Closed Block Business definition
Closed Block Business shall have the meaning set forth in the Demutualization Plan.
Closed Block Business means (a) the Regulatory Closed Block established pursuant to Article IX of the Plan of Reorganization, together with such Surplus and Related Assets and indebtedness and other liabilities of the Corporation and its subsidiaries, and together with corresponding adjustments in accordance with generally accepted accounting principles, that the Board of Directors has, as of the Effective Date, allocated to the Closed Block Business, (b) any assets or liabilities acquired or incurred by the Corporation or any of its subsidiaries after the Effective Date in the ordinary course of business and attributable to the Closed Block Business, (c) any assets or liabilities allocated to the Closed Block Business in accordance with policies established from time to time by the Board of Directors, and (d) the rights and obligations of the Closed Block Business under any inter-Business debt or other transaction deemed to be owed to or by the Closed Block Business (as such rights and obligations are defined in accordance with policies established from time to time by the Board of Directors); provided, however, that the Corporation or any of its subsidiaries may re-allocate assets from one Business to the other Business in return for other assets or services rendered by that other Business in accordance with policies established by the Board of Directors from time to time. The Closed Block Business excludes any expenses and liabilities from litigation affecting Closed Block policies, which expenses and liabilities shall be part of, and borne by, the Financial Services Businesses. In the event that interest expense on the IHC Debt Securities is not deductible for federal income tax purposes, the additional tax expense will be borne by the Financial Services Businesses and shall be excluded from the Closed Block Business.
Closed Block Business means (a) the Regulatory Closed Block established pursuant to Article IX of the Plan of Reorganization, together with such Surplus and Related Assets and indebtedness and other liabilities of the Corporation and its subsidiaries, and together with corresponding adjustments in accordance with
Examples of Closed Block Business in a sentence
The Company shall pay all guaranteed benefits for Closed Block Business in accordance with the terms of the Policies contained in the Closed Block.
The Financial Services Businesses will consist of all assets and liabilities of the Holding Company and its subsidiaries not included in the Closed Block Business.
The Fair Market Value of the Closed Block Business shall be calculated as the present value of the Projected Cash Flows of the Closed Block Business before debt service in respect of the Notes using the Discount Rate.
The costs required for the determination of the Fair Market Value of the Closed Block Business shall be borne by MONY Group.
The Holding Company will provide for the separate reporting of the financial performance of the Financial Services Businesses and the Closed Block Business and will allocate assets and liabilities and earnings between the Financial Services Businesses and the Closed Block Business.
More Definitions of Closed Block Business
Closed Block Business means the assets of the Closed Block as maintained by MONY Life, the liabilities and obligations of the Closed Block as maintained by MONY Life, Surplus and Related Assets and corresponding adjustments and other allocated assets and liabilities as recorded on the books and records of the Company and MONY Life as part of the Closed Block Business. Table of Contents
Closed Block Business means (a) the Regulatory Closed Block established pursuant to Article IX of the Plan of Reorganization, together with such Surplus and Related Assets and indebtedness and other liabilities of the Corporation and its subsidiaries, and together with corresponding adjustments in accordance with generally accepted accounting principles, that the Board of Directors has, as of the Effective Date, allocated to the Closed Block Business, (b) any assets or liabilities acquired or incurred by the Corporation or any of its subsidiaries after the Effective Date in the ordinary course of business and attributable to the Closed Block
Closed Block Business means Policies within the classes of Policies specified in Schedule 1 (which Policy classes include, except as specified on Schedule 1, all of the classes of individual Policies for which the Company had an experience-based dividend scale in effect for 1998 and certain other classes of individual Policies), but only to the extent such Policies are In Force on the Effective Date. "Closed Block Financial Statements" has the meaning specified in Section 7.2(e)(i). "Closed Block Funding Date" has the meaning specified in Section 7.1(b). "Closed Block Memorandum" has the meaning specified in Section 7.1(a). "Code" means the Internal Revenue Code of 1986, as amended. "Common Stock" means the shares of common stock of the Company. "Company" means, at all times prior to the Effective Date, Standard Insurance Company, a mutual life insurance company organized under the laws of Oregon, and at all times on and after the Effective Date, Standard Insurance Company, a stock life insurance company organized under the laws of Oregon. 2
Closed Block Business has the meaning set forth in the Indenture.
Closed Block Business means the Policies and certain associated riders and benefits included in the Closed Block. These Policies include the types of Policies listed in Exhibit A, which generally constitute all of the classes of United States dollar denominated individual life insurance Policies for which the Company has a currently payable dividend scale. A Policy will be included in the Closed Block only if it is either (a) In Force on any date between the Statement Date and the Plan Effective Date or (b) issued after the Plan Effective Date (i) pursuant to a completed application that is received prior to the Plan Effective Date at the Company's administrative offices together with all required medical and other underwriting information and payment of the full initial premium and (ii) as applied for in accordance with the terms of the application. All associated riders and benefits to any Policy in the Closed Block will also be included in the Closed Block, with the exception of any rider or benefit for dividend accumulations, dividends with interest or dividends left on deposit.
Closed Block Business means (a) the Regulatory Closed Block established pursuant to Article IX of the Plan of Reorganization, together with such Surplus and Related Assets and indebtedness and other liabilities of the Corporation and its subsidiaries, and together with corresponding adjustments in accordance with generally accepted accounting principles, that the Board of Directors has, as of the Effective Date, allocated to the Closed Block Business, (b) any assets or liabilities acquired or incurred by the Corporation or any of its subsidiaries after the Effective Date in the ordinary course of business and attributable to the Closed Block Business, (c) any assets or liabilities allocated to the Closed Block Business in accordance with policies established from time to time by the Board of Directors, and (d) the rights and obligations of the Closed Block Business under any inter-Business debt or other transaction deemed to be owed to or by the Closed Block Business (as such rights and obligations are defined in accordance with policies established from time to time by the Board of Directors); provided, however, that the Corporation or any of its subsidiaries may re-allocate assets from one Business to the other Business in return for other assets or services rendered by that other Business in accordance with policies established by the Board of Directors from time to time. The Closed Block Business excludes any expenses and liabilities from litigation affecting Closed Block policies, which expenses and liabilities shall be part of, and borne by, the Financial Services
Closed Block Business means the notes, conversions and equity agreements and all associated investors and benefits included in the Closed Block. These notes, conversions and equity agreements include the classes of shares listed in Exhibit B, which consist primarily of all of the classes for which the Company is either currently obligated to distribute or will, under the current scale, distribute in the future. All notes, conversions and equity agreements will be included in the Closed Block only if it is either (a) In Force on any date from and including the Statement Date until and including the Plan Effective Date or (b) issued after the Plan Effective Date (i) pursuant to a Board Resolution that is structured prior to the Plan Effective Date.