SAP Reserves definition

SAP Reserves means, with respect to any date of determination, the Reinsurer’s Quota Share of the aggregate reserves that would be required to be reported by the Ceding Company on its statutory financial statements with respect to the Reinsured Policies without regard to the transactions contemplated by this Agreement (including, without limitation, due and unpaid and advance paid premiums and reserves for experience refunds), calculated as of such date of determination in accordance with SAP applicable to the Ceding Company (including, without limitation, any premium deficiency reserves testing required by SAP) determined in a manner consistent with the Ceding Company’s historical practices, methodologies and assumptions (unless deviation from such historical practices, methodologies and assumptions is required by SAP applicable to the Ceding Company as of such date of determination in which case the Ceding Company and the Reinsurer shall cooperate in good faith to update such practices, methodologies and assumptions to comply with SAP applicable to the Ceding Company), net of reserves ceded by the Ceding Company under the NICO Reinsurance Agreement; provided, that, in no event will the SAP Reserves include (i) additional actuarial reserves (as used in connection with SAP), if any, established by the Ceding Company as a result of any asset adequacy analysis or cash flow testing, (ii) any asset valuation reserves (as used in connection with SAP) established by the Ceding Company, (iii) any interest maintenance reserve (as used in connection with SAP) established by the Ceding Company or (iv) any voluntary or other discretionary reserves, or any other reserve not directly attributable to specific Reinsured Policies.
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SAP Reserves means, with respect to any date of determination, the Reinsurer’s Quota Share of the aggregate reserves that would be required to be reported by the Ceding Company on its statutory financial statements with respect to the Reinsured Policies without regard to the transactions contemplated by this Agreement (including, without limitation, due and unpaid and advance paid premiums and reserves for experience refunds), calculated as of such date of determination in accordance with SAP applicable to the Ceding Company (including, without limitation, any premium deficiency reserves testing required by SAP) determined in a manner consistent with the Ceding Company’s historical practices, methodologies and assumptions (unless deviation from such historical practices, methodologies and assumptions is required by SAP applicable to the Ceding Company as of such date of determination in which case the Ceding Company and the Reinsurer shall cooperate in good faith to update such practices, methodologies and assumptions to comply with SAP applicable to the Ceding Company), net of reserves ceded by the Ceding Company under the Specified Ceded Reinsurance Agreement; provided, that, in no event will the SAP Reserves include (i) additional actuarial reserves (as used in connection with SAP), if any, established by the Ceding Company as a result of any asset adequacy analysis or cash flow testing, (ii) any asset valuation reserves (as used in connection with SAP) established by the Ceding Company, (iii) any interest maintenance reserve (as used in connection with SAP) established by the Ceding Company or (iv) any voluntary or other discretionary reserves, or any other reserve not directly attributable to specific Reinsured Policies.
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Examples of SAP Reserves in a sentence

  • Any actuarial memorandum or certification provided pursuant to this Section 7.06 or information provided pursuant to Section 7.07 is not, and shall not be deemed to constitute, any representation as to the ultimate adequacy or sufficiency of the SAP Reserves or reserves held by the Reinsurer or the Ceding Company, as applicable, in respect of the Reinsured Policies.

  • Prior to the Valuation Transition Date, the Ceding Company shall calculate the Reserves and SAP Reserves with respect to the Reinsured Policies and, except to the extent required to comply with changes to Applicable Law, the Ceding Company shall not modify or change its valuation methodology or basis for such valuation in respect of the Reinsured Policies without the prior written consent of the Reinsurer.

  • The ALSC SAP Reserves (i) were determined in accordance with SAP consistently applied, (ii) were computed on the basis of methodologies consistent in all material respects with those used in prior periods, (iii) were fairly stated in all material respects in accordance with sound actuarial principles, (iv) were established in accordance with product insurance practices generally followed in the insurance industry and (v) satisfied the requirements of all applicable Laws in all material respects.

  • The Company SAP Reserves (i) were determined in accordance with SAP consistently applied, (ii) were computed on the basis of methodologies consistent in all material respects with those used in prior periods, (iii) were fairly stated in all material respects in accordance with sound actuarial principles, (iv) were established in accordance with prudent insurance practices generally followed in the insurance industry, and (v) satisfied the requirements of all applicable Laws in all material respects.

Related to SAP Reserves

  • PDP Reserves means the Proven Reserves which are categorized as both “developed” and “producing” under the definitions for oil and gas reserves promulgated by the Society of Petroleum Evaluation Engineers (or any generally recognized successor) as in effect at the time in question and reasonably acceptable to the Administrative Agent.

  • Required Reserves at any time means the product of (x) the Net Pool Balance and (y) the greater of (I) 13.00% and (II) the sum of (a) the Yield Reserve Ratio, plus (b) the Servicing Fee Reserve Ratio, plus (c) the greater of (i) the sum of the Loss Reserve Ratio and the Dilution Reserve Ratio and (ii) the Minimum Reserve Ratio, each as in effect at such time.

  • Availability Reserves means, without duplication of any other Reserves or items that are otherwise addressed or excluded through eligibility criteria, such reserves as the Agent from time to time determines in its discretion as being appropriate (a) to reflect the impediments to the Agent’s ability to realize upon the Collateral, (b) to reflect claims and liabilities that the Agent determines may need to be satisfied in connection with the realization upon the Collateral, (c) to reflect criteria, events, conditions, contingencies or risks which the Agent believes in good faith could adversely affect any component of the Borrowing Base, or the assets, business, financial performance or financial condition of any Loan Party, or (d) to reflect that a Default or an Event of Default then exists. Without limiting the generality of the foregoing, Availability Reserves may include, in the Agent’s discretion, (but are not limited to) reserves based on: (i) rent; (ii) customs duties, and other costs to release Inventory which is being imported into the United States; (iii) outstanding Taxes and other governmental charges, including, without limitation, ad valorem, real estate, personal property, sales, claims of the PBGC and other Taxes which may have priority over the interests of the Agent in the Collateral; (iv) salaries, wages and benefits due to employees of any Borrower, (v) Customer Credit Liabilities, (vi) customer deposits, (viii) reserves for reasonably anticipated changes in the Appraised Value of Eligible Inventory between appraisals, (viii) warehousemen’s or bailee’s charges and other Permitted Encumbrances which may have priority over the interests of the Agent in the Collateral, (ix) amounts due to vendors on account of consigned goods, (x) Cash Management Reserves, (xi) Bank Products Reserves and (xii) royalties payable in respect of licensed merchandise.

  • Capital Reserves means, for any period and with respect to a Property, an amount equal to (a) $0.05 per square foot times (b) a fraction, the numerator of which is the number of days in such period and the denominator of which is 365. If the term Capital Reserves is used without reference to any specific Property, then the amount shall be determined on an aggregate basis with respect to all Properties of the Trust and its Subsidiaries and a proportionate share of all Properties of all Unconsolidated Affiliates.

  • Pension reserve means the present value, computed upon the basis of the mortality and other tables adopted by the board, of all payments to be made on account of any retirement allowance or benefit in lieu of any retirement allowance, granted to a member or beneficiary under this chapter.