loss reserves definition
loss reserves means case reserves based on delinquencies reported to the Company, an estimate for losses on claims based on delinquencies that are IBNR, supplemental loss reserves for potential adverse developments related to claim severity and loss adjustment expenses representing an estimate for the administrative costs of investigating, adjusting and settling claims. Loss reserves are discounted to take into account the time value of money.
loss reserves means, with respect to any Insurance Subsidiary at any time, the sum of (a) all losses, including incurred losses of such Insurance Subsidiary at such time shown on page 3, line 1 of the Annual Statement of such Insurance Subsidiary plus (b) all loss adjustment expenses of such Insurance Subsidiary at such time shown on page 3, line 3 of the Annual Statement of such Insurance Subsidiary, as determined in accordance with SAP.
loss reserves means all reserves for all losses and loss adjustment expenses, including, without limitation, case reserves, reserves for loss adjustment expenses, both allocated and unallocated, reserves for incurred but not reported losses and loss adjustment expenses, and otherwise determined in accordance with those generally accepted actuarial standards and principles applied in determining such Loss Reserves reflected in the GAINSCO Balance Sheet.
More Definitions of loss reserves
loss reserves means, as of any given date, the reserve attributable to losses incurred but not reported and losses reported but not paid with respect to the insurance policies produced under this Agreement, and shall include provision for both allocated and unallocated loss adjustment expense, in each instance as determined in accordance with generally accepted accounting principles consistently applied.
loss reserves means, with respect to a Company, as of any date the amount recorded on the books of such Company, net of Inuring Reinsurance but without taking into account the reinsurance ceded to the Reinsurer hereunder, on account of its actual or potential obligations for unpaid Losses as of such date, including, without limitation, amounts for incurred but not reported Losses (“IBNR”), calculated consistent with the established actuarial practices applied by such Company in respect of the Insurance Contracts, but in all cases consistent with the reserve requirements, statutory accounting rules and actuarial principles applicable to such Company under Applicable Law as of the date at issue. For avoidance of doubt, such reserve requirements, statutory accounting rules and actuarial principles as of the date hereof shall be those in effect prior to giving effect to the Merger but thereafter such reserve requirements, statutory accounting rules and actuarial principles shall be those then in effect.
loss reserves means all reserves customarily established by property and casualty insurance companies under SAP for incurred losses including, without limitation, case reserves, reserves for incurred but not reported losses and reserves for loss adjustment expenses, both allocated and unallocated.
loss reserves means the liability established by the Ceding Insurer to reflect the estimated unpaid Losses resulting from a Loss Event (including Incurred But Not Reported Losses) that the Ceding Insurer will ultimately be required to pay under the Policies, excluding any losses excluded by the Exclusions, except for the 30-Day Amount which will be considered Paid Losses; provided, however, that for the purpose of calculating Net Payable Loss on the Commutation Date, Loss Reserves will mean the amount estimated by the Ceding Insurer and, if the Loss Reserve Specialist concludes that the Loss Reserves specified by the Ceding Insurer is not reasonable, then Loss Reserves will mean the lower of the amount estimated by the Ceding Insurer and the amount that represents the best point estimate of the Loss Reserves by the Loss Reserve Specialist as set forth in the applicable Loss Reserve Certificate.
loss reserves means, for each Covered Event, the liability established by the Ceding Insurer under this Reinsurance Agreement to reflect the estimated unpaid losses by the Ceding Insurer resulting from such Covered Event (including incurred but not reported losses but, for the avoidance of doubt, excluding any losses arising from Exclusions), that the Ceding Insurer expects to ultimately be required to pay under the Policies, provided, however, that for the purpose of calculating (i) the Loss Payment Amount upon Partial Commutation or Full Commutation and termination of this Reinsurance Agreement; (ii) any Actual Reduced Interest Event Amount for such Covered Event; and (iii) for any Extension Reduced Interest Certificate for such Covered Event, Loss Reserves shall mean the amount estimated by the Ceding Insurer in a manner consistent with the Ceding Insurer’s reserving practices as applied in the preparations of its published financial statements and, solely with respect to clauses (i) and (ii) above, Loss Reserves shall mean, if the Loss Reserve Specialist concludes that the Loss Reserves specified by the Ceding Insurer are not reasonable, the lower of the amount specified by the Ceding Insurer and the amount that represents the actuarial central estimate of Loss Reserves by the Loss Reserve Specialist. Loss Reserves shall not include any deduction for amounts that the Ceding Insurer may recover through salvage or subrogation.
loss reserves means all reserves for all losses and loss adjustment expenses, including, without limitation, case reserves, reserves for loss adjustment expenses, both allocated and unallocated, reserves for incurred but not reported losses and loss adjustment expenses, and otherwise determined in accordance with those generally accepted actuarial standards and principles applied in determining the LOSS RESERVES reflected in the SELLER FINANCIAL STATEMENTS.
loss reserves means as of the Effective Date the amount recorded on the books of the Company with respect to the Business, without taking into account the reinsurance ceded to the Reinsurer hereunder, on account of its actual or potential obligations for unpaid Losses as of the Effective Date, including, without limitation, amounts for incurred but not reported Losses (“IBNR”), calculated consistent with the established actuarial practices applied by the Company in respect of the Existing Contracts as of January 1, 2013, but in all cases consistent with the reserve requirements, statutory accounting rules and actuarial principles applicable to the Company under applicable law as of the date at issue.