Reinsurance Agreements shall include, but not be limited to, any agreement, contract, treaty, certificate or other arrangement that is treated as such by the applicable Department. Reinsured Reassured" or whatever other term is used in the attached reinsurance document to designate the reinsured company or companies. Medicare supplement policy means a group or individual policy of [accident and sickness] insurance or a subscriber contract [of hospital and medical service associations or health maintenance organizations], other than a policy issued pursuant to a contract under Section of the federal Social Security Act 42 U.
Section et. Net Economic Return means the Owner Participant's net after-tax yield utilizing the multiple investment sinking fund method of analysis and aggregate net after-tax cash flow, computed on the basis of the same methodology and assumptions as were utilized by the initial Owner Participant in determining Basic Rent, Stipulated Loss Value percentages and Termination Value percentages, as of the Delivery Date, as such assumptions may be adjusted for events that have been the basis for adjustments to Basic Rent pursuant to Section 3.
Organized criminal group means a structured group of three or more persons, existing for a period of time and acting in concert with the aim of committing one or more serious crimes or offences established in accordance with this Convention, in order to obtain, directly or indirectly, a financial or other material benefit;.
Policy Year means a period of 12 consecutive months starting from the date of commencement of the Policy as stated in the Policy Schedule and ending on the day immediately preceding the following anniversary date and each subsequent period of 12 consecutive months thereafter.
With extensive trial and arbitration experience, the Reinsurance Group balances aggressiveness and efficiency to achieve positive results for clients. We have a reputation for being exceptionally focused and analytical. While there may be similarities, no two reinsurance disputes are the same, and drawing from our years of experience and applying a strategic focus, we are able to uncover nuances in a case that allow us to achieve the best possible outcome for our clients.
We not only understand reinsurance, but also the underlying insurance claims and coverage issues. We represent both ceding companies and assumed reinsurers in helping to avoid disputes before they develop, as well as arbitrating or litigating disputes when the parties cannot otherwise amicably resolve them. By working with our clients before a dispute develops, and while the underlying claim is ongoing, we are able to anticipate possible solutions and develop a strategy that works for our clients.
Oftentimes this leads to the quick resolution of disputes, saving the client both time and significant transactional expense. In the last 15 years, we have litigated or arbitrated more than reinsurance cases to final conclusion — resulting in awards in the hundreds of millions of dollars to our ceding company clients, and very substantial savings to our reinsurer clients.
Numerous additional cases have been favorably resolved by settlement during the same time period. We have negotiated market agreements with regard to major repetitive issues and have made substantial use of professional mediation in reinsurance disputes.
We construct audit protocols and perform audits for reinsurers, ceding companies and potential purchasers with particular experience in:. Using our reinsurance claims experience as both inside and outside reinsurance counsel, we advise clients on broad and specific issues of claim handling and presentation including XPL and ECO losses, contract construction and interpretation, reserving, risk management, dispute avoidance and the use of ADR to minimize transaction costs. Clients benefit from our cross-practice group approach to auditing and counseling that draws upon the experience and resources of our reinsurance practice group together with the specific skills and experience of other practice groups within the firm.
As an example, we audit and provide counseling to reinsurers on significant health care liability treaty programs involving admitted insurance companies, risk retention groups and other cedants.
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Related Terms Obligatory Reinsurance Definition Obligatory reinsurance is when the ceding insurer agrees to send a reinsurer all policies which fit within the guidelines of the reinsurance agreement.
Commutation Agreement A commutation agreement is a reinsurance agreement in which the reinsurer and ceding company agree on the conditions for obligations to be discharged. Bad Faith Insurance Bad faith insurance refers to a number of ways insurance companies may attempt to escape obligations owed to policyholders. Interlocking Clause An interlocking clause is a reinsurance treaty provision used to determine the allocation of a loss between two or more reinsurance treaties.
Excess Limits Premium Definition Excess limits premium is the amount paid for coverage beyond the basic liability limits in an insurance contract. Underwriting Capacity Underwriting capacity is the maximum amount of liability that an insurance company agrees to assume from its underwriting activities.
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