Reserving. As part of its accounting and budgeting function, Contractor shall establish an actuarially sound process for estimating and tracking incurred but not reported claims (IBNRs). As part of its reserving methodology, the Contractor shall conduct “look backs” at least annually to assess its reserving methodology and make adjustments as necessary.
Reserving. Between the date of this Agreement and the Closing, for purposes of the applicable Statutory Accounting Principles, Sellers shall cause each Insurance Company to fix and determine reserves consistent with the methodologies and other practices as set forth on Schedule 5.9.
Reserving. Each claim should be reviewed and evaluated according to the merits of the claim and based upon the most current and reliable information received, starting with the initial report of claim and continuing through final resolution. Delays result in understated reserves and, possibly, missed opportunities to settle.
A. An accurate and appropriate initial indemnity reserve shall be established on all reportable claims based on facts known, upon completion of the initial investigative report or when suit is filed, whichever occurs first. In addition, separate legal and adjusting reserves shall be established. Indemnity reserves shall reflect the most probable outcome plus exposure to plaintiff attorney’s fees and costs. Most probable outcome is the potential total amount a plaintiff could expect to receive, either through settlement or verdict, after factoring in the Member’s percentage of liability. (This approach is neither the best or worst case outcome). Factors to consider for when evaluating the potential total settlement or verdict a plaintiff could expect to receive include but are not limited to: • Extent of injuries and/or damages • Medical expenses • Loss of income • Any other related expenses • Future anticipated expenses • Total of both gross and out-of-pocket expenses • Permanent injury • Disfigurement/scarring • Pain and suffering • Any other intangible factors which may result in a higher or lower claim value such as jurisdiction, credibility of parties/witnesses, etc. Percentage of liability is determined by various factors that are discovered during an investigation. Reserves shall be adjusted accordingly, as facts are developed, to properly reflect the exposure. These factors include but are not limited to:
a. Facts of loss
b. Applicable laws
c. Defense Counsel evaluations
d. Jury Verdict evaluation
e. The extent of plaintiff's liability (comparative negligence)
f. The number of co-defendants and their percentage of liability
g. The ability of the co-defendants to respond financially to any settlement or verdict.
h. On cases occurring after June 3, 1986, Proposition 51 allows defendants to limit their liability on non-economic damages to their percentage of fault.
i. On cases involving uninsured motorist claimants the recovery is limited to economic damages in accordance with California Code of Civil Procedures sections 3333.3 and 3333.4 (Prop 213).
j. Any other mitigating factors
Reserving. Each insurance company subsidiary of the Company is set forth on Schedule VI hereto (each, an “Insurance Subsidiary” and collectively, the “Insurance Subsidiaries”). Except as disclosed in each of the General Disclosure Package and the Prospectus, the Company and its Insurance Subsidiaries have made no material change in their insurance reserving practices since December 31, 2007. The reserves reflected on the most recent annual statutory statements of each Insurance Subsidiary, as of the dates specified in such statements, (A) were computed in accordance with presently accepted actuarial standards consistently applied and (B) met the requirements of the applicable insurance laws, rules and regulations of the jurisdiction of domicile of such Insurance Subsidiary.
Reserving. (i) establish proper reserves as soon as adequate information exists based on the most likely outcome of the claim;
(ii) where the reserve to be set is $500,000 net or greater, notify and obtain approval from the Royal Insurer Affiliates;
(iii) evaluate reserves using the following criteria and document such in the Computer Systems:
1) facts related to the claim;
2) liability analysis;
3) if relevant, coverage analysis; and
4) damages and defense costs analysis.
(iv) provide, on a quarterly basis, actuarial loss reserve reports to the Royal Insurer Affiliates in a form, electronic or otherwise, as reasonably requested by the Royal Insurer Affiliates
Reserving. As part of its accounting and budgeting function, Contractor shall establish an actuarially sound process for estimating and tracking incurred but not reported claims (IBNRs). Contractor also shall reserve funds by major categories of service (e.g., hospital inpatient; hospital outpatient) to cover both IBNRs and reported but unpaid claims (RBUCs). As part of its reserving methodology, the Contractor shall conduct “look backs” at least annually to assess its reserving methodology and make adjustments as necessary.
Reserving. Between the date of this Agreement and the Closing, for purposes of SAP, Seller shall cause the Company to fix and determine reserves using generally accepted actuarial standards consistently applied and actuarial assumptions that were in accordance with or more conservative than those called for in the relevant practices prescribed or permitted by the Domiciliary Regulator.
Reserving. For insurance regulatory accounting purposes, (i) the Reinsured shall determine the amount of its reserves and those of its subsidiaries on the Subject Business and may change those reserves from time to time as it, in its sole discretion, deems necessary or appropriate, (ii) the Reinsurer shall determine the amount of its reserves on its liability hereunder and may change those reserves from time to time as it, in its sole discretion, deems necessary or appropriate. Notwithstanding the amount of reserves carried by the Reinsurer, if Reinsurer's Obligations are subject to any special security deposit under which an insurance regulatory authority requires identical assumed and ceded reserves for purpose of computing the amount of the special security deposit, the Reinsurer or Reinsurer's affiliate shall satisfy the special security deposit by reference to the reserve amount required by the insurance regulatory authority.
Reserving. Items can be reserved by phone, by email, or in person. Please give us adequate time to prepare the equipment that will be checked out. We will need the patron’s contact information, dates they would like the equipment, type of equipment, and purpose. This signed document must be presented when picking up equipment.
Reserving. Lost-time claims will be reviewed at 30 days, 90 days from date of creation and every 90 days thereafter for the life of the claim for adequacy of reserves and proper development of the action plan on all unresolved claims and every 180 days on resolved claims.
