Funds Withheld Account Balance definition
Funds Withheld Account Balance has the meaning set forth in the Indemnity Reinsurance Agreement.
Funds Withheld Account Balance means the Statutory Carrying Value of assets in the Funds Withheld Account, as of any date of determination.
Funds Withheld Account Balance means, as of any date of determination, the balance of the Funds Withheld Account after giving effect to the crediting of the Full Crediting Interest Rate pursuant to Section 3.4.
Examples of Funds Withheld Account Balance in a sentence
On the date during which the applicable Effective Time for such Novated Contracts occurs, the Ceding Company shall transfer to the Assuming Company assets with a Statutory Book Value equal to the Funds Withheld Account Balance or NI Modco Accounts Balance, as applicable, with respect to such Novated Contracts.
A report showing the Notional Funds Withheld Account Balance as calculated in the FUNDS WITHHELD ACCOUNT ARTICLE (if applicable).
The Funds Withheld Account Balance shall initially be equal to the Estimated New Reinsurance Premium and the Reinsurer acknowledges that the Estimated New Reinsurance Premium will be held by Aspen on a funds withheld basis as collateral for the performance of the Reinsurer’s obligations hereunder.
On a weekly basis, the Ceding Company shall deliver into the Accounts the Reinsurance Premiums and Recoveries received in connection with the Covered Business and Reinsured Block (allocation between the Funds Withheld Account and the ModCo Deposit shall be in accordance with the Allocation Percentage) and each of the Funds Withheld Account Balance and the ModCo Deposit Balance, as the case may be, shall be increased by such allocation of Reinsurance Premiums and Recoveries.
On any day that the Allocation Percentage changes, the Ceding Company may reallocate funds between the Accounts by making a transfer from one Account to the other and such reallocation shall be reflected in the Funds Withheld Account Balance and the ModCo Deposit Balance.
More Definitions of Funds Withheld Account Balance
Funds Withheld Account Balance means, at any time, the value of the Funds Withheld Account; provided that upon recapture of this Agreement, the Funds Withheld Account Balance shall be reduced in accordance with Section 7.3.
Funds Withheld Account Balance means, as of a given date prior to or on the Amendment Date, the value of the Funds Withheld Account as reflected in the statutory books and records of the Company, and, as of a given date after the Amendment Date but prior to or on the Hedge Termination Date, the amount of the Statutory Book Value of the ▇▇ ▇▇▇▇▇▇, in each case, determined in accordance with SAP.
Funds Withheld Account Balance means, as of any date of determination, the sum of (a) the Statutory Carrying Value of assets in the Funds Withheld Account, including all paid or accrued investment income thereon, plus (b) the amount of any Excess Withdrawal Amount outstanding as of such date plus (c) the sum of all undisputed amounts owing to the Reinsurer under the terms of this Agreement (including amounts owing due to breaches of representations, warranties or covenants or indemnification payments) which have not been paid by the Ceding Company as of such date.
Funds Withheld Account Balance means, as of a given date, the Statutory Book Value of the Funds Withheld Account Assets, as reflected in the books and records of the Ceding Company as of such date. (s) “Funds Withheld Investment Results” has the meaning set forth in Section 5.2(a)(iii). (t) “Funds Withheld Reserves Adjustment” has the meaning set forth in Section 5.2(a). (u) “Governmental Authority” means: (i) any federal, state, local, foreign or international government or governmental, legislative, judicial, regulatory or administrative authority, agency, governmental commission, department, board, bureau, agency or instrumentality, court, tribunal, arbitrator or arbitral body (public or private); (ii) any self- regulatory organization; and (iii) any political subdivision of any of the foregoing. (v) “Initial Funds Withheld Assets” means the cash, cash equivalents and other assets in respect of the Initial Transferred Reserve Amount and as set forth on Exhibit A attached hereto to be deposited into the Funds Withheld Account. (w) “Initial Reserve Adjustment” has the meaning set forth in Section 3.1(a). (x) “Initial Transferred Reserve Amount” has the meaning set forth in Section 3.1(a). (y) “Insurance Liabilities” means all claims, obligations, indemnities, losses, or liabilities (and no others) arising under, in connection with, or with respect to, the Reinsured Policies, including Commissions and operating expenses incurred in the administration of the Reinsured Policies (other than, in all cases, Extra Contractual Liabilities), net of the aggregate amount due (whether or not collected or collectible) for reinsurance ceded by the Ceding Company from time to time to any other reinsurer with respect to liabilities of the Ceding Company related to the Reinsured Policies (“Other Reinsurance”): (i) on or after the Effective Date under the express terms of the Reinsured Policies, including (x) any right to purchase additional coverage and obligations arising under legal or regulatory requirements applicable to the Reinsured Policies, (y) any
Funds Withheld Account Balance means, as of any date of determination, the balance of the Funds Withheld Account after giving effect to the crediting of the Full Crediting Interest Rate pursuant to Section 3.4. “Funds Withheld Release Date” means the date on which the Parties agree in writing the Funds Withheld Account Balance shall be released to the Reinsurer, which shall (a) not occur later than September 30, 2025 and (b) be subject to the approval of the Reinsurer and 90 days’ advance written notice in the event that Aspen intends to release the Funds Withheld Account Balance earlier than September 30, 2025. “GAAP” means U.S. generally accepted accounting principles, consistently applied. “GDPR” means means the EU General Data Protection Regulation 2016/679 (“EU GDPR”) as implemented by countries within the EEA and the EU GDPR as retained as law in England and Wales by the European Union (Withdrawal) Act 2018 (as applicable to the processing). “Governmental Authority” means any government, political subdivision, court, arbitrator, arbitration panel, mediator, mediation panel, board, commission, regulatory or administrative agency or other instrumentality thereof, whether federal, state, provincial, local or foreign and including any regulatory authority which may be partly or wholly autonomous and including Lloyd’s. “Incident” has the meaning set forth in Section 16.2(e). “Independent Actuary” has the meaning set forth in Section 8.3(a).
Funds Withheld Account Balance means, as of a given date, the value of the Reinsurance Assets as reflected in the statutory books and records of the Company as of such date, determined in accordance with SAP, plus (b) the amount of any Excess FWA Draw Amount outstanding as of such date, plus (c) the amount of any Excess FWA Draw Interest Amount accrued but unpaid as of such date.
Funds Withheld Account Balance means, as of any date of determination, the balance of the Funds Withheld Account after giving effect to any adjustments thereto provided in Section 8.4. “Funds Withheld Account Balance Average” means, for any calendar quarter, an amount equal to (a)(i) the Funds Withheld Account Balance as of the first day of such calendar quarter, plus (ii) the Funds Withheld Account Balance as of the last day of such calendar quarter, divided by (b) two (2). “Governmental Authority” means any government, political subdivision, court, arbitrator, arbitration panel, mediator, mediation panel, board, commission, regulatory or administrative agency or other instrumentality thereof, whether federal, state, provincial, local or foreign and including any regulatory authority which may be partly or wholly autonomous. “Incident” has the meaning set forth in Section 16.2(e). “Independent Actuary” has the meaning set forth in Section 8.3(a). “Initial Required Collateral Amount” means the amount calculated in accordance with Schedule 3.1