DAC Asset definition

DAC Asset means the amount of deferred acquisition costs of the Company, up to the amount of the Loss Reserve Redundancy, as permitted under that certain Direction under Section 56, issued by the BMA, dated April 28, 1999, as further described in Schedule 2.4(b) of the Asset Purchase Agreement and such similar Direction under Section 56 with respect to deferred acquisition costs of the Reinsurer, issued by the BMA on December 23, 2004.
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Examples of DAC Asset in a sentence

  • The Reinsurer shall also establish and maintain the DAC Asset as an admitted asset offsetting such Reserves in part on its Statutory Financial Returns.

  • The Reinsurer shall provide the Company, no later than forty-five (45) calendar days after the end of each calendar year, with copies of all actuarial opinions and actuarial memoranda and all reserve evaluations pertaining to (i) the Reserves for the Covered Insurance Contracts, and (ii) the determination of the value of the DAC Asset, including, without limitation, any actuarial opinions and reserve evaluations performed by independent actuaries, auditors or other outside consultants.

  • Notwithstanding the foregoing, such asset shall be deemed a DAC Asset for purposes of determining whether any Liability is an DAC Liability.