Ceding Company Statutory Reserves means, as of any date of determination, the aggregate statutory reserve (including unearned premium reserves and other premium accruals) amount for the General Account Liabilities calculated in accordance with the Ceding Company Domiciliary State SAP that would be applicable to Ceding Company (as would be reflected on Line 1, column 1 of the Liabilities section and Exhibit 5 and Line 3, column 1 of the Liabilities section and Exhibit 7 of the Ceding Company’s Statutory Financial Statement (or the equivalent exhibits or lines in the event of changes to the Ceding Company’s Statutory Financial Statement subsequent to December 31, 2019)), as calculated as of such date (without giving effect to this Agreement) using the same process and methodologies for modeling and setting assumptions as used by the Ceding Company in calculating the statutory reserves of the Ceding Company’s variable annuity business that is not reinsured hereunder or reinsured to a third party under any other agreement; provided, however, that Ceding Company Statutory Reserves shall at all times (i) be calculated on a stand-alone basis without regard to any other business of the Ceding Company and (ii) include any additional reserves that would be required as a result of stand-alone asset adequacy testing for the General Account Liabilities if they were not reinsured. For this purpose, stand-alone asset adequacy testing shall reflect assets and derivative positions consistent with how the General Account Liabilities would be managed if they were not reinsured.
Ceding Company Statutory Reserves means, as of any date of determination, the aggregate statutory reserve (including IBNR reserves, unearned premium reserves and other premium accruals) amount for the General Account Liabilities calculated in accordance with the Ceding Company Domiciliary State SAP as would be reflected on Line 1, Line 3, Line 4, Line 6, and, solely to the extent relating to VUL CRVM reserves, Line 13 of the Ceding Company’s Statutory Financial Statement (or the equivalent lines in the event of changes to the Ceding Company’s Statutory Financial Statement subsequent to December 31, 2022), as calculated by the Ceding Company as of such date of determination (without giving effect to this Agreement) determined in a manner consistent with the Ceding Company’s historical practices, methodologies and assumptions (unless deviation from such historical practices, methodologies and assumptions is required by the Ceding Company Domiciliary State SAP as of such date of determination, in which case the Ceding Company and the Reinsurer shall cooperate in good faith in the implementation of updating such practices, methodologies or assumptions to comply with Ceding Company Domiciliary State SAP) net of (without duplication) statutory reserves
Ceding Company Statutory Reserves means (a) the Ceding Company’s VM-21 Statutory Reserves and (b) the Ceding Company’s Non-VM-21 Statutory Reserves.
Examples of Ceding Company Statutory Reserves in a sentence
The Independent Actuary’s determination of the Reinsurer Statutory Reserves, the Ceding Company Statutory Reserves, [***] the CTEX Amount or whether the CTEX Amount and [***] were determined in accordance with the Required Balance Model and Calculation Methodologies shall be final and binding upon the Parties.
More Definitions of Ceding Company Statutory Reserves
Ceding Company Statutory Reserves means, as of any date of determination, the aggregate statutory reserve (including unearned premium reserves and other premium accruals) amount for the General Account Liabilities calculated in accordance with the Ceding Company Domiciliary State SAP that would be applicable to Ceding Company (as would be reflected on Line 1, column 1 of the Liabilities section and Exhibit 5; Line 3, column 1 of the Liabilities section and Exhibit 7; and Line 24.07 of the Liabilities section of the Ceding Company’s Statutory Financial Statement (or the equivalent exhibits or lines in the event of changes to the Ceding Company’s Statutory Financial Statement subsequent to December 31, 2022)), as calculated as of such date (without giving effect to this Agreement) using the same process and methodologies for modeling and setting assumptions as used by the Ceding Company in calculating the statutory reserves of the Ceding Company’s similar business that is not reinsured hereunder or reinsured to a third party under any other agreement, net of (without duplication) statutory reserves ceded pursuant to the Existing Reinsurance Agreements; provided, however, that Ceding Company Statutory Reserves shall at all times (a) include any additional reserves that would be required as a result of stand-alone asset adequacy testing for the General Account Liabilities if they were not reinsured, (b) exclude NI Modco Accounts Reserves and (c) include statutory reserves for the Reinsured Contracts that are annuity contracts in payout status.
Ceding Company Statutory Reserves means, as of any date of determination, the aggregate statutory reserve (including unearned premium reserves and other premium accruals) amount for the General Account Liabilities calculated in accordance with the Ceding Company Domiciliary State SAP that would be applicable to the Ceding Company (as would be reflected on Line 1, column 1 of the Liabilities section and Exhibit 5 and Line 3, column 1 of the Liabilities section and Exhibit 7 of the Ceding Company’s Statutory Financial Statement (or the equivalent exhibits or lines in the event of changes to the Ceding Company’s Statutory Financial Statement subsequent to December 31, 2021)), as calculated by the Ceding Company as of such date (without giving effect to this Agreement) determined in a manner consistent with the Ceding Company’s historical practices, methodologies and assumptions (unless deviation from such historical practices, methodologies and assumptions is required by Ceding Company Domiciliary State SAP as of such date of determination in which case the Ceding Company and the Reinsurer shall cooperate in good faith to update such practices, methodologies and assumptions to comply with Ceding Company Domiciliary State SAP): provided, however, that Ceding Company Statutory Reserves shall at all times be calculated on a stand-alone basis without regard to any other business of the Ceding Company (e.g., without regard to any diversification or aggregation benefits that may be available based on other business of the Ceding Company).
Ceding Company Statutory Reserves means, as of any date of determination, the aggregate statutory reserve (including unearned premium reserves and other premium accruals) amount for the General Account Liabilities calculated in accordance with the Ceding Company Domiciliary State SAP that would be applicable to the Ceding Company, as calculated as of such date (without giving effect to this Agreement) using methodologies for modeling and setting assumptions that are based on sound actuarial principles, take into account emerging experience data and are reasonable for an insurer of similar variable annuity contracts and, with respect to Reinsured Contracts that are not Annuitized Reinsured Contracts, are in compliance with VM-21 standards.
Ceding Company Statutory Reserves means, as of any date of determination, the aggregate statutory reserve (including unearned premium reserves and other premium accruals) amount for the General Account Liabilities calculated in accordance with Ceding Company Domiciliary State SAP that would be applicable to Ceding Company (as would be reflected on Lines 1, 3, 4.1 6.1, 6.2, 8 and 13, and solely with respect to accrued interest on in course of settlement claims, Line 25, of column 1 of the Liabilities section of the Ceding Company’s Statutory Financial Statement (or the equivalent exhibits or lines in the event of changes to the Ceding Company’s Statutory Financial Statement subsequent to December 31, 2020)), as calculated as of such date (without giving effect to this Agreement) using the same process and methodologies for modeling and setting assumptions as used by the Ceding Company in calculating the statutory reserves of the same types of business issued by the Ceding