Terminal Accounting definition

Terminal Accounting means a statement substantially in the form of the Final Business Statement of Assets and Liabilities, prepared in accordance with Iowa SAP, which statement shall be delivered upon termination of coinsurance and modified coinsurance provided pursuant to Article IV and/or recapture of the Annuity Contracts reinsured hereunder.
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Terminal Accounting means the accounting delivered by the Reinsurer to the Company, providing for the settlement between the parties upon termination of this Agreement and/or recapture of the Contracts reinsured hereunder.
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Examples of Terminal Accounting in a sentence

  • If the calculation of the Terminal Accounting and Settlement produces an amount owing to the Reinsurer, such amount will be paid by the Ceding Company to the Reinsurer.

  • In the event that, subsequent to the Terminal Accounting and Settlement as provided above, a change is made with respect to any amounts due, a supplementary accounting will take place pursuant to Paragraph 3 above.

  • If the calculation of the Terminal Accounting and Settlement produces an amount owing to the Ceding Company, such amount will be paid by the Reinsurer to the Ceding Company.

  • The liability of the Reinsurer hereunder shall continue with respect to cessions that occurred prior to the date of the insolvency and are subject to the payment of a Terminal Accounting and Settlement.

  • If the amount of the Terminal Settlement for the Terminal Accounting Period is negative, the Reinsurer shall pay the absolute value of such amount to the Ceding Company at the time it delivers the Terminal Settlement Statement to the Ceding Company.

  • If only a portion or a percentage of all of Policies is recaptured, then the Terminal Accounting and Settlement payment described above shall be made only with respect to the portion or percentage of such Policies recaptured.

  • If the Reinsurer rejects any such change, the Policies shall be considered recaptured and subject to the payment of a Terminal Accounting and Settlement as described in Article VIII.

  • If the amount of the Terminal Settlement for the Terminal Accounting Period is positive, the Ceding Company shall pay such amount to the Reinsurer within five (5) calendar days of its receipt of the Terminal Settlement Statement.

  • Such recapture shall be subject to the payment of a Terminal Accounting and Settlement by the Cedent to the Reinsurer as described in Article IX.

  • In the event that, --------------------------------------- subsequent to the Terminal Accounting and Settlement as provided above, a change is made with respect to any amounts due, a supplementary accounting will take place pursuant to Paragraph 3 above.