Net Statutory Reserves definition

Net Statutory Reserves means the statutory reserves of the Ceding Company in respect of the Reinsured Policies, which shall be calculated in good faith in accordance with Nebraska SAP and determined in a manner consistent with the Ceding Company’s historical practices; provided, however, that Net Statutory Reserves shall not include (a) any asset valuation reserves (as used in connection with Nebraska SAP) established by the Ceding Company, (b) any interest maintenance reserves (as used in connection with Nebraska SAP) established by the Ceding Company, (c) any additional actuarial reserves (as used in connection with Nebraska SAP), if any, established by the Ceding Company as a result of its annual cash flow testing or (d) any other reserve not directly attributable to specific Reinsured Policies.
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Net Statutory Reserves means the net statutory reserves of the Ceding Company in respect of the Reinsured Policies, which shall be calculated in good faith on a seriatim basis in accordance with Iowa SAP and using valuation interest rates determined in a manner consistent with the Ceding Company’s historical practices; provided, however, that Net Statutory Reserves shall not include (a) additional actuarial reserves (as used in connection with Iowa SAP), if any, established by the Ceding Company as a result of its annual cash flow testing, (b) any asset valuation reserves (as used in connection with Iowa SAP) established by the Ceding Company, (c) any interest maintenance reserves (as used in connection with Iowa SAP) established by the Ceding Company or (d) any other reserve not directly attributable to specific Reinsured Policies.
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Net Statutory Reserves means, as of any given date, the net statutory reserves (net of third party reinsurance) of Company with respect to the Insurance Liabilities, including loss reserves (including case reserves and reserves for losses incurred but not reported), loss adjustment expense reserves and unearned premium reserves, calculated in accordance with SAP, without giving effect to any reinsurance arrangements with Company’s Affiliates.
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Examples of Net Statutory Reserves in a sentence

  • Any adjustment made pursuant to this clause ((a)) shall become effective as of the close of business on (x) the Record Date for such dividend or other distribution or (y) the effective date for such share split or share combination becomes effective, as applicable.

  • The Ceding Company shall calculate the Net Statutory Reserves with respect to the Reinsured Policies in good faith in accordance with Nebraska SAP and determined in a manner consistent with the Ceding Company’s historical practices; provided, that, the Ceding Company shall provide the Reinsurer supporting information promptly upon request and in the event there is a disagreement with respect to the calculation, the Dispute Resolution procedures herein shall be applied.

  • On certain monthly reports, the Ceding Company uses estimates for Net Statutory Reserves, which are adjusted and trued up quarterly based on its actuary’s calculations.

  • Net Statutory Reserves means the Company's net reserves associated with the Business Covered as defined in Exhibit A on a standalone basis for Indiana insurance regulatory purposes after reflecting reinsurance under this Agreement.

  • After receiving approval from all necessary regulatory authorities, assets consisting of policy loans, cash and investments (at market value) including accrued investment income and net of unearned investment income were transferred by the Ceding Company to the Reinsurer in an amount equal to the Net Statutory Reserves.

  • The Ceding Company shall retain net for its own account and unreinsured at least [***] percent ([***]%) of the Net Statutory Reserves associated with each Reinsured Policy, provided that reinsurance with an Affiliate, including a Protected Cell of Seneca Reinsurance Company, LLC in which the capital and surplus is contributed or otherwise supplied by an Affiliate of the Ceding Company, shall be treated as net for the Ceding Company’s own account and unreinsured for purposes of this Section 2.09.

  • On June 30, 2000, an estimate was made of the net statutory reserves as calculated in B(i) below ("Net Statutory Reserves").

  • The Ceding Company shall retain net for its own account and unreinsured at least [Redacted] of the Net Statutory Reserves associated with each ​ ​ ​ Reinsured Policy, provided that reinsurance with an Affiliate including a Protected Cell of Seneca Reinsurance Company, LLC in which the capital and surplus is contributed or otherwise supplied by an Affiliate of the Ceding Company, shall be treated as net for the Ceding Company’s own account and unreinsured for purposes of this Section 2.09.

  • Within thirty (30) days after the end of each calendar year, the Company shall furnish the Reinsurer with a summary report that includes claims, Gross Statutory Reserves, Net Statutory Reserves and tax reserves.


More Definitions of Net Statutory Reserves

Net Statutory Reserves shall have the meaning set forth in Article V of this Agreement.
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Net Statutory Reserves. Means for a given Accounting Period the result of (a) the Gross Statutory Reserves with respect to the Covered Co/YRT Policies, minus (b) the reserve credit taken by the Ceding Company in respect of the Covered Co/YRT Policies under Third Party Reinsurance contracts.
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Net Statutory Reserves means the statutory reserves of the Ceding Company in respect of the Reinsured Policies, which shall be calculated in good faith in accordance with Nebraska SAP and determined in a manner consistent with the Ceding Company’s historical practices; provided, however, that Net Statutory Reserves shall not include (a) any asset valuation reserves (as used in connection with Nebraska SAP) established by the Ceding Company, (b) any interest maintenance reserves (as used in connection with Nebraska SAP) established by the Ceding Company or (c) any other reserve not directly attributable to specific Reinsured Policies. Notwithstanding the foregoing, “Net Statutory Reserves” shall include applicable “Asset Adequacy Reserves” as may be required by Nebraska statute from time to time. “Asset Adequacy Reserves” shall be determined in good faith and consistent with the Ceding Company’s historical practices by the Ceding Company's actuary as of the prior year end based on the Ceding Company's asset adequacy testing, provided the Covered Business and the Reinsured Block shall be tested together in isolation from Ceding Company's other blocks.
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Related to Net Statutory Reserves

  • Statutory Reserves means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board and any other banking authority, domestic or foreign, to which the Administrative Agent or any Lender (including any branch, Affiliate or other fronting office making or holding a Loan) is subject for Eurocurrency Liabilities (as defined in Regulation D of the Board). Eurodollar Loans shall be deemed to constitute Eurocurrency Liabilities (as defined in Regulation D of the Board) and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under such Regulation D. Statutory Reserves shall be adjusted automatically on and as of the effective date of any change in any reserve percentage.

  • Inventory Reserves means such reserves as may be established from time to time by the Administrative Agent, in its reasonable commercial discretion exercised in good faith and not inconsistent with past practice, with respect to changes in the determination of the salability, of the Eligible Inventory (or Eligible In-Transit Inventory, as the case may be) or which reflect such other factors as negatively affect the market value of the Eligible Inventory, but without duplication of any Tax Stamp Reserves.

  • Statutory Reserve Rate means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentage (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board to which the Administrative Agent is subject with respect to the Adjusted LIBO Rate, for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board). Such reserve percentage shall include those imposed pursuant to such Regulation D. Eurodollar Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under such Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage.

  • Inventory Reserve means reserves established by the Administrative Agent to reflect factors that may negatively impact the Value of Inventory, including change in salability, obsolescence, seasonality, theft, shrinkage, imbalance, change in composition or mix, markdowns and vendor chargebacks.

  • Primary Reserve Requirement means the megawatts required to be maintained in a Reserve Zone or Reserve Sub-zone as Primary Reserve, absent any increase to account for additional reserves scheduled to address operational uncertainty. The Primary Reserve Requirement is calculated in accordance with the PJM Manuals.