NI Modco Accounts definition

NI Modco Accounts has the meaning set forth in the Indemnity Reinsurance Agreement.
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NI Modco Accounts means the non-insulated separate accounts of the Ceding Company established in respect of NI Modco Accounts Reinsured Contracts.
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Examples of NI Modco Accounts in a sentence

  • 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 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.

  • If the amount of the Quarterly Net Settlement for such Quarterly Accounting Period is positive, the Ceding Company (including on behalf of NI Modco Accounts and the Separate Accounts) shall pay such amount in cash to the Reinsurer within five (5) Business Days of its delivery of the final Quarterly Settlement Statement for such period to the Reinsurer.

  • All investment expenses of the Ceding Company in managing such assets shall be paid by the Reinsurer either directly by the Reinsurer or by the Ceding Company’s withdrawal of such expenses from the NI Modco Accounts.

  • The Ceding Company will retain, control and own all assets in the NI Modco Accounts.

  • In addition, the calculation of the Statutory Book Value of equity securities and Xxxxxx held in the NI Modco Accounts shall include unrealized gains and losses on such equity securities and Xxxxxx.

  • The Parties agree that the retention of the assets in the NI Modco Accounts by the Ceding Company in the NI Modco Accounts is not intended in any way to diminish or dilute the investment risk transferred to the Reinsurer through the calculation of the investment results of the assets in the NI Modco Accounts.

  • The Ceding Company shall only allocate such investment expenses to the Reinsurer to the extent such expenses relate directly to the assets in the NI Modco Accounts.

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

  • All investment income (including interest and principal payments, dividends, income on Xxxxxx and realized gains from sales) received on assets held in the NI Modco Accounts shall be deposited and maintained in Eligible Assets in the NI Modco Accounts, thereby increasing the NI Modco Accounts Balance.

Related to NI Modco Accounts

  • Excluded Accounts means any Xxxxx Cash Account and any other deposit account used for (a) funding payroll or segregating payroll taxes or funding other employee wage or benefit payments, (b) segregating 401(k) contributions or contributions to an employee stock purchase plan or (c) funding other employee health and benefit plans.

  • Interim Accounts means the unaudited consolidated quarterly financial statements of the Issuer for the quarterly period ending on each 31 March, 30 June, 30 September and 31 December in each year, prepared in accordance with GAAP.

  • Separate Accounts means the accounts which are to be prepared for each

  • Controlled Accounts means the Collection Account and the Unfunded Exposure Account.

  • Excluded Account means (a) any deposit account specifically and exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of any Loan Party’s employees and (b) any Xxxxx Cash Accounts.