RESERVE CREDIT. The Reinsurer shall establish and maintain reserves with respect to ceded Policy liabilities that equal or exceed the Reinsurer's proportionate share of the reserve credit taken by the Ceding Company. The Ceding Company shall on an annual basis provide the Reinsurer with a reserve summary for ceded Policy liabilities hereunder. This annual reserve summary shall include the opinion of the Ceding Company's actuary applicable to such Policy liabilities.
RESERVE CREDIT. The Reinsurer shall, to the extent necessary, together with all its subsequent retrocessionaires, establish adequate net reserves, and shall agree in good faith to take any other steps necessary, pursuant to the requirements of Texas or any other state or jurisdiction in which the Ceding Company is licensed or accredited, for the Ceding Company to take statutory credit for reinsurance ceded to an unadmitted, unauthorized or unaccredited reinsurer, up to the full amount of the reserve that the Ceding Company would have established for the Policies if it had retained the Policies.
RESERVE CREDIT. NOTE: Reserve Credit Hours of four (4) to be implemented twelve (12) months following the effective date of this Agreement.
35-4.01 Each Reserve Period will be credited at four (4) Credit Hours.
35-4.02 When assigned a pairing, a Reserve Holder will be credited the greater of the reserve Credit outlined in 35-4.01 above multiplied by the number of Days of the assigned pairing or the actual operated Credit Hours of the assigned pairing.
35-4.03 Where a Reserve Holder is unable to work a Reserve Period, their MMG shall be reconciled, as required, depending on the nature of the absence, based on four (4)
RESERVE CREDIT. The parties intend that the Ceding Company will receive statutory reserve credit in its state of domicile for reinsurance provided under this Agreement. The parties agree to use reasonable efforts to ensure that such reserve credit will remain available to the Ceding Company. If the Ceding Company loses statutory reserve credit in part or in total due to a change in law or regulation (or a change in the interpretation or application of existing law or regulation by a regulator) or due to a failure by the Reinsurer to maintain in effect a required license or accreditation in the Ceding Company’s state of domicile (hereinafter a “Reserve Credit Event”), then the parties will take the steps specified below. The parties will provide prompt notice of the occurrence of any Reserve Credit Event. Upon notification of the occurrence of any Reserve Credit Event, the Reinsurer will have the right to cure the Reserve Credit Event in a manner that eliminates the need for or enables the Company to continue to receive statutory reserve credit in its state of domicile for the reinsurance ceded under this Agreement. The Company will not unreasonably deny any cure proposal presented by the Reinsurer. Without limiting potential cure options, the Reinsurer’s cure may be implemented by:
a) Modifying the settlement terms of this Agreement during the Reserve Credit Event to provide for monthly settlements in arrears during the pendency of the Reserve Credit Event; or
b) Modifying the settlement terms of this Agreement during the Reserve Credit Event to provide for settlements on a funds withheld basis during the pendency of the Reserve Credit Event; or
c) Transferring the reinsurance provided under this Agreement to another reinsurer by assignment of this Agreement or otherwise, provided that the alternative reinsurer has an A.M. Best rating of (A) or better at the time of the transfer and that the alternative reinsurer accepts transfer by assignment of this Agreement (and all amendments) without any material modification to the substantive terms of the Agreement; or
d) A combination of the foregoing or comparable approaches. If the Company loses statutory reserve credit in part or in total due to a change in law or regulation (or a change in the interpretation or application of existing law or regulation by a regulator) and the Reserve Credit Event is not cured as set forth above within 120 days of notice of a Reserve Credit Event, then the Reinsurer will establish and maintain...
RESERVE CREDIT. The Reinsurer shall agree in good faith to take any other steps necessary, pursuant to the requirements of Illinois, for the Ceding Company to take statutory credit for reinsurance ceded to an unadmitted, unauthorized or unaccredited reinsurer, up to the full amount of the reserve that the Ceding Company would have established for the Policies if it had retained the Policies.
