Common use of Reserves and Liabilities Reporting Clause in Contracts

Reserves and Liabilities Reporting. The Reinsurer shall provide to the Ceding Company the reports and information required by Section 5.1(a) of the Administrative Services Agreement within the time frames specified in the Administrative Services Agreement. With respect to the calendar year-end reserves and liabilities with respect to the Covered Insurance Policies, the Reinsurer’s appointed actuary shall provide a certification that in his opinion, the reserves and related actuarial values concerning the Covered Insurance Policies: (a) are computed in accordance with presently accepted actuarial standards consistently applied and are fairly stated, in accordance with sound actuarial principles; (b) are based on actuarial assumptions which produce reserves at least as great as those called for in any contract provision as to reserve basis and method, and are in accordance with all other policy or contract provisions; (c) meet the requirements of the insurance laws and regulations of the Reinsurer’s state of domicile and, to the extent applicable regulations of the Reinsurer’s state of domicile vary materially from the parallel requirements of the Ceding Company’s state of domicile, a good faith estimate of the effects of any such differences and a summary description of the Reinsurer’s methodologies used in developing such estimations; and (d) have been subjected to satisfactory asset adequacy testing in accordance with applicable regulations. Any certification provided pursuant to this Section 2.5 is not, and shall not be deemed to constitute, any representation as to the ultimate adequacy or sufficiency of the reserves held by the Ceding Company or the Reinsurer in respect of the Covered Insurance Policies.

Reserves and Liabilities Reporting. The Reinsurer shall provide to the Ceding Company the reports and information required by Section 5.1(a) of the Administrative Services Agreement within the time frames specified in the Administrative Services Agreement. With respect to the calendar year-end reserves and liabilities with respect to the Covered Insurance Policies, the Reinsurer’s 's appointed actuary shall provide a certification that in his opinion, the reserves and related actuarial values concerning the Covered Insurance Policies: (a) are computed in accordance with presently accepted actuarial standards consistently applied and are fairly stated, in accordance with sound actuarial principles; (b) are based on actuarial assumptions which produce reserves at least as great as those called for in any contract provision as to reserve basis and method, and are in accordance with all other policy or contract provisions; (c) meet the requirements of the insurance laws and regulations of the Reinsurer’s 's state of domicile and, to the extent applicable regulations of the Reinsurer’s 's state of domicile vary materially from the parallel requirements of the Ceding Company’s 's state of domicile, a good faith estimate of the effects of any such differences and a summary description of the Reinsurer’s 's methodologies used in developing such estimations; and (d) have been subjected to satisfactory asset adequacy testing in accordance with applicable regulations. Any certification provided pursuant to this Section SECTION 2.5 is not, and shall not be deemed to constitute, any representation as to the ultimate adequacy or sufficiency of the reserves held by the Ceding Company or the Reinsurer in respect of the Covered Insurance Policies.