Gross Statutory Reserves definition

Gross Statutory Reserves shall have the meaning set forth in the Excluded Business Reinsurance Agreement.
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Gross Statutory Reserves means, as of any given date, the gross statutory reserves of Company with respect to the Insurance Liabilities, including loss reserves (including case reserves and reserves for losses incurred but not reported), loss adjustment expense reserves and unearned premium reserves, calculated in accordance with SAP, without giving effect to this Agreement or any Ceded Reinsurance Agreement.
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Gross Statutory Reserves. Means the statutory reserves as calculated by the Ceding Company using the NAIC approved practices and procedures in force in the State of Illinois as of the Amended and Restated Effective Date before deduction for the reinsurance hereunder, and without regard to any permitted practice whatsoever.
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Examples of Gross Statutory Reserves in a sentence

  • If the Fair Market Value of assets in the Trust Account as of the statement date of any Quarterly Report is less than 100% of the Gross Statutory Reserves as of such date, Reinsurer shall promptly (but in no event later than 5 Business Days after the Quarterly Report is received), cause additional assets to be deposited into the Trust Account having an aggregate Fair Market Value at least equal to the amount of such deficiency.

  • Without limiting the foregoing, the Quarterly Report shall include the amount of Gross Statutory Reserves as of the end of such calendar quarter.

  • Pursuant to the Administrative Services Agreement, within thirty (30) days after the end of each calendar quarter that the Administrative Services Agreement is in effect, Administrator thereunder shall prepare and deliver to Company a Quarterly Report that shall include, among other things, a determination of the Gross Statutory Reserves and the Fair Market Value of the assets in the Trust Account, in each case as of the end of the prior calendar quarter.

  • If, however, the Fair Market Value of the assets in the Trust Account as of the statement date of such Quarterly Report is greater than 102% of the Gross Statutory Reserves as of such date, Company shall withdraw such excess from the Trust Account in accordance with the provisions of Section 8.7(b) and pay such excess to Reinsurer immediately upon withdrawal.

  • If, however, the Fair Market Value of the assets in the Trust Account as of the statement date of such Quarterly Report is greater than 102% of the Gross Statutory Reserves as of such date, Seller shall withdraw such excess from the Trust Account in accordance with the provisions of Section 8.7(b) and pay such excess to Reinsurer immediately upon withdrawal.

  • Pursuant to the Administrative Services Agreement, within thirty (30) days after the end of each calendar quarter that the Administrative Services Agreement is in effect, Administrator thereunder shall prepare and deliver to Seller a Quarterly Report that shall include, among other things, a determination of the Gross Statutory Reserves and the Fair Market Value of the assets in the Trust Account, in each case as of the end of the prior calendar quarter.

  • Within thirty (30) days after the end of each calendar year, the Company shall furnish the Reinsurer with a summary report that includes claims, Gross Statutory Reserves, Net Statutory Reserves and tax reserves.