Milliman Clause Samples

The 'Milliman' clause typically refers to a provision that incorporates or references actuarial services, reports, or standards provided by Milliman, a well-known actuarial consulting firm. In practice, this clause may specify that certain calculations, certifications, or valuations—such as those related to insurance reserves, pension plans, or risk assessments—must be performed according to Milliman's methodologies or by Milliman itself. The core function of this clause is to ensure that actuarial work meets a recognized standard of quality and objectivity, thereby providing confidence and consistency in financial or risk-related determinations.
Milliman. (1) Milliman Group shall comply with all Laws (a) applicable to Milliman Group, (b) applicable to Milliman Group in the performance of the Services, and (c) identified or otherwise set forth in an SOW. (2) Voya Group may direct Milliman Group on (a) the method of compliance with any Laws and (b) which Laws are applicable to Milliman Group’s performance of the Services or are identified or otherwise set forth in an SOW. Milliman Group shall comply with all such direction. (3) If Milliman Group reasonably determines that performance of the Services requires an interpretation of any Law, Milliman Group shall present to Voya Group the issue for interpretation and Voya Group shall provide such interpretation to Milliman Group by notice signed by a Voya Contract Executive with respect to such issue. Milliman Group shall be authorized to act and rely on, and shall promptly implement such Voya Group interpretation in the performance and delivery of the Services. The Parties shall resolve questions of interpretation and shall implement the resulting Voya Group interpretation on an expedited basis. (4) Milliman Group shall not be responsible for a failure to comply with a Law to the extent that Milliman Group relies on, and complies with, Voya Group’s direction pursuant to Section 14.02(2)(a) in respect of such Law or Voya Group’s interpretation of such Law pursuant to Section 14.02(3). (5) Milliman Group shall provide Voya Group (and Voya Agents, Voya Auditors and any Governmental Authority, in each case, designated by the Voya) access to any information, Service Locations and members of the Service Delivery Organization as Voya deems is necessary to confirm that Milliman Group is in compliance with any Law applicable to Voya Group and that is related to the Services. (6) If Milliman Group is not in compliance with any Law with which it is required to comply pursuant to Section 14.02(1), then: (a) Milliman Group shall promptly undertake such measures as Voya Group shall require and which are necessary to establish compliance with the Law; (b) Voya Group (or its designee) may, at Milliman Group’s cost and expense, undertake such measures as Voya Group shall require and which are necessary to establish compliance with the Law; or (c) if such non-compliance creates serious reputational or regulatory risk for Voya Group such that Voya Group determines, in its reasonable business judgment, that its continued receipt of the Services could reasonably be expected to have a...
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Milliman. Information on future premium production volumes, products, and mix of riders and other guaranteed benefits.
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Milliman. Milliman shall defend, indemnify and hold harmless the Voya Indemnified Parties from and against any Loss relating to a Claim by a third party against the Voya Indemnified Parties: (1) that the Milliman Resources or use thereof infringes, or causes the infringement of, the proprietary rights of a third party, except to the extent such infringement is a result of: (a) use of the Milliman Resources by Voya Group in contravention of the Related Documentation or license granted to Voya Group under Article 7 or an applicable SOW; (b) failure by Voya Group to use new or corrected versions of such Milliman Resources provided by Milliman Group to Voya Group with no additional charge (provided, however, that Voya Group is notified that use of such new or corrected version is necessary to avoid infringement), (c) modifications to the Milliman Resources made by Voya Group or a Voya Agent other than at the direction of Milliman Group; (d) Milliman Group complying with instructions or designs required or provided by Voya Group where such compliance necessarily would give rise to such infringement; or (e) combination of the Milliman Resources by Voya Group or a Voya Agent with products or systems other than those provided by, or authorized by, Milliman Group; (2) relating to any taxes, interest, penalties or other amounts assessed against Voya Group that are the obligation of Milliman Group pursuant to Article 10; (3) relating to a breach of Section 8.01, Section 8.03(4), Section 13.01, Section 13.02, Section 13.03, Section 13.04, Section 13.05, Section 14.02 or Section 21.07 by Milliman Group; (4) relating to the inaccuracy, untruthfulness or breach of any representation or warranty made by Milliman in Section 15.02(1), Section 15.02(2), Section 15.02(3), Section 15.02(4), Section 15.02(5), Section 15.02(6) or Section 15.02(10); (5) relating to (a) injury or death of any person (including employees of Milliman Group or Voya Group, or customers of Voya Group) or (b) the loss of or damage to any tangible property (including tangible property of the employees of Milliman Group or Voya Group, or customers of Voya Group), in each case, resulting from the acts or omissions (including breach of contract) of Milliman Group; or (6) by a Milliman Agent, a member of the Service Delivery Organization or any other third party to whom Milliman Group owes a duty or obligation. Milliman shall indemnify Voya Indemnified Parties from any costs and expenses reasonably incurred in connect...
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Milliman. The projections reflect commission on a paid basis. Under the reinsurance treaty, PrimeRe will reimburse PLIC for commissions on an earned basis. In the first projection year, this results in an increase in the commission reimbursement by about $61.6 million for 80% of the business, which is reflected as an aggregate adjustment in Table I, and the ten-year projections. Subsequent years are not impacted.
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Milliman. The following is a brief description of the product history and features.
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Milliman. Actual experience may differ from that assumed in the projections. To the extent actual experience is different from the assumptions underlying this Report, so will actual results differ from the projected results shown here. Sensitivity of results to changes in assumptions is provided as part of Section II, Summary of Results.
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