Policy Liabilities means all liabilities and obligations arising under or related to the Policies, excluding any Extra Contractual Obligations based on acts, errors or omissions by the Company or any of its officers, employees, agents or representatives, and any attorneys' fees incurred by the Company related to such Extra Contractual Obligations. Without limiting the generality of the foregoing, the term "Policy Liabilities" shall include, without limitation, any and all of the Company's liability:
Policy Liabilities means, to the extent applicable, any claims of holders of policies of insurance issued by the Guarantor or for which the Guarantor is responsible or liable and described in paragraph 161(1)(c) of the Winding-Up and Restructuring Act (Canada) and any other statute hereafter enacted in substitution therefor, as such act or substituted statute may be amended from time to time.
Policy Liabilities means: (i) all contractual obligations of Ceding Company under the Reinsured Policies; (ii) all obligations of Ceding Company represented by the Reserves transferred to Reinsurer pursuant to Section 4.3 (to the extent not included in the immediately preceding clause (i)); (iii) all liabilities for premium taxes arising on account of Premiums received by Reinsurer at or after the Effective Time other than such taxes arising on account of Premiums Receivable as of the Effective Time; (iv) all amounts payable for returns or refunds of Premiums under the Reinsured Policies; (v) all liabilities for Commissions payable with respect to the Reinsured Policies with respect to Premiums received by Reinsurer at or after the Effective Time (including the Premiums Receivable to the extent that the Commissions in respect thereof are included in the Policy-Related Liabilities as of the Effective Time but excluding Commissions owing to LeafRe or BBI with respect to Reinsured Policies that are not LeafRe Covered Policies); (vi) all guaranty fund assessments and similar charges imposed with respect to the Reinsured Policies based on Premiums received by Reinsurer at or after the Effective Time other than such assessments and similar charges arising on account of Premiums Receivable as of the Effective Time; and (vii) all Extra-Contractual Liabilities related to acts or omissions that occurred, or were alleged to have occurred at or after the Effective Time, other than Extra-Contractual Liabilities arising from acts or omissions of Ceding Company; provided, however, that acts or omissions of Reinsurer and its Affiliates, acting on behalf of Ceding Company, with respect to the Reinsured Policies and the Other Agreements will not be deemed to be the acts or omissions of Ceding Company and provided that acts or omissions at and after the Effective Time of (x) brokers and agents that Ceding Company appointed prior to the Effective Time to market the Reinsured Policies, (y) brokers and agents that Reinsurer appoints on behalf of Ceding Company after the Effective Time with respect to the Reinsured Policies or (z) brokers and agents that Ceding Company appoints at the direction of Reinsurer with respect to the Reinsured Policies will not be deemed to be the acts or omissions of Ceding Company.
Examples of Policy Liabilities in a sentence
According to the Risk Based Capital rules, all Insurers are required to value Life Insurance Policy Liabilities as per the Gross Premium Valuation (GPV) method and valuation rules and methodologies stipulated by the IRCSL.
Acquisition expense recovery component means a uniform margin of an acquisition expense recovery carrier, determined in accordance with Prudential Standard LPS 340 Valuation of Policy Liabilities (LPS 340).
The Insurance Risk Capital Charge takes into account the risks pertaining to each element in respect of which an assumption is required to set a value on Policy Liabilities.
Policy Liabilities (Insurance and Investment Contract Liabilities)Policy liabilities for IFRS are valued in Canada under standards established by the Actuarial Standards Board.
Policy Liabilities include those contractual liabilities and obligations concerning the Policies as written in the Policy contracts to the extent assumed in the Assumption Endorsement.
More Definitions of Policy Liabilities
Policy Liabilities means the following Liabilities (without duplication) arising out of or resulting from the Reinsured Policies, but in all events excluding Excluded Liabilities:
Policy Liabilities has the meaning set forth in the Reinsurance Agreement. “Policyholder” has the meaning set forth in the Reinsurance Agreement.
Policy Liabilities shall have the meaning ascribed to such term in the LPT and Quota Share Reinsurance Agreement.
Policy Liabilities means the gross liability and obligations (whether arising from assumed reinsurance or directly written insurance) of the Insurers, based upon or arising under the express written terms and conditions of the Policies (except for Excluded Liabilities (as defined below) and Retained Policy Liabilities), including without limitation liabilities for:
Policy Liabilities and "Ultimate Net Loss" shall have the meaning set forth in the Reinsurance Agreements.
Policy Liabilities shall include, without limitation, any and all of the Company's liability:
Policy Liabilities means any and all gross liabilities and obligations arising out of or relating to the Policies issued on or after the Coinsurance Effective Date, including Extra Contractual Obligations, Loss In Excess of Policy Limits and Loss Expense, and including claims during Interim Coverage; provided, however, Policy Liabilities shall not include any Premium-related Taxes (as defined below in “Premium-related Taxes Allowances”) and fees, and any assessments and similar charges in connection with Company’s participation in any guaranty association(s).