Credit for Reinsurance definition

Credit for Reinsurance means taking credit for reserves on risks ceded to a reinsurer by a captive on the captive's financial statements.
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Credit for Reinsurance means that Cedent is able to take full statutory financial statement credit for the reinsurance provided by the Reinsurance Agreement in its statutory financial statements filed in Cedent’s Domicile and any other jurisdiction in which Cedent is required by Applicable Law to file statutory financial statements, other than New York.
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Credit for Reinsurance shall have the meaning set forth in Section 4(a) of Article VIII.
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Examples of Credit for Reinsurance in a sentence

  • For purposes of this Contract, the Lloyd’s United States Credit for Reinsurance Trust Fund shall be considered an acceptable funding instrument.

  • In addition, during the continuation of a Reserve Credit Triggering Event, each monthly asset listing shall indicate for each asset in the Trust Account whether or not such asset is a Credit for Reinsurance Asset.

  • Credit for Reinsurance / Loss of License or Accreditation The parties intend that the Company be able to recognize the reinsurance ceded under this Agreement in its statutory financial statements filed by the Company in all jurisdictions where the Company is licensed or otherwise authorized to do business based upon the licensing and accreditation status of the Reinsurer on the effective date of this Agreement.

  • Table of Contents ARTICLE XII (cont’d) Credit for Reinsurance / Loss of License or Accreditation The parties intend that the Company be able to recognize the reinsurance ceded under this Agreement in its statutory financial statements filed by the Company in all jurisdictions where the Company is licensed or otherwise authorized to do business based upon the licensing and accreditation status of the Reinsurer on the effective date of this Agreement.

  • Credit for Reinsurance/ Loss of License or Accreditation The parties intend that the Company be able to recognize the reinsurance ceded under this Agreement in its statutory financial statements filed by the Company in its state of domicile.

  • The Reinsurer has full power and authority in accordance with the designation of the Reinsurer as attorney-in-fact for the Company pursuant to Article VII hereof for purposes of administering the Treaties, to act for and on behalf of the Company with respect to any and all Credit for Reinsurance Facilities outstanding with respect to the Treaties or any Retrocession Agreements.

  • Each Account Party and each Borrower will, and will cause each Subsidiary to, use the Credit Extensions made hereunder for its general corporate purposes (which may include, without limitation, deposits to the Credit for Reinsurance Trust Fund); provided, that each Account Party will use Multi-year Letters of Credit only in connection with its business relating to Lloyd's.

  • Reinsurer agrees to take all commercially reasonable efforts to ensure that during the term of this Agreement Cedent will be able to take Credit for Reinsurance without the need for Reinsurer to provide Credit Collateral or other accommodation required below in Section 4(b) of this Article VIII.

  • The Reinsurer will provide and maintain an LOC that complies with the Credit for Reinsurance Laws in an amount no less than 100% of the Required Amount.

  • DOC: June 9, 2015 For purposes of this Contract, the Lloyd’s United States Credit for Reinsurance Trust Fund shall be considered an acceptable funding instrument.

Related to Credit for Reinsurance

  • Reinsurance means the activity consisting in accepting risks ceded by an insurance undertaking or by another reinsurance undertaking or, in the case of the association of underwriters known as Lloyd's, the activity consisting in accepting risks, ceded by any member of Lloyd's, by an insurance or reinsurance undertaking other than the association of underwriters known as Lloyd's;

  • Reinsurance Agreement means any agreement, contract, treaty or other arrangement whereby one or more insurers, as reinsurers, assume liabilities under insurance policies or agreements issued by another insurance or reinsurance company or companies.

  • Credit insurance means insurance offered in connection with an extension of credit that is limited to partially or wholly extinguishing that credit obligation.

  • Credit unemployment insurance means insurance:

  • Auto-Reinstatement Letter of Credit has the meaning specified in Section 2.03(b)(iv).

  • Reinsurance Agreements means any agreement, contract, treaty, certificate or other arrangement by which any Insurance Subsidiary agrees to transfer or cede to another insurer all or part of the liability assumed or assets held by it under one or more insurance, annuity, reinsurance or retrocession policies, agreements, contracts, treaties, certificates or similar arrangements. Reinsurance Agreements shall include, but not be limited to, any agreement, contract, treaty, certificate or other arrangement that is treated as such by the applicable Department.

