Modco Accounts definition

Modco Accounts has the meaning set forth in Section 3.1(a).
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Modco Accounts means the “Modco Accounts,” as such term is defined in the Coinsurance Agreement, the Guaranteed Cost Coinsurance Agreement, the ▇▇▇▇ Modco Agreement and the Excluded Business Coinsurance Agreement.
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Examples of Modco Accounts 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.

  • Prior to the first Effective Time as to any Novation Subject Contract that constitutes a NI Modco Accounts Reinsured Contract, the Assuming Company shall establish and maintain one or more non-insulated separate accounts to mirror the Ceding Company’s NI Modco Account for such Novation Subject Contracts, and shall allocate to such separate accounts all assets and liabilities with respect to NI ModCo Accounts Reinsured Contracts that become Novated Contracts in accordance with applicable Law.

  • On the Recapture Date, all funds allocated to the Modco Accounts shall be released and no payment shall be due in respect thereof.

  • The Cedant shall own and control all General Account Assets and Separate Accounts Assets in the Modco Accounts.

  • The Recoverables to which the Reinsurer is entitled pursuant to this Section 4.3 shall be provided through adjustments to the Modco Accounts in accordance with Section 6.1.

  • For the avoidance of doubt, the Cedant and the Reinsurer acknowledge and agree that the Reinsurer’s Quota Share of policy loans in respect of the Reinsured Policies shall be credited to the Modco Accounts and interest thereon shall be accounted for in accordance with Schedule 6.1(c).

  • Investment income, capital gains and losses earned or accrued on the assets held in each of the Modco Accounts shall be credited to such Modco Account.

  • The Reinsurer’s indemnification obligations pursuant to this Section 4.4 shall be satisfied through adjustments to the Modco Accounts in accordance with Section 6.1.

  • Following the payments described in this Section 4.5(c), the FWH Required Balance and the NI Modco Accounts Required Balance, as applicable, will be adjusted to reflect the novation of the applicable Reinsured Contracts and Assumed Retrocession Agreements and the removal of such contracts and agreements from coverage under this Agreement.

  • The SA Modco Accounts Adjustment in respect of each Quarterly Accounting Period shall be settled in accordance with Section 3.3. .