Allocation of Reserves for Continuing Coverage Sample Clauses

Allocation of Reserves for Continuing Coverage. If the spouse and dependent insurance shall be cancelled by the STATE, either independently or as part of the cancellation of the policy, MINNESOTA LIFE shall combine the balance of the stabilization reserve held for spouse and dependent insurance with the balance of the contingent liability reserve held for EMPLOYEE insurance. Retirees Beyond Insurance Reduction Age If the policy shall be cancelled by the STATE, MINNESOTA LIFE shall, subject to the limitations imposed by Article IV, Section 4.7, "Sufficiency of Funds," immediately allocate a portion of the combined contingent liability reserve, stabilization reserve and premium deposit fund to provide for insurance on EMPLOYEES beyond the INSURANCE REDUCTION AGE on the date of cancellation. Such funds shall continue to be held by MINNESOTA LIFE. Disabled EMPLOYEES After cancellation of the policy, the EXTENDED INSURANCE for basic insurance on disabled EMPLOYEES under the INSURANCE REDUCTION AGE at discontinuance of the policy shall continue in effect as provided by the policy. The EXTENDED INSURANCE for supplemental and additional insurance on disabled EMPLOYEES under the INSURANCE REDUCTION AGE at discontinuance of the policy shall cease upon their attainment of the INSURANCE REDUCTION AGE as provided by the policy. Disability claim reserves shall be recomputed on the date of cancellation as described further in this section, and any additional amounts required for disability claim reserves as a result of cancellation of the policy shall be included as claim charges in the final annual experience calculation. However, for the purpose of Article IV, Section 4.5, "Stop-Loss Provision," and Exhibit F, reserves shall still be calculated in accordance with Exhibit I. The disability claim reserves for disabled EMPLOYEES under the INSURANCE REDUCTION AGE at discontinuance of the policy shall continue to be held by MINNESOTA LIFE. Initial Reserve Determination and Financial Accounting Upon cancellation of the policy, the STATE and MINNESOTA LIFE shall agree upon one of the following bases for determining the initial reserves to be held by MINNESOTA LIFE and for financial accounting of each plan under the policy after cancellation:
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