Ceded Reserves definition

Ceded Reserves means, as of any date, the aggregate of the unearned premium reserve and the loss reserve, if any, required to be carried by the Ceding Company for the liabilities ceded hereunder in accordance with statutory accounting practices, before giving effect to any reserve credit for the cession made hereby.

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Ceded Reserves shall equal (a) with respect to a Direct Policy, the Statutory Reserves for such Direct Policy, properly adjusted by Reinsurer’s Share, and then reduced by 100% of the reserves allocable to Excess Reinsurance with respect to such Direct Policy, and (b) with respect to an Assumed Policy, the Statutory Reserves as would be calculated using NAIC-approved statutory accounting practices and procedures in force in Cedent’s Domicile for such Assumed Policy, properly adjusted by Reinsurer’s Share, and then reduced by 100% of the reserves allocable to Excess Reinsurance with respect to such Assumed Policy.

Ceded Reserves shall have the meaning as specified in Article 8.2.

Examples of Ceded Reserves in a sentence

As consideration for the reinsurance by the Reinsurer of the Reinsured Risks under this Agreement, on the Closing Date the Reinsurer shall be entitled to an amount equal to one hundred percent (100%) of the Total SAP Ceded Reserves as of the close of business on the day immediately preceding the Inception Date (the “Initial Reinsurance Premium”).
Total SAP Ceded Reserves Gross Policy Reserves calculated in accordance with SAP with respect to the reinsured risks.
In addition, on the date of delivery of the Monthly Accounting Report related to such termination, Reinsurer shall transfer to Ceding Company, within fifteen (15) Business Days after receipt of the Monthly Accounting Report, an amount equal to the Ceded Reserves as of the Termination Effective Date.
The Reinsured shall not, on its own initiative, change the methods used by the Reinsured to establish Total Ceded Reserves.
The Reinsurer shall share proportionately in any changes in the methods used to establish the Total Ceded Reserves required by law or applicable regulation.
As soon as practicable but no later than 60 days thereafter, the Ceding Company will provide the Reinsurer with a portfolio representing the Ceded Reserves and the Contingency Reserve as of the Effective Time and if the Ceded Reserves and the Contingency Reserve differ from the estimated payment made pursuant to the preceding sentence, an appropriate adjusting payment between the parties shall be made.
In addition, on the date of delivery of the Quarterly Accounting Report related to such termination, the Ceding Company shall transfer all assets in the Funds Withheld Account to the Reinsurer, and the Reinsurer will pay to the Ceding Company, within fifteen (15) Business Days after receipt of the Quarterly Accounting Report, an amount equal to the Ceded Reserves as of the Termination Effective Date.
The triangles above are calculated as follows: • Gross Ultimate Losses = Gross Paid Losses + Gross Reserves (both given in problem) • Ceded Ultimate Losses = Ceded Paid Losses + Ceded Reserves + Commutation Effect on Paid Losses + Commutation Effect on Reserves.
In the event that an Experience Trigger Event has occurred with respect to an Accounting Period, the Reinsurer Allowance in part (i) above shall be .3125% (.4375% effective January 1, 2009 and later) of the sum of the Total Ceded Reserves of the Cedents as of the end of each Accounting Period during which and after the Experience Trigger Event occurred.
The Ceding Company and the Reinsurer agree that, in addition to the Ceded Reserves, the applicable Quota Share of the IMR shall be ceded to the Reinsurer and maintained in the Funds Withheld Account.

More Definitions of Ceded Reserves

Ceded Reserves means the reserves and other liabilities for the payment of benefits, losses, claims, unearned premium and other expenses under any liabilities in respect of the Reinsured Policies ceded by a Ceding Company to any reinsurer.

Ceded Reserves means an amount equal to the Quota Share of the Net Statutory Reserves.

Ceded Reserves shall have the meaning set forth in Section 9.01.

Ceded Reserves means, as of any date of determination, the aggregate gross Reserves of the Beneficiary, as determined by the Beneficiary, for Reinsured Liabilities in respect of Ultimate Net Loss (taking into account the Aggregate Limit) payable by the Beneficiary in excess of the Retention.

Ceded Reserves as used herein shall be defined as the reserves for unearned premiums plus the reserves for losses and loss adjustment expenses (reported as well as not reported) as determined by the Company that are ceded by the Company to Reinsurer for Group AV business. Quota Share Reinsurance Agreement Originally Effective: April 15, 2006

Ceded Reserves means 100% of the following balances, each measured as of the Recapture Effective Time unless otherwise provided: (x)