Security Requirement. In the event that the Ceding Company shall, at any -------------------- time, notify the Reinsurer of its determination that security for reinsurance recoverables hereunder is or may be necessary for the Ceding Company to obtain any associated regulatory statement credit for reinsurance ceded pursuant to this Agreement on account of the Reinsurer ceasing to be either licensed or accredited as a reinsurer in the domiciliary state of the Ceding Company, the Reinsurer shall establish a trust ("the Trust") in accordance with Section B of this Article or the Reinsurer shall provide a letter of credit (an "LOC") in accordance with Section C of this Article.
Appears in 2 contracts
Sources: Reinsurance Agreement (New England Variable Annuity Separate Account), Reinsurance Agreement (First MetLife Investors Variable Annuity Account One)
Security Requirement. In the event that the Ceding Company shall, at any -------------------- time, notify the Reinsurer of its determination that security for reinsurance recoverables hereunder is or may be necessary for the Ceding Company to obtain any associated regulatory statement credit for reinsurance ceded pursuant to this Agreement on account of the Reinsurer ceasing to be either licensed being neither admitted or accredited as a reinsurer in the domiciliary state of the Ceding Companyreinsurer, the Reinsurer shall establish a trust ("the Trust") in accordance with Section B of this Article or the Reinsurer shall provide a letter of credit (an "LOC") in accordance with Section C of this Article.
Appears in 2 contracts
Sources: Reinsurance Agreement (Metlife Investors Usa Separate Account A), Reinsurance Agreement (Metropolitan Life Separate Account E)