Effective Date Accounting. On the Effective Date, Ceding Company shall have prepared as of the Effective Date, an estimate of all liabilities and related assets customarily arising under statutory accounting principles on account of the Reinsured Contracts, substantially in the form set forth in Exhibit B (the "Effective Date Accounting"). Such accounting shall have been reviewed and certified by a Fellow of the Society of Actuaries familiar with the business of Ceding Company. It is the intent of the parties that such accounting and each of the entries thereof shall have been prepared in accordance with insurance accounting principles prescribed or permitted under statutory authority applied on a basis consistent with those applied by the Ceding Company in prior years and shall present fairly the items reflected therein in accordance with sound actuarial principles as of the date of such accounting. The results of such accounting shall be called the Net Coinsurance Reserve and the Modified Coinsurance Reserve. It is anticipated that all liabilities and assets arising from or relating to the Reinsured Contracts on the Effective Date shall be reflected in the Effective Date Accounting, and omission of an item from Exhibit B which properly relates to the Reinsured Contracts shall not be cause for omission of such item from the Effective Date Accounting. Ceding Company agrees to supply Reinsurer a copy of all computer runs, work papers and supporting data used in preparing the Effective Date Accounting.
Effective Date Accounting. 4.5.1. No later than sixty (60) calendar days after the Effective Date, Ceding Company will prepare as of the Effective Date and deliver to Reinsurer an accounting of all Policy-Related Liabilities and Policy-Related Assets, in the same form as the Preliminary Effective Date Accounting (the “Effective Date Accounting”). In addition, the Effective Date Accounting will include a statement comparing the values set forth on the Preliminary Effective Date Accounting with the values on the Effective Date Accounting and computing the difference in such values. The Effective Date Accounting must be reviewed and accompanied by a certificate signed by Ceding Company’s chief actuary who is a Member of the American Academy of Actuaries, certifying that all items appearing on such accounting were: (i) correct to the best knowledge of such actuary and do not contain errors in calculation, methodology or application; (ii) based on the books and records of Ceding Company; (iii) calculated in accordance with applicable SAP; and (iv) prepared using the same accounting and actuarial methodologies, assumptions and procedures, and the application thereof, that Ceding Company utilized in preparing its statutory Annual Statement as of December 31, 2000, the Indemnity Accounting and the Preliminary Effective Date Accounting. Ceding Company will provide Reinsurer with a copy of all work papers and data used, and access to all personnel involved, in preparing the Effective Date Accounting. After the Effective Date, Reinsurer will provide Ceding Company with reasonable access to the books and records of the Business, and access to Reinsurer’s personnel, reasonably necessary for Ceding Company to prepare the Effective Date Accounting.
4.5.2. Reinsurer will have sixty (60) calendar days after receipt of the Effective Date Accounting to review such accounting and suggest changes or corrections thereto. On or before the end of such period, Reinsurer will notify Ceding Company in writing whether or not it accepts the Effective Date Accounting. If Reinsurer fails to so notify Ceding Company, Reinsurer will be deemed to have accepted the Effective Date Accounting. If Reinsurer notifies Ceding Company that it does not accept the Effective Date Accounting, Reinsurer will set forth in reasonable detail its objections thereto and the reasons for such objections. The parties in good faith will discuss and negotiate any such objections in an effort to reach agreement on the Effective Date Accoun...
Effective Date Accounting. On or before the Payment Date, London Pacific shall deliver to FSL the Effective Date Accounting which shall set forth the following:
(a) An estimated balance sheet for LPLA Separate Account One as of the Effective Date which is estimated on a Statutory basis;
(b) Contract Liabilities and related assets which are estimated under statutory accounting principles, set forth in such detail and in such format that FSL can complete its General Account Financial Statement (Blue Book); and
(c) The Effective Date Estimated Settlement Amount which shall set forth the amount of the cash payment and other consideration to be made by London Pacific to FSL on or before the Payment Date which will be net of the Ceding Commission.
Effective Date Accounting. On the Closing Date, the Company shall deliver to the Reinsurer the Effective Date Accounting, setting forth the calculation of the Estimated Settlement Amount due Reinsurer at Closing in substantially the form of Schedule 3.1 hereto.
Effective Date Accounting. As of the Effective Date, the Company shall have prepared an estimate of all liabilities and related assets customarily arising under statutory accounting principles on account of the Reinsured Contracts as of the Effective Date, substantially in the form set forth in Schedule B determined as of the Effective Date (the “Effective Date Accounting”). The results of such accounting shall be the “Initial Coinsurance Reinsurance Premium” and the “Initial Modco Reinsurance Premium,” (each term as defined below in Section 10c. and Section 10d., respectively).
