Schedule A. The effective Reinsurer ninety (90) days written notice prior to its intended date of the recapture.
(b) The reduction in of reinsurance on affected policies will be the later of the first policy anniversary following the expiration of the 90-day notice period to recapture and become effective on the policy anniversary date when immediately following the required minimum number notice of years is attainedelection to recapture; however, no reduction will be made until a policy has been in force for a duration of at least [number] years.
ii. On (c) If any reinsured policy is recaptured, all reinsured policies eligible for recapture, reinsurance will recapture under the provisions of this Article must be reduced by the amount necessary to increase the total insurance retained recaptured up to the Ceding Company's new Maximum Dollar Retention Limits
iii. If more than one policy per life is eligible for recapture, then any recapture retention limits in a consistent manner and the Ceding Company must be effected beginning with the policy with the earliest issue date and continuing in chronological order according to the remaining policies' issue dates.
ivincrease its total amount of insurance retained on each reinsured life. The Ceding Company may not rescind revoke its election to recapture for policies becoming eligible at future anniversaries.
v. . Recapture for a policy may occur at different times because of different duration requirements under various reinsurance will not agreements. For a policy subject to recapture from the Reinsurer that has met the duration requirement in clause (b) above, the revised Reinsured Net Amount at Risk shall be allowed on any policy for which the Ceding Company did not keep its Maximum Dollar Retention Limit at issue. The determined using Ceding Company's Maximum Dollar Retention Limits are stated Retained Share as if the policy were eligible for recapture from all reinsurers who have a share of the risk on that policy (or who had a share of risk on that policy prior to an earlier recapture). For a policy not yet subject to recapture from the Reinsurer because of an unattained duration requirement, Reinsured Net Amount at Risk will continue being determined using Ceding Company's Retained Share as provided for in Section 3 Exhibit A as if the policy were not eligible for recapture by any of Schedule A.
vithe reinsurers who have or had a share of the risk on the policy. If any policy The amount of reinsurance eligible for recapture is also eligible for recapture from other reinsurersbased on the Net Amount at Risk as of the date of recapture. For a policy issued as a result of a fully-underwritten exchange, the reduction in policy date and current duration of the Reinsurer's reinsurance on that new policy and the recapture provisions under this Agreement will be in proportion to the total amount of reinsurance on the life with all reinsurers.
viiused. Recapture will not be made on a basis that may result in any anti-selection against the Reinsurer. The Reinsurer maintains the discretion to determine when anti-selection has occurred.
viii. Upon IDSL VUL4/LP Select Treaty 19 Following the effective date of recapture and again six months following the recapture, the Reinsurer will calculate a terminal accounting not be liable for any reinsured policies or portions of such reinsured policies eligible for recapture that will include a refund of unearned premiums and unpaid claims. The Reinsurer will not pay to the Ceding Company any amount representing has overlooked inadvertently. If the reserve held on Ceding Company transfers business that is reinsured under this Agreement to a successor ceding company, then the business. Payment of amounts specified successor ceding company has the option to recapture the reinsurance in accordance with the terminal accounting will be recapture criteria outlined in this Article, but only if the Reinsurer's full and final payment successor ceding company has or adopts a higher maximum retention limit than that applicable to the Ceding Companyblock of business subject to recapture.
Appears in 1 contract
Sources: Reinsurance Agreement (Ids Life Variable Life Separate Account)
Recapture. If Option 1 (Excess Reinsurance) Whenever the Ceding Company increases its Maximum Dollar Retention Limits shown maximum retention limits over the maximum retention limits set forth in Section 3 of Schedule Exhibit A, then the Company has the option to recapture certain risk amounts. If the Company has maintained its maximum stated retention (not a special retention limit) for the plan and insured's age, sex, and mortality classification, it may, with 90 day's Written notice may apply its increased retention limits to reduce the reinsurer, reduce or recapture the amount of reinsurance in force subject as follows.
a. The Company must give the Reinsurer thirty (30) days written notice prior to the following requirments:
i. An in-force cession is not eligible for recapture until it has been reinsured for the minimum number of years shown in Section 7 of Schedule A. The effective its intended date of the commencement of recapture.
b. The reduction in of reinsurance on affected policies will be the later of the first policy anniversary following the expiration of the 90-day notice period to recapture and become effective on the policy anniversary date when immediately following the required minimum notice of election to recapture; however, no reduction will be made until a policy has been in force for at least [insert number of years is attainedyears] years.
ii. On c. If any reinsured policy is recaptured, all reinsured policies eligible for recapture, reinsurance will recapture under the provisions of this Article must be reduced by the amount necessary to increase the total insurance retained recaptured up to the company's new Maximum Dollar Retention Limits
iii. If more than one policy per life is eligible for recapture, then any recapture maximum retention limits in a consistent manner and the Company must be effected beginning with the policy with the earliest issue date and continuing in chronological order according to the remaining policies' issue dates.
