Modco Assets definition

Modco Assets means (a) the cash and investment assets that are specifically and separately allocated to the ModCo Account in respect of this Agreement, (b) Policy Loans under the Covered Insurance Policies, and (c) without duplication, any receivables related to cash or other investment assets posted under permitted derivatives or Short Terms Borrowing Transactions in the ModCo Account where such cash or other investment assets would otherwise no longer be recognized as a ModCo Asset.
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Modco Assets shall have the meaning specified in Section 3.01.
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Modco Assets has the meaning set forth in Section 4.11(a).
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Examples of Modco Assets in a sentence

  • The Independent Valuation Experts shall evaluate which of the Parties’ two (2) determinations with respect to the Statutory Book Value of the relevant ModCo Assets (the “Disputed Assets”) is more reasonable in light of the evidence provided by both Parties in connection with their respective submissions to such Independent Valuation Experts.

  • If the Ceding Company determines that any ModCo Assets have become impaired for purposes of determining Statutory Book Value and such impairments exceed $10,000,000 in the aggregate as respects any Accounting Period (a “Significant Impairment”), the Ceding Company shall notify the Reinsurer as promptly as practicable after such determination and in no event later than ten (10) Business Days following the last day of such Accounting Period.

  • During the five (5) Business Days immediately following the delivery of an Objection Notice, the Ceding Company and the Reinsurer will seek in good faith to resolve any disputes as to the determination or calculation of statutory impairments of the applicable ModCo Assets.

  • Any report notifying the Reinsurer of a Significant Impairment shall provide the CUSIP, ISIN or similar security identifier (as applicable) for the impaired ModCo Assets and describe the reason for each such impairment and the effect on Statutory Book Value of the applicable ModCo Assets.

  • In accordance with SAP, the Ceding Company elects to cede all realized capital gains and losses in respect of the ModCo Assets to the Reinsurer on a gross basis.

  • Notwithstanding the foregoing, the Parties acknowledge that the Reinsurer bears the economic risk of the ModCo Assets as described in this Agreement, and agree that, other than the obligation to (A) cooperate in giving effect to any proposal in respect of a transfer and/or (B) deliver any direction to the applicable Investment Manager as contemplated above, the Ceding Company shall have no obligation, and shall incur no liability, with respect to such direction or proposal, as applicable.

  • Additionally, the Ceding Company agrees to consult with the Reinsurer, in advance, regarding any proposals by its Investment Managers to appoint any subadvisers in respect of ModCo Assets that are unaffiliated with the Investment Managers.

  • Notwithstanding Section 10.3, any disagreements with respect to determinations of statutory impairments of ModCo Assets shall be subject to this Section 4.1(f).

  • Notwithstanding Section 9.3, any disagreements with respect to determinations of statutory impairments of ModCo Assets shall be subject to this Section 4.1(f).


More Definitions of Modco Assets

Modco Assets shall have the meaning set forth in Section 4.1(b).
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Modco Assets shall have the meaning specified in Section 3.01. “Modco Sub-Account” shall have the meaning specified in Section 8.01(a). “Modco Sub-Account Expenses” shall have the meaning specified in Section 8.03(a). “Modified Coinsurance Reserves” shall mean an amount equal to (a) the applicable Quota Share of the Statutory Reserves, plus (b) the Interest Maintenance Reserve. “Net Settlement Amount” shall have the meaning specified in Section 9.02(b). “Non-Payment Event” shall have the meaning specified in Section 12.02(b). “Non-Public Personal Information” shall have the meaning specified in Section 19.09(b). “Original A&R Agreement” shall have the meaning specified in the Recitals hereto. “Original Agreements” shall mean the Liberty Life Legacy Agreement and the Second A&R Agreement. “Original Effective Date” shall mean in respect of the Index-Linked Deferred Annuity Policies, July 1, 2019, and in respect of all other Reinsured Policies, January 1, 2018. “Other Risk ▇▇▇▇▇▇” shall have the meaning specified in Section 10.01(a). “Other Treaties” shall mean any other reinsurance treaty entered into between the Ceding Company and the Reinsurer, including, without limitation, that certain Modified Coinsurance Agreement (Fixed Spread Business) between the Ceding Company and the Reinsurer, effective as of the Original Effective Date. “Permits” shall have the meaning specified in Section 18.01(d). “Permitted Assets” shall mean cash, any asset qualifying as an admitted asset of the Ceding Company under the applicable Laws of the State of Iowa, and any other form of security acceptable to the Commissioner of the Iowa Insurance Division; provided, however, that assets maintained in the Separate Accounts shall also be permissible under the applicable Plan of Operations. “Person” shall mean and include an individual, a corporation, a partnership, an association, a trust, an unincorporated organization or a government or political subdivision thereof. “Plan of Operations” shall mean the plan of operations for each separate account comprising the Separate Account. “Policy Expenses” shall have the meaning specified in Section 5.01. “Premium Tax” shall have the meaning specified in Section 17.02. “Proprietary Information” shall have the meaning specified in Section 19.09(a).
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