RESERVE CREDIT. It is the intention of the Ceding Company and the Reinsurer that the Ceding Company receive full statutory accounting credit for reinsurance ceded to the Reinsurer pursuant to this Agreement in all jurisdictions in which the Ceding Company is authorized to do business or accredited as a reinsurer. In addition to the requirements of other provisions of this Agreement, the Reinsurer agrees to take any other steps necessary for the Ceding Company to receive such statutory accounting treatment. If, despite its best efforts, the Reinsurer is unable or fails to comply with the terms of this section, it shall immediately notify the Ceding Company, and the Ceding Company shall have the right to terminate this Agreement and recapture all reinsurance hereunder pursuant to Articles VII and XII.
RESERVE CREDIT. 34-2.01 Each Reserve Period will be credited four (4) Credit Hours.
RESERVE CREDIT. 7-6.01. A Pilot awarded a Reserve day(s) shall be credited with four (4) Credit Hours for each day of Reserve.
7-6.02. An Assignment on Reserve shall be reconciled for pay purposes based on the greater of the following:
a) The original Reserve day Credit value; or
b) As per SECTION 4 -5, PAIRING CREDIT RECONCILIATION.
7-6.03. Should a Reserve Pilot, not yet assigned, become unavailable due to a paid absence on a scheduled Reserve Day, the Credit Hours associated with the original Reserve Day shall not be affected.
7-6.04. Should a Reserve Pilot, not yet assigned, become unavailable due to an unpaid or unapproved absence, the Credit Hours associated with the original Reserve Day shall be deducted from the MMG or the Pilot’s original Scheduled Monthly Credit as applicable.
7-6.05. A Pilot on Reserve who notifies the Company at the time of attempted Assignment that they are unavailable shall have the value of the Reserve Day deducted from their MMG or Scheduled Monthly Credit. Notification of unavailability at the time of Assignment may require discussion with the Chief Pilot or their designate regarding the utilization of Sick Credits.
7-6.06. If a Pilot on Reserve has been assigned and reported for a Pairing that is subsequently not completed will have their Credit Hours reconciled as follows;
1) Credit Hours earned for all days completed
a. Greater of the original Reserve Credit Hour day per 7-6.01 above or Credit Hours worked;
2) Credit Hours earned for partial days completed;
a. Credit Hours worked if it is greater than Credit Hours of the Reserve day; or
b. If the Credit Hours worked is less than the Reserve Day Credit Hour value
i. If the Pilot is removed from the Pairing for an unpaid absence and they worked less than the Reserve Day Credit Hour value they will have their MMG or Scheduled Credit Hours (whichever shall be greater) deducted by the difference of the Credit Hours worked and the Reserve Credit Hour Value for that day; or
ii. If the Pilot is removed from the Pairing for a Sick absence and they worked less than the Reserve Day Credit Hour value they will have their Sick time deducted by the difference of the Reserve Day Credit Hour value and the Credit Hours worked; or
iii. If the Pilot is removed from the Pairing for a paid absence and they worked less than the Reserve Day Credit Hour value they shall be paid the Reserve Credit Hour Value.
3) Credit hours earned for remaining days not worked
a. Any remaining days of the Assignment shall be ...
RESERVE CREDIT. For those states in which we are not licensed, admitted, or authorized and you are consequently not permitted to take reserve credit on your Annual Statement for all or a part of the reinsurance ceded to us, we will furnish a clean, unconditional, evergreen and irrevocable Letter of Credit. The Letter of Credit will be issued by a bank which is neither a parent, subsidiary, nor an affiliate of the parties (hereinafter referred to as the “designated bank”) in an amount equal to the reserves ceded to us. The designated bank must be organized or licensed in the United States and must appear on the list of approved banks published by the Securities Valuation Office of the National Association of Insurance Commissioners. We will bear the cost of the Letter of Credit.
RESERVE CREDIT. If required for GELAAC to obtain credit for reinsurance, the Reinsurer will post security that complies with the applicable state’s or states’ regulations.