ivincrease its total amount of insurance on each reinsured life. The Ceding Company may not rescind revoke its election to recapture for policies becoming eligible at future anniversaries.
v. Recapture . If portions of the reinsured policy have been ceded to more than one reinsurer, the Company must allocate the reduction on reinsurance will not be allowed on any policy for which so that the Ceding Company did not keep its Maximum Dollar Retention Limit amount reinsured by each reinsurer after the reduction is proportionately the same as if the new maximum dollar retention limits had been in effect at the time of issue. The Ceding Company's Maximum Dollar Retention Limits are stated in Section 3 amount of Schedule A.
vi. If any policy reinsurance eligible for recapture is also eligible for recapture from other reinsurersbased on the current amount at risk as of the date of recapture. For a policy issued as a result of exchange, conversion, or re-entry, the reduction in recapture terms of the Reinsurer's reinsurance on that agreement covering the original policy will apply, and the duration for the purpose of recapture will be in proportion to the total amount of reinsurance on the life with all reinsurers.
vii. Recapture will not be made on a basis that may result in any anti-selection against the Reinsurer. The Reinsurer maintains the discretion to determine when anti-selection has occurred.
viii. Upon measured from the effective date of the reinsurance on the original policy. If there is a reinsured waiver of premium claim in effect when recapture and again six months following takes place, the Reinsurer will continue to pay its share of the waiver claim until it terminates. The Reinsurer will not be liable for any other benefits, including the basic life risk, that are eligible for recapture. All such eligible benefits will be recaptured as if there were no waiver claim in effect. After the effective date of recapture, the Reinsurer will calculate a terminal accounting not be liable for any reinsured policies or portions of such reinsured policies eligible for recapture that will include a refund of unearned premiums and unpaid claimsthe Company has overlooked. The Reinsurer terms and conditions for the Company to recapture reinsured policies, as made necessary by the insolvency of the Reinsurer, are set forth in Article XIV, C. No recapture will be permitted if the Company has either obtained or increased stop loss reinsurance coverage as justification for the increase on retention limits. Option 2 (First Dollar Quota Share Reinsurance).
a. Recapture will not pay to the Ceding Company any amount representing the reserve held on the business. Payment of amounts specified in the terminal accounting will be the Reinsurer's full and final payment to the Ceding Companyallowed under this Agreement.
Appears in 1 contract
Recapture. If The Company may apply an increase in its Retention Limit to reduce the Ceding Company increases its Maximum Dollar Retention Limits shown in Section 3 ceded amount of Schedule A, then it may, with 90 day's Written notice to the reinsurer, reduce or recapture the inforce reinsurance in force subject to the following requirmentsprovided that:
i. An in-force cession is not a) The Company gives the Reinsurer irrevocable written notice of its intention to recapture; and
b) Recapture will be effected on the next anniversary of each Reinsured Policy eligible for recapture unless agreed otherwise by both parties and with no recapture being made until it the Reinsured Policy has been reinsured in force for the minimum number period specified in Exhibit C-1. For a conversion or re-entry, the recapture terms of years shown in Section 7 of Schedule A. The the original policy will apply and the duration for the recapture period will be measured from the effective date of the reduction original policy; and
c) The Company has maintained, from the time the policy was issued, its full retention as set out in Exhibit D, and has applied its increased Retention Limit to all categories set out in Exhibit D. In applying its increased Retention Limit to Reinsured Policies, the age and mortality rating at the time of issue will be used to determine the amount of the Company's increased retention. The amount of reinsurance eligible for recapture will be the later difference between the amount originally retained and the amount the Company would have retained had the new retention been in effect at the time of issue. The amount of reinsurance eligible for recapture will be determined based on the reinsurance net amount at risk as of the first policy anniversary following the expiration date of the 90-day notice period to recapture and the policy anniversary date when the required minimum number of years recapture. If there is attained.
ii. On all policies reinsurance with other reinsurers on risks eligible for recapture, reinsurance the reduction will be reduced by the amount necessary applied pro rata to increase the total insurance retained up to outstanding reinsurance. Recapture is optional, but if any reinsured business is recaptured, all eligible reinsured business must be recaptured. In addition, all life risks reinsured under any other reinsurance agreement between the new Maximum Dollar Retention Limits
iii. If more than one policy per life is Reinsurer and the Company which are eligible for recapture, then any recapture must be effected beginning with similarly recaptured. No reserves for the policy with the earliest issue date and continuing in chronological order according recaptured business will be paid to the remaining policies' issue dates.
