Common use of QUARTERLY RESERVE AND VALUATION INFORMATION Clause in Contracts

QUARTERLY RESERVE AND VALUATION INFORMATION. The reserve held by Continental for reinsurance of the variable annuity death benefit will be determined in accordance with the NAIC Actuarial Guideline XXXIV, but in no event less than the required statutory reserve in the state of domicile of the Ceding Company or such other state in which it conducts business. If Continental is not an admitted reinsurer in all jurisdictions where the Ceding Company conducts business, Continental will purchase, at Continental's expense, a Letter of Credit to enable the Ceding Company to take reinsurance credit appropriately for all liabilities under this Agreement.

QUARTERLY RESERVE AND VALUATION INFORMATION. The reserve held by Continental for reinsurance of the variable annuity death benefit will be determined in accordance with the NAIC Actuarial Guideline XXXIV, but in no event less than the required statutory reserve in the state of domicile of the Ceding Company or such other state in which it conducts business. If Continental is not an admitted reinsurer in all jurisdictions where the Ceding Company conducts business, . Continental will purchase, at Continental's expense, a Letter of Credit to enable the Ceding Company to take reinsurance credit appropriately for all liabilities under this Agreement.