Actuarial Review Clause Samples

Actuarial Review. The Reinsurer shall engage an independent third party actuarial firm to conduct a review (a) no less than once every thirty-six (36) months covering the Long Term Care business (as defined in Schedule 1.2 hereof) and (b) no less than every sixty (60) months covering the First Generation Universal Life and SunAmerica Life Reinsured Portfolios (each as defined in Schedule 1.2 hereof), in each case ceded by the Ceding Company hereunder, and the Reinsurer shall either pay directly, or, to the extent such review is required by a Governmental Authority, reimburse the Ceding Company for, all fees, costs and expenses of such firm. However, the Reinsurer shall obtain the prior written consent of the Ceding Company as respects the choice of such actuarial firm, as well as the lead actuarial partner working on such matter(s), prior to formalizing such engagement, such consent not to be unreasonably withheld. Any changes to the firm and/or lead actuarial partner shall also require the prior written consent of the Ceding Company, such consent not to be unreasonably withheld. Prior to the commencement of any such annual review, the Reinsurer and the Ceding Company shall agree on the scope of work to be performed by such third party actuarial firm; provided, that the scope of work to be performed by such third party actuarial firm must include all work reasonably necessary to satisfy the requirements of the review required pursuant to clauses (a) and (b) of this Section 2.8 and all reporting requirements of the Reinsurer’s domestic regulators with respect to reserves ceded from the Ceding Company to the Reinsurer under this Agreement. Any additional work requested of such actuarial firm by the Ceding Company shall be the subject of a separate scope of work between the Ceding Company and such firm, the costs of which shall not be borne by the Reinsurer and shall be borne by the Ceding Company at its own expense. In addition, nothing herein shall preclude the Ceding Company from seeking from such third party actuarial firm a right to consult with such firm from time to time in the course of such review and/or a right to receive, concurrent with the Reinsurer’s receipt, copies of all draft reports and material correspondence from such third party actuarial firm, and the Reinsurer shall consent to such consultation or access requested by the Ceding Company. The Reinsurer shall, and shall cause its Reinsurer Appointed Administrator(s) to, fully cooperate with any third party ...

Actuarial Review. Upon Union request, the Company shall provide the Union’s actuary with the calculations and supporting data related to the determination of Required Monthly Contributions for the following plan year.

Actuarial Review. If a reinsurance intermediary-manager establishes loss reserves, the reinsurer shall annually obtain the opinion of an actuary who specializes in the type of insurance under consideration attesting to the adequacy of loss reserves including losses incurred and outstanding on business produced by the reinsurance intermediary-manager. This opinion is in addition to any other required loss reserve certification. [ 1991, c. 828, §20 (NEW) .]

Actuarial Review. Purchaser shall have received an actuarial review of the insurance operations of the Company and its Subsidiaries, in form and substance satisfactory to the Purchaser.

Actuarial Review. Should the Reinsurers desire at any time to review the loss reserves established by the Ceding Company as respects Ultimate Net Losses, the Reinsurers shall select an independent actuarial firm acceptable to the Ceding Company to perform a reserve analysis. The costs of any reserve analysis performed under this Article will be borne by the Reinsurers hereon. Such a review shall be subject to the provisions of ARTICLE 17: ACCESS TO RECORDS.

Actuarial Review. (i) Within ten (10) Business Days after (A) each Interim Calculation Date, (B) the Seventh Anniversary and (C) each Additional Calculation Date, Guarantor and PARIS RE shall select an Independent Actuarial Firm; provided that if Guarantor and PARIS RE do not agree on such Independent Actuarial Firm, such Independent Actuarial Firm shall be ▇▇▇▇▇▇▇▇, Inc. The Independent Actuarial Firm shall review each Interim Reserve Report for each currency, the Seventh Anniversary Reserve Report for each currency and each Additional Reserve Report for each currency (together, the “Reserve Reports”), and shall issue a written certification of agreement or report of differences with respect to each Reserve Report for each currency (each such certification an “Actuarial Certification”), including with respect to any Interim Reserve Deficiency or Interim Reserve Surplus for each currency, the Reserve Deficiency or Reserve Surplus for each currency and any Additional Reserve Deficiency or Additional Reserve Surplus for each currency, as soon as practicable within sixty (60) calendar days after delivery by ALM to the Independent Actuarial Firm of a Reserve Report. All such calculations by the Independent Actuarial Firm shall be final and binding on the Parties hereto for purposes of determining all payments due hereunder and may be entered as a judgment by either Party in any court of competent jurisdiction. (ii) The fees and expenses incurred by the Independent Actuarial Firm shall be borne by PARIS RE and paid (i) first, through deduction from the FW Subaccount Balances (as defined in the Quota Share Retrocession Agreement) and/or the FW Canadian Account (as defined in the Canadian Quota Share Retrocession Agreement), as applicable, in accordance with Section 8.01(c) of the Quota Share Retrocession Agreement and/or the Canadian Quota Share Retrocession Agreement, as applicable, and (ii) if the FW Subaccount Balances and/or the FW Canadian Account, as applicable, are insufficient, through a direct payment by PARIS RE to the Independent Actuarial Firm.

Actuarial Review. The Reinsurer shall have the right to review the determination of all Ultimate Net Losses pertaining to the reinsurance provided hereunder and all claims made in connection therewith. If the Reinsurer does not agree with such data and such difference is irreconcilable between the parties to this Agreement, such difference shall be referred to an independent actuarial firm to be agreed to by the parties to this Agreement. The cost of the actuarial work shall be shared equally by the parties to this Agreement.

Actuarial Review. Prior to the Closing, (i) Aon shall engage Milliman U.S.A. or another nationally recognized actuary reasonably acceptable to Buyer (the “Actuary”), to separately calculate the loss and loss expense reserves and unearned premium reserves with respect to any outstanding risk underwritten by VSC (and not otherwise reinsured) under any treaties, policies, binders, slips or contracts of insurance or reinsurance written by VSC with respect to any business other than the Warranty Business (including, for the avoidance of doubt, the P&C Business) as of June 30, 2006 (the “P&C Underwriting”) and (ii) such actuary shall separately determine the loss and loss expense reserves and unearned premium reserves for the P&C Underwriting as of such date. The applicable Facilitating Transaction Agreement with respect to the P&C Underwriting shall separately reflect loss and loss expense reserves and the unearned premium reserves with respect to the P&C Underwriting as each being an amount equal to the midpoint of such reserves calculated by the Actuary, as updated by Aon to the Closing Date.