iv. The Ceding Company may not rescind its election to recapture for policies becoming eligible at future anniversaries.
v. Recapture of reinsurance will not be allowed on any policy for which the Ceding Company did not keep its Maximum Dollar Retention Limit at issue. The Ceding Company's Maximum Dollar Retention Limits are stated in Section 3 of Schedule A.
vi. If any policy eligible for recapture is also eligible for recapture from other reinsurers, the reduction in the Reinsurer's reinsurance on that policy will be in proportion to the total amount of reinsurance on the life with all reinsurers.
vii. Recapture will not be made on a basis that may result in any anti-selection against by the Reinsurer. The Reinsurer maintains Effective as of the discretion to determine when anti-selection has occurred.
viii. Upon the effective date of recapture and again six months following the recapturedate, the Reinsurer will calculate a terminal accounting that will include a refund of unearned premiums and unpaid claimsnot be liable for any eligible business which was overlooked. The Reinsurer parties' obligations for any recaptured business will not pay be limited to those relating to events or circumstances arising or occurring before the recapture date. Upon recapture, each party will be deemed to be fully and finally released from all obligations under this Agreement with respect to the Ceding Company any amount representing the reserve held on the recaptured business. Payment of amounts specified in the terminal accounting will be the Reinsurer's full and final payment to the Ceding Company.
Appears in 1 contract
Sources: Reinsurance Agreement (Ameritas Variable Separate Account V)
Recapture. If the Ceding Company increases its Maximum Dollar Retention Limits shown in Section 3 of Schedule ARetention, then it may, with 90 day's Written notice shall have the right to the reinsurer, reduce or recapture the Recapture ceded reinsurance in force subject to accordance with the following requirmentsrules:
i. An in-force cession is not eligible for recapture until it 1. The Risk has been reinsured under this Agreement and in force for the minimum number of years period shown in Section 7 Exhibit C-Retention Schedule of the Ceding Company.
2. The Ceding Company retained its maximum limit of Retention for the plan, age and mortality rating at the time the policy was issued under this Agreement and in accordance with Exhibit A, Retention Schedule A. of the Ceding Company.
3. All reinsurance eligible for Recapture under the provisions of this Article, must be Recaptured.
4. The Risk will be Recaptured on the anniversary date of the policy following the Recapture notification letter unless agreed upon in writing by both parties.
5. For any death that occurred prior to Recapture, the Ceding Company’s retention limit at the time of death will apply.
6. After the effective date of Recapture, the Reinsurer will not be liable for any policies or portions of such policies eligible for Recapture that the Ceding Company has overlooked.
7. An increase in quota share will not entitle the Ceding Company to a Recapture. To effect Recapture, the Ceding Company must notify the Reinsurer of its intent to do so within ninety (90) days of the effective date of the reduction increase in reinsurance will be the later of the first policy anniversary following the expiration of the 90-day notice period to recapture and the policy anniversary date when the required minimum number of years is attained.
ii. On all policies eligible for recapture, reinsurance will be reduced by the amount necessary to increase the total insurance retained up to the new Maximum Dollar its Retention Limits
iii. If more than one policy per life is eligible for recapture, then any recapture must be effected beginning with the policy with the earliest issue date and continuing in chronological order according to the remaining policies' issue dates.
ivlimits. The Ceding Company may not rescind its election apply the new limits of Retention to recapture existing ceded reinsurance and reduce and Recapture reinsurance inforce. The amount eligible for policies becoming eligible at future anniversaries.
v. Recapture of reinsurance will not be allowed on any policy for which the difference between the amount originally retained and the amount the Ceding Company did not keep its Maximum Dollar Retention Limit at issue. The Ceding Company's Maximum Dollar Retention Limits are stated in Section 3 of Schedule A.
vi. If any policy eligible for recapture is also eligible for recapture from other reinsurers, the reduction in the Reinsurer's reinsurance on that policy will be in proportion to the total amount of reinsurance would have retained on the life with all reinsurerssame quota share basis had the new Retention schedule been in effect at the time of issue.
vii. Recapture will not be made on a basis that may result in any anti-selection against the Reinsurer. The Reinsurer maintains the discretion to determine when anti-selection has occurred.
viii. Upon the effective date of recapture and again six months following the recapture, the Reinsurer will calculate a terminal accounting that will include a refund of unearned premiums and unpaid claims. The Reinsurer will not pay to the Ceding Company any amount representing the reserve held on the business. Payment of amounts specified in the terminal accounting will be the Reinsurer's full and final payment to the Ceding Company.
Appears in 1 contract
Sources: Reinsurance Agreement (Minnesota Life Individual Variable Universal Life Account)