Loss Reserve Redundancy definition
Loss Reserve Redundancy means the excess of (i) the Reserves over (ii) the level of reserves for the Covered Insurance Contracts calculated under U.S. GAAP in accordance with the reserve assumptions set forth in Exhibit A hereto, as certified by a member of the American Academy of Actuaries. The Loss Reserve Redundancy shall initially be the portion of the amount set forth on the SLDI Closing Statements as the amount required to be included on line 13(a) of the Bermuda Statutory Financial Return ("Sundry Assets - Loss Reserve Redundancy") with respect to the Business that is attributable to the Covered Insurance Contracts hereunder.