Modified Coinsurance definition

Modified Coinsurance is the form of Coinsurance whereby insurance cash flows are exchanged net of reserves and the Company holds all of the reserves and the assets backing those reserves.
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Modified Coinsurance means a form of coinsurance under which the reserves are retained by the ceding company while the risk is transferred to the reinsurer. The ceding company is required to pay interest to replace that which would have been earned by the reinsurer if it had held the reserve assets in its own investment portfolio.
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Examples of Modified Coinsurance in a sentence

  • The Ceding Company will retain, control and own all assets held in relation to the Modified Coinsurance Reserve.

  • If the Modified Coinsurance Adjustment for the Accounting Period is a positive amount, the Ceding Company shall owe such amount to the Reinsurer.

  • If the Modified Coinsurance Adjustment for the Accounting Period is a negative amount, the Reinsurer shall owe the absolute value of such amount to the Ceding Company.

  • The Reinsurer shall owe to the Ceding Company an initial modified coinsurance adjustment (the “Initial Modified Coinsurance Adjustment”) equal to the sum of the Net Statutory Reserve as of the Effective Date for each of the types of General Account Modified Coinsurance Business, each multiplied by the applicable Quota Share for the type of Business Reinsured.

  • Within [REDACTED] Business Days of the Closing Date of this Agreement, the Ceding Company shall deliver a report to the Reinsurer setting forth the Initial Consideration, Initial Modified Coinsurance Adjustment, Initial Funds Withheld Adjustment and the Net Initial Consideration.

  • On the Closing Date, the Ceding Company shall allocate to the General Account Portfolios and the [REDACTED] assets mutually determined by the Parties with an aggregate Book Value equal to the sum of the Initial Modified Coinsurance Adjustment plus the Initial Funds Withheld Adjustment.

  • The Parties to the Amended and Restated Coinsurance and Modified Coinsurance Agreement dated January 1, 2019 have agreed that the Accountings described in Section V - Accountings of the Agreement shall be performed on a monthly basis.

  • Amounts due between the Parties for each Accounting Period in respect of Reinsurance Consideration, Reinsurance Expense Allowance, Reinsurance Benefits, the Modified Coinsurance Adjustment, the Funds Withheld Adjustment, [REDACTED] and any other amounts due between the Parties, including adjustments for previously estimated items and preliminary settlements, shall be determined on a net basis as reported by the Ceding Company on the Accounting Report.

  • The Reinsurer shall report the portion of the Tax Reserve allocated to the Coinsurance Reserve on its tax returns and the Ceding Company shall report the portion of the Tax Reserve allocated to the Modified Coinsurance Reserve on its tax returns.

  • The “Investment Credit on Modified Coinsurance Assets” shall be calculated for each Accounting Period as [(1) + (2) + (3) – (4)], where: ▇▇▇▇▇▇▇ Resolution Life Insurance Company and TR Re, Ltd.