Claims Reserves. At the end of each financial year the Baloise Group attaches great importance to setting aside sufficient reserves for all claims that have occurred by this date. In addition to the reserves that it recognises in respect of the payments to be made for claims that have occurred, it also sets aside reserves to cover the costs incurred during the claims settlement process. In order to calculate these reserves as real istically as possible, the Baloise Group uses the claims history of recent years, generally accepted mathematicalstatistical methods and all the information available to it at the time – especially knowledge about the expertise of those entrusted with the handling of claims. The total claims reserve consists of three components. Reserves calculated using actuarial methods form the basis of the total claims reserve. The second component comprises reserves for those complex special cases and events that do not lend themselves to purely statistical evaluation. These are generally rare claims that are fairly atypical of the sector concerned – usually sizeable claims whose costs have to be estimated by experts on a casebycase basis. Neither of these components is subject to discounting. The third component consists of reserves for annuities that are discounted using basic actuarial principles such as mortality and the technical interest rate and are largely derived from claims in the motor, liability and accident insur ance businesses. Actuarial methods are used to calculate by far the largest proportion of claims reserves. To this end, the Baloise Group selects actuarial forecasting methods that are appropriate for each sector, insurance product and existing claims history. Additional market data and assumptions obtained from insur ance rates are used if the claims history available on a customer is inadequate. The Baloise Group mainly applies the chainladder method, which is the most widely used, triedandtested pro cedure. This method involves estimating the number and amounts of claims incurred over time and the proportion of claims that are reported to the insurer either with a time lag or after the balance sheet date. The proportion of these socalled incurred butnotreported (IBNR) claims is exceptionally important, especially in operating segments involving thirdparty liability insurance. These estimates naturally factor in emerging claims trends as well as recoveries. The mean ratio of costs incurred to claims actually paid is ess...
Claims Reserves. In connection with confirmation of the Plan, the Debtors and the Creditors’ Committee shall seek Bankruptcy Court approval of a reserve of Trust Units for contingent, disputed, and unliquidated claims at the ResCap Debtors, the GMACM Debtors, and the RFC Debtors (the “Disputed Claims Reserves”), so that the Liquidation Trust may make an initial distribution of the Available Unsecured Assets for allowed unsecured claims as soon as practical after the Effective Date.Subsequent distributions will be made on a periodic basis after disputed claims are resolved and as proceeds are received from the liquidation of non-cash assets and any estate causes of action. All initial and subsequent distributions to creditors will be made from the Liquidation Trust, which will be solely responsible for making such distributions, provided that any distributions on behalf of Trust beneficiaries will be made to the respective Trusts for further distribution to the Trust beneficiaries pursuant to the terms of the applicable Trust Agreement. Notwithstanding anything herein to the contrary, the aggregate distributions (excluding distributions resulting from insurance payments (if any)) to holders of General Unsecured Claims and Borrower Claims shall not exceed an amount equal to the Distribution Amount for such claims plus $50 million.
Claims Reserves. Based upon, arising out of or relating to the adequacy, accuracy or redundancy of claim reserves.
Claims Reserves. On behalf of Company, Manager shall establish all loss reserves for claims under the Subject Business, including outstanding claims reserves and reserves for allocated loss adjustment expense (“ALAE”), which shall include any amounts paid or reimbursed by the Company to third party administrators, but shall not include Company overhead or unallocated loss adjustment expense (“ULAE”), and Manager shall report these reserve amounts to Company. Company will have the authority to require Manager to revise such loss reserves to reasonably reflect Company’s estimates. If requested, Manager will assist Company and/or or its designee in the establishment of incurred but not reported reserves (“IBNR”). Furthermore, such reserve evaluation will reflect Company’s ultimate exposure considering coverage, ALAE, liability and damages. Notwithstanding the provisions of this Section 1.4(h), all reserves established by Manager shall, when included in Company’s financial statements, be the exclusive responsibility of Company with respect to such financial statements. The Company shall annually obtain the opinion of an actuary attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced by the Manager for the Subject Business.
Claims Reserves. So long as any Bond remains outstanding, any assets which stand to the credit of the Claims Reserves shall only be utilised by the Issuer (a) for the intended purpose of making provision for the settlement of Disputed Claims, Disputed Priority Claims, Contingent Claims, Contingent Priority Claims or recognised Composition Claims where the Issuer is unable to transfer any payment, Bonds or Shares to a Composition Creditor, or (b) in making payments on the Bonds upon the release of any such assets from the Claims Reserves following the settlement, discharge or final non-recognition of the applicable Disputed Claim, Disputed Priority Claim, Contingent Claim, Contingent Priority Claim or Composition Claim.
Claims Reserves. No more than five Business Days prior to the Closing Date, Seller will review all claims and incurred but not reported trends in order to equitably adjust the liability for claims reserves to be reflected in Closing Working Capital to reflect developments that reasonably should result in an adjustment with respect to events arising after the last reserve estimate.
Claims Reserves. Houston General shall establish, at its sole discretion, actuarially sound reserves to meet its obligations for future losses on Claims submitted to it under the Certificates, including those claims incurred but not reported.
Claims Reserves. { TC “3.2.3 Claims Reserves” \l3 \fC }. In connection with any distribution of cash to Beneficiaries in accordance with Article V hereof, the Litigation Trustee will identify Pending Payments and will designate amounts to be retained as “Claims Reserves” to satisfy Disputed Claims against the Estates of the MAS Companies in accordance with the Plan, if, and when they are allowed and, accordingly, the Holders thereof become Beneficiaries or, to the extent such Disputed Claims are not allowed, to satisfy Allowed Claims that are held by Beneficiaries in accordance with the terms of the Plan.
Claims Reserves. ACIP shall maintain funds adequate to pay incurred claims which shall include known incurred losses and an estimate of incurred but not reported claims as may be appropriate for pooling participation. ACIP shall also maintain contingency margins deemed appropriate by the Board.
