PLAE definition
Examples of PLAE in a sentence
The relevant payment obligations of each of PLAE and PLL under Clauses 3 (Reinsurance Premiums), 4 (Reinsurance Claims), 5 (Expenses Cashflow) and 6 (Recoveries) shall be deemed satisfied and discharged by the payment by the relevant party of any such net amount.
On or around the date of this Agreement, PLL shall transfer its European Economic Area business to PLAE by way of an insurance business transfer scheme pursuant to Part VII of the Financial Services and Markets ▇▇▇ ▇▇▇▇ in the UK and a scheme in the Republic of Ireland under Section 13 of the Assurance Companies ▇▇▇ ▇▇▇▇ and Regulation 178 of the European Union (Insurance and Reinsurance) Regulations 2015.
PLL shall have the opportunity to make representations at any meeting of the Reinsurance Business Committee as to the amount that they would consider reasonable for PLAE to pay or have paid (and PLL to reinsure) in respect of any claim under a Reinsured Policy which is notified to PLL as a Notifiable Matter.
The Reinsurance Business Committee Terms of Reference shall only be amended with the agreement of PLL, ReAssure Life Limited and PLAE.
The payment of the Back-Book Premium shall, if the PLAE 2022 Scheme comes into effect in accordance with its terms, be satisfied by the set-off and retention of assets by PLL that would otherwise be transferred to PLAE pursuant to the PLAE 2022 Scheme, in accordance with the terms of paragraph 3.2 of the PLAE 2022 Scheme, so that PLAE will not be required to transfer any assets in order to pay the Back-Book Premium.
The Finance Technical Committee shall exercise powers of oversight in relation to benefits for customers allocated to the PLAE WP Funds and any other with-profits funds maintained by PLAE from time to time.
Where all or any part of any Reinsured Liability is Recovered by PLAE, PLAE shall pay to PLL the amount so Recovered payable monthly on the last Business Day of each month and settled in accordance with Clause 7 (Net Amounts).
PLAE shall in good faith take into account any reasonable requests by PLL in relation to the provision of such services to it.
PLAE shall notify PLL of all Consent Claims, such notification to be to an e-mail address notified by PLL to PLAE in writing, and shall include the amount which PLAE proposes to pay in settlement of the Consent Claim (the "Proposed Settlement"), the plan number, the policyholder name, the type of policy, the type of claim (e.g. maturity, death, retirement, transfer, partial transfer etc.), the claim amount and the payment authoriser (the "Consent Claim Notice").
Subject to legal and regulatory requirements, PLL shall give PLAE at least six weeks' notice of any amendments to the PPFM which materially affect the substance of publications that PLAE is required by regulation to send to its policyholders.