Initial Settlement. On the Effective Date of this Agreement, the Ceding Company agrees to pay the Reinsurer an initial settlement equal to $38,684,054. This amount is to be withheld by the Ceding Company in accordance with Article 5. This settlement is comprised of the following amounts: (a) Quarterly Reinsurance Premium of $1,507,163, which is 0.00085 times the retained net amount at risk on 12/31/2001; (b) The initial GAAP Reserve of $37,176,891.
Appears in 2 contracts
Sources: Reinsurance Agreement, Reinsurance Agreement (WRL Series Annuity Account)