ModCo Reserves definition
ModCo Reserves has the meaning set forth in Section 4.1(k).
ModCo Reserves means, for each Accounting Period, an amount equal to 100% of the Quota Share of (a) the Statutory Reserves, plus (b) the IMR, minus (c) the result of (i) uncollected premium, plus (ii) deferred and accrued premium, minus (iii) advance premium (where (c) is calculated in accordance with Exhibit 1 of the Statutory Financial Statements), plus (d) the result of (i) resisted claims, plus (ii) pending claims, plus (iii) incurred but not reported claims (where (d) is calculated in accordance with Exhibit 8 of the Statutory Financial Statements), each as determined as of the last calendar day of the current Accounting Period in accordance with the methodologies used by the Ceding Company to calculate such amounts in accordance with SAP, and after giving effect to the credit for reinsurance taken by the Ceding Company in respect of the Covered Insurance Policies for the Existing Reinsurance Agreements (for avoidance of doubt, all accruals net of reinsurance ceded are included in these amounts, such as amounts recoverable from reinsurers and other amounts receivable under Existing Reinsurance Agreements).
ModCo Reserves means an amount equal to the Quota Share of the Net Statutory Reserves.
Examples of ModCo Reserves in a sentence
The arbitration panel shall only be authorized to adjust the calculation of the ModCo Reserves required to be held in the ModCo Account as of any relevant date of determination to put the Reinsurer in substantially the same economic position it would have been in had the Ceding Company not obtained such permitted practice (with no other damages, including any equitable awards, being permissible).
More Definitions of ModCo Reserves
ModCo Reserves means an amount equal to the Quota Share of the separate -------------- account liabilities as would be shown on Exhibit 3 of the Separate Account Statutory Statements filed with the Ceding Company's domiciliary state with respect to the Policies; provided, however, that Modco Reserves shall be net of the Ceded Reinsurance Agreements, if any.
ModCo Reserves means, as of any date of determination, the Reinsurer’s Quota Share of the amount calculated in accordance with Schedule 1.01(e) solely with respect to the Modco Liabilities.