  • reinsurance undertaking means reinsurance undertaking as defined in point (4) of Article 13 of Directive 2009/138/EC;

  • Servicer Letter of Credit means a letter of credit, surety bond or insurance policy issued by a depository institution, insurance company or financial institution having a short-term credit rating at least equal to the Required Deposit Rating and providing that the Indenture Trustee may draw thereupon in the event the Servicer fails to deposit SUBI Collections into the 20[__]-[__] SUBI Collection Account on a monthly basis.

  • Letter of Credit Reimbursement Agreement has the meaning specified in Section 2.4(e).

  • Reinsurance intermediary means a reinsurance intermediary-broker or a reinsurance intermediary-manager.

  • FHA Mortgage Insurance Contract means the contractual obligation of the FHA respecting the insurance of a Mortgage Loan.

  • Flood Insurance Rate Map (FIRM means the official map on which the Federal Insurance Administration has delineated both the areas of special flood hazards and the risk premium zones applicable to the community.

  • Letter of Credit Guaranty means one or more guaranties by the Administrative Agent in favor of the L/C Issuer guaranteeing or relating to the obligations of the Borrower to the L/C Issuer under a reimbursement agreement, Letter of Credit Application or other like document in respect of any Letter of Credit.

  • Financial Letter of Credit means any Letter of Credit other than a Performance Letter of Credit.

  • Insurance Assignment means the valid and effective first legal assignment of the Insurances (together with the notice thereof), to be executed by the Borrower in respect of the Vessel in favour of the Trustee and the Commercial Loan Trustee, such assignment and notice to be in the form and on the terms and conditions required by the Agent, the Hermes Agent and the Commercial Loan Agent and agreed on the signing of the Original Loan Agreement and as specified in paragraph 47 of Schedule 4;

  • Credit and Collection Policy means the Originators’ credit and collection policies and practices relating to Contracts and Receivables existing on the date hereof and summarized in Exhibit VII hereto, as modified from time to time in accordance with this Agreement.

  • Reimbursement insurance policy means a policy of insurance

  • Surety Bond The Limited Purpose Surety Bond (Policy No. AB0039BE), dated February 28, 1996 in respect to Mortgage Loans originated by MLCC, or the Surety Bond (Policy No. AB0240BE), dated March 17, 1999 in respect to Mortgage Loans originated by Novus Financial Corporation, in each case issued by Ambac for the benefit of certain beneficiaries, including the Trustee for the benefit of the Holders of the Certificates, but only to the extent that such Surety Bond covers any Additional Collateral Loans, or such other Surety Bond as may be identified in the Series Supplement.

  • Eligible Letter of Credit means, as of any date of determination thereof, a Letter of Credit which supports the purchase of Inventory, (i) which Inventory does not constitute Eligible In-Transit Inventory and for which no documents of title have then been issued, (ii) which Inventory, when completed, otherwise would constitute Eligible Inventory, (iii) which Letter of Credit has an expiry within thirty (30) days of the date of initial issuance of such Letter of Credit, and (iv) which Letter of Credit provides that it may be drawn only after the Inventory is completed and after documents of title have been issued for such Inventory reflecting the Borrower, a Subsidiary Guarantor or the Administrative Agent as consignee of such Inventory.

  • Flood Insurance Rate Map means the most recent flood hazard map published by the Federal Emergency Management Agency under the National Flood Insurance Act of 1968 (42 U.S.C. Section 4001 et seq.).

  • Standard Letter of Credit Practice means, for Issuing Bank, any domestic or foreign law or letter of credit practices applicable in the city in which Issuing Bank issued the applicable Letter of Credit or, for its branch or correspondent, such laws and practices applicable in the city in which it has advised, confirmed or negotiated such Letter of Credit, as the case may be, in each case, (a) which letter of credit practices are of banks that regularly issue letters of credit in the particular city, and (b) which laws or letter of credit practices are required or permitted under ISP or UCP, as chosen in the applicable Letter of Credit.

  • Insurance Administration means, with respect to each Shared Policy, the accounting for premiums, retrospectively-rated premiums, defense costs, indemnity payments, deductibles and retentions, as appropriate, under the terms and conditions of each of the Shared Policies; and the reporting to excess insurance carriers of any losses or claims which may cause the per-occurrence, per claim or aggregate limits of any Shared Policy to be exceeded, and the distribution of Insurance Proceeds as contemplated by this Agreement.

  • insurance agent means, subject to subsection (2), any person who for any compensation and through any medium does one or more of the following:

  • Substitute Letter of Credit has the meaning set forth in Section 10.5(c).

  • Title IV-E Foster Care means a federal program authorized under §§ 472 and 473 of the Social

  • Ceding Company has the meaning set forth in the preamble.