Statutory Reserves and Liabilities definition
Examples of Statutory Reserves and Liabilities in a sentence
The General Account Statutory Reserves and Liabilities will be the reserves associated with the Fixed Account and will include the reserves for the guaranteed minimum death benefit.
The Reinsurer will increase its General Account Statutory Reserves and Liabilities by an amount equal to the reduction taken by the Reinsured.
The Reinsured will reduce its General Account Statutory Reserves and Liabilities by the quota share percentage of the total General Account Statutory Reserves and Liabilities attributable to the reinsured policies, as shown in Schedule C2.
The Reinsurer agrees to be responsible for one hundred percent (100%) of the Statutory Reserves and Liabilities applicable to the Coinsured Policies (other than the Excluded Liabilities), and shall be fully responsible, at its sole expense, for administration of the Coinsured Policies in all respects in the name, and on behalf, of the Company in accordance with the terms and conditions of the Services Agreement.
The Reinsurer agrees that, on and after the Closing Date, it will establish and maintain all Statutory Reserves and Liabilities as may be required under the terms of the Coinsured Policies and the applicable statutes and regulations of its state of domicile.
Statutory Reserves and Liabilities" shall have the same meaning as set forth in Section 1.20 of the Coinsurance Agreement.
Upon the Assumption Effective Date, all assets supporting the Statutory Reserves and Liabilities with respect to each such Assumed Policy shall be and become the sole and exclusive property of the Reinsurer.
The Reinsurer agrees that, on and after the applicable Assumption Effective Date, it will establish and maintain all Statutory Reserves and Liabilities as may be required under the terms of the Assumed Policies and the applicable statutes and regulations of its state of domicile.
The Reinsured will reduce its General Account Statutory Reserves and Liabilities by the quota share percentage of the total General Account Statutory Reserves and Liabilities attributable to the Reinsured Plan, as shown in Schedule C2.
On the Closing Date, the Ceding Company agrees to sell, assign and transfer to the Reinsurer, as an initial reinsurance premium, the Initial Funds Withheld Assets, which shall have a Statutory Book Value as of the Closing Date equal to an estimate of the Reinsurer’s Quota Share of Statutory Reserves and Liabilities as of the Closing Date (such amount, the “Initial Transferred Reserve Amount”).