Accounting and Reporting Services. With respect to the Reinsured Policies, the Service Provider shall perform all accounting and reporting of direct and ceded premiums, claims and other policyholder disbursements, reserves, policy loans, commissions, and premium Tax payments and accruals. Such services shall include all accounting and reporting necessary to provide the Company with all required statutory, regulatory, and GAAP data needed for financial statements and filings and state and federal income and premium Tax reporting and filings. Without limiting the generality of the foregoing, the Service Provider shall provide the following reports to the Company in a format mutually agreed upon between the Company, and the Service Provider: (a) Monthly, within the time period after the end of each month indicated below, the Service Provider shall furnish the Company with: (i) General Trial Balance with all monthly cash activity - within six (6) Business Days (ii) Non-ledger transactions - by the sixth (6th) Business Day (iii) Actuarial reporting 1) By the sixth (6th) Business Day, In-force file 2) By the eighth (8th) Business Day, estimated SAP and GAAP reserves. SAP reserves will be calculated in accordance with the definition of Statutory Reserves as defined in the Coinsurance Agreement GAAP reserves will be calculated consistent with the reserving factors and methods to be provided to the Service Provider by the Company and otherwise in accordance with standard actuarial practices and guidelines, with final report to be furnished by the tenth (10th) Business Day 3) By the eighth (8th) Business Day, estimated Policy Exhibit, with final report to be furnished by the tenth (10th) Business Day (iv) Policy Loan activity report - by the sixth (6th) Business Day (b) Quarterly, within the time period after the end of each quarter, the Service Provider shall, in addition to the normal monthly reporting (which shall also reflect FAS 97 GAAP reporting including reserves and reserve components), furnish the Company with: (i) By the eighth (8th) Business Day, estimated Reserve, Premium, and In Force report, with itemization of paid amounts, with final report to be furnished by the tenth (10th) Business Day. (ii) By the eighth (8th) Business Day, estimated FAS 97 GAAP reporting (including GMDB, IBNR and pending claims), with final report to be furnished by the tenth (10th) Business Day. (iii) Schedule T information -- within six (6) Business Days (c) Annually, within the time period indicated below, the Service Provider shall in addition to the normal monthly and quarterly reporting furnish the Company with the following: (i) Information necessary to complete the Annual Statement and state required quarterly and supplemental filings, including the following -- within twenty-five (25) Business Days following the last day of the applicable reporting period: 1) Schedule S 2) Schedule T 3) Exhibit of Life Insurance 4) Exhibits 1, 8, 9, 10 and 11 5) Analysis of Increase in Reserves
Appears in 3 contracts
Samples: Administrative Services Agreement (Jackson VFL Variable Annuity Separate Account), Administrative Services Agreement (Jackson VFL Variable Annuity Separate Account), Administrative Services Agreement (Jackson VFL Variable Life Separate Account)
Accounting and Reporting Services. With respect to the Reinsured PoliciesContracts, except as otherwise set forth herein, the Service Provider shall perform all accounting and reporting of direct and ceded premiums, claims and other policyholder disbursements, reserves, policy loansContract Loans, commissions, and premium Tax payments and accruals. Such services shall include all accounting and reporting necessary to provide the Company FAFLIC with all required statutory, regulatoryregulatory data, and with respect to GAAP data data, such information as would be available to the Service Provider and required by FAFLIC to determine its GAAP reserves, needed for financial statements and filings and state and federal income and premium Tax A-7 reporting and filings. Without limiting the generality of the foregoing, the Service Provider shall provide the following reports to the Company FAFLIC in a format mutually agreed upon between the CompanyFAFLIC, and the Service Provider:
(a) Monthly, within the time period after the end of each month indicated below, the Service Provider shall furnish the Company FAFLIC with:
(i) General Trial Balance with all All monthly cash activity for the general account, by state, for premiums, premium taxes, claims, surrenders and policy loan transactions - within six four (64) Business Days;
(ii) Non-ledger Detailed trail balance for Separate Accounts - by the fourth (4th) Business Day, including all accounts comprising insurance, investment, and special reserve activity such as AMF and Adjustments for Contract Guarantees related to payout values.
(iii) Accrual, GAAP and statutory transactions - by the sixth (6th) Business Day;
(iiiiv) Actuarial reporting
1) : By the sixth (6th) Business Day, In-force file
2) By the eighth (8th) Business DayTax, estimated SAP and GAAP reserves. SAP reserves will be calculated in accordance with the definition of Statutory Reserves as defined in the Core Coinsurance Agreement Agreement. GAAP reserves will be calculated consistent with the reserving factors and methods to be provided to the Service Provider by the Company FAFLIC and otherwise in accordance with standard actuarial practices and guidelines, with final report to be furnished by the tenth (10th) Business Day
3) By the eighth (8th) Business Day, estimated Policy Exhibit, with final report to be furnished by the tenth (10th) Business Day.
(ivv) Policy Contract Loan activity report - by the sixth fourth (6th4th) Business Day.
(b) Quarterly, within the time period after the end of each quarter, the Service Provider shall, in addition to the normal monthly reporting (which shall also reflect FAS 97 GAAP reporting including reserves and reserve components), furnish the Company FAFLIC with:
(i) By the eighth sixth (8th6th) Business Day, estimated Reserve, Premium, and In Force report, with itemization of paid amounts, with final report to be furnished including but not limited to:
(A) Account values,
(B) Benefits,
(C) Separate Accounts activity and balances,
(D) Death claims pending,
(E) Total Contract Loans outstanding,
(F) Interest due and accrued on Contract Loans, and
(G) Claims by the tenth (10th) Business Daystate.
(ii) By the eighth sixth (8th6th) Business Day, estimated FAS 97 GAAP reporting (including reserves, GMDB, IBNR and pending claims), with final report to be furnished by the tenth (10th) Business Day.; and
(iii) Schedule T information -- - within six four (64) Business Days Days, including but not limited to:
(A) First year premium,
(B) Renewal premium,
(C) Premium waived,
(D) Death claims and other benefits,
(E) Reserves released on death,
(F) Interest on claims,
(G) Surrenders,
(H) Contract Loan interest, and
(I) Change in Contract Loans.
(c) Annually, within the time period indicated below, the Service Provider shall in addition to the normal monthly and quarterly reporting furnish the Company FAFLIC with the following:
(i) Information necessary to complete the Annual Statement ("Blue Book"), the Separate Account Annual Statement ("Green Book"), and state required quarterly and supplemental filings (including without limitation NOLHGA filings, New York State Supplement, rating agency surveys and risk-based capital report), including the following -- - within twenty-five twenty (2520) Business Days following the last day of the applicable reporting period:
1) Schedule S;
2) Schedule T;
3) Exhibit of Life Insurance;
4) Exhibits 1Exhibits: Exhibit 1 - Part 1- Premiums and Annuity Considerations for Life and Accident and Health Policies and Contracts, 8Exhibit 1 - Part 2 - Dividends and Coupons Applied, 9Reinsurance Commissions and Expense Allowances and Commissions Incurred (direct business only), 10 Exhibit 5 - Aggregate Reserve for Life Contracts, Exhibit 7 - Deposit Type Contracts, Exhibit 8 - Claims for Life and 11 Accident and Health Contracts;
5) Analysis of Increase in Reserves;
6) Schedule F (Resisted claims), if any;
7) Applicable note information;
8) Tax reserves as described in Section 14(d); and
9) Separate Account Annual Statement Schedule D, IMR, AVR, Schedule E, and all Liability and Reserve schedules required to complete Green Book filings.
(d) The Service Provider shall segregate data in the reports in Sections 12 a., b. and c. of this Exhibit by product lines to the extent required for statutory filings applicable to FAFLIC.
(e) The Service Provider shall, upon the reasonable request of FAFLIC, provide timely support for reasonable ad hoc tax requests for the purpose of filing the FAFLIC state and federal tax returns and for calculation of the federal tax provision, particularly related to separate account dividend and capital gain activity. With respect to premium Taxes, the Service Provider's reporting shall be broken out on a state-by-state basis and shall also be broken out between life insurance policies and annuities. Service Provider shall break out such information into such other categories as FAFLIC may reasonably request. In addition, monthly reporting in forms mutually acceptable to the parties shall be provided by Service Provider with respect to premiums, paid and pending claims, and compliance within the timeframe standards set forth in this Agreement.
Appears in 2 contracts
Samples: Core Administrative Services Agreement (Separate Acct Va K of First Allmerica Financial Life Ins Co), Core Administrative Services Agreement (Vel Ii Acct of State Mutual Life Assur Co of America)