Statutory Reserving Standards Sample Clauses

Statutory Reserving Standards. The Reinsurer shall establish adequate net reinsurance reserves pursuant to the requirement of any regulatory authority having jurisdiction over the Ceding Company and comply with any other statutory requirements necessary for the Ceding Company to take full statutory credit for reinsurance ceded up to the full amount that the Ceding Company would have established for the risks reinsured under the agreement. SCHEDULE B MONTHLY REPORTING
Sample 1Sample 2Sample 3See All (4)
AutoNDA by SimpleDocs
Statutory Reserving Standards. The Reinsurer shall establish adequate net reinsurance reserves pursuant to the requirement of any regulatory authority having jurisdiction over the Ceding Company and comply with any other statutory requirements necessary for the Ceding Company to take full statutory credit for reinsurance ceded up to the full amount that the Ceding Company would have established for the risks reinsured under the agreement. 13 of 26 69 SCHEDULE B MONTHLY REPORTING 1. Reinsurance Premiums payable by the Ceding Company and due the Reinsurer as of the close of the reported Accounting Period. 2. Reinsurance Benefits payable by the Reinsurer and due the Ceding Company as of the close of the reported Accounting Period. 3. Current Accumulation Value split by fund and Benefit. 4. Annualized unit return on each fund. 14 of 26 70 SCHEDULE C QUARTERLY REPORTING Due twenty-one days after quarter end: 1. Current Accumulation Value split by Benefit, fund, sex, quinquennial attained age group and policy duration. 2. Cash surrender value and Net Amount at Risk split by Benefit, sex and quinquennial attained age group, and policy duration. 3 Reinsurance Reserve 15 of 26 71 SCHEDULE D ANNUAL REPORTING NOTIFICATION OF ANY CHANGE IN FUND STRUCTURE, E.G., ADDITION OR DELETION OF FUND, CHANGE IN INVESTMENT POLICY OR FUND MANAGER, ETC. 16 of 26 72 SCHEDULE E LETTER OF CREDIT LETTER OF CREDIT (Name of Bank) (Address) FOR INTERNAL IDENTIFICATION PURPOSES ONLY Our No.______________________________________________________________________ Other________________________________________________________________________ Accountholder/Applicant______________________________________________________ (Reinsurer)__________________________________________________________________ Beneficiary's State of Domicile______________________________________________ Irrevocable Clean Letter of Credit No.____________Issue Date______________ To Beneficiary: (Name) + (Address) We have established this clean, irrevocable, and unconditional Letter of Credit in your favor as beneficiary for drawings up to U.S. $___________ effective immediately. This Letter of Credit is issued, presentable and payable at our office at (issuing bank address) and expires with our close of business on ______________. Except when the amount of this Letter of Credit is increased, this Credit cannot be modified or revoked without your consent. The term "Beneficiary" includes any successor by operation of law of the named Beneficiary including withou...
Sample 1

Related to Statutory Reserving Standards

  • Statutory Reserves For purposes hereof, the term "LIBO Rate" shall mean the rate (rounded upwards, if necessary, to the next 1/16 of 1%) at which dollar deposits approximately equal in principal amount to the Administrative Agent's portion of such Eurodollar Borrowing and for a maturity comparable to such Interest Period are offered to the principal London office of the Administrative Agent in immediately available funds in the London interbank market at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period.

  • Building Standards Landlord has established or may establish specifications for certain Building standard components to be used in the construction of the Improvements in the Premises. The quality of Improvements shall be equal to or of greater quality than the quality of such Building standards, provided that Landlord may, at Landlord’s option, require the Improvements to comply with certain Building standards. Landlord may make changes to said specifications for Building standards from time to time. Removal requirements regarding the Improvements are addressed in Article 8 of this Lease.

  • Operating Standards The Operating Standards attached to this Agreement as Exhibit "B" are hereby made an integral part of this Agreement. Lessee, its employees, agents, guests, invitees, visitors and/or any other persons caused to be present in and around the Premises by the Lessee shall perform and abide by the rules and regulations and any amendments or additions to said rules and regulations as Lessor may make. In addition, Lessee, its employees and agents shall abide by all applicable governmental rules, regulations, statutes and ordinances relating in any way to the Premises or the Facility or Lessee's use or occupancy of the Premises or the Facility; failing which Lessee shall be in default hereunder and shall pay any fines or penalties imposed for such violation(s) directly to the appropriate governmental authority or to Lessor, if Lessor has paid such amount on behalf of Lessee. Such remedy shall not be exclusive. It is hereby further explicitly agreed and understood that full compliance with the Operating Standards as set forth constitutes a material obligation of this Agreement, and that the failure to so comply shall constitute a violation of this Agreement entitling the Lessor to exercise any of its remedies pursuant to this Agreement or otherwise.

  • Waiver of Minimum Funding Standard If the plan administrator of any Plan applies under Section 412(d) of the Code for a waiver of the minimum funding standards of Section 412(a) of the Code and any Lender believes the substantial business hardship upon which the application for the waiver is based could reasonably be expected to subject either the Company or any Controlled Group member to liability in excess of the Threshold Amount.

  • Statutory Requirements All statutory requirements for the valid consummation by the Company of the transactions contemplated by this Agreement shall have been fulfilled. All authorizations, consents and approvals of all governments and other persons required to be obtained in order to permit consummation by the Company of the transactions contemplated by this Agreement shall have been obtained.

  • Additional Regulatory Requirements Notwithstanding anything contained in this Agreement to the contrary, it is understood and agreed that the Bank (or any of its successors in interest) shall not be required to make any payment or take any action under this Agreement if:

  • Professional Standards Recognizing and acknowledging that it is essential for the protection and enhancement of the name, reputation and business of the Company and its subsidiaries and the good will pertaining thereto, the Employee shall perform his duties under this Agreement professionally and in accordance with applicable law and the standards established by the Company from time to time; and the Employee shall not act, and shall refrain from acting, in any manner that could harm or tarnish the name, reputation, business or income of the Company and its subsidiaries or the good will pertaining thereto.

  • Accounting Standards Manager shall maintain the books and records reflecting the operations of the Hotel in accordance with the accounting practices of Manager in conformity with generally accepted accounting practices consistently applied and shall adopt and follow the fiscal accounting periods utilized by Manager in its normal course of business. The Hotel level generated accounting records reflecting detailed day-to-day transactions of the Hotel's operations, shall be kept by Manager at the Hotel or at Manager's regional offices or corporate headquarters, or at such other location as Manager shall reasonably determine. Manager shall receive a monthly fee for accounting services provided to the Hotel ("Accounting Fee"). The current Accounting Fee is set forth on Exhibit "B". The Accounting Fee shall be adjusted by Manager from time to time and set forth in the annual Operating Budget;

  • Standards The Employee shall perform his duties under this Agreement in accordance with such reasonable standards expected of employees with comparable positions in comparable organizations and as may be established from time to time by the Board of Directors.

  • Regulatory Requirements As between State Street and the Fund, the Fund shall be solely responsible for the accuracy of any accounting statements or reports produced using the Data Access Services and the System and the conformity thereof with any requirements of law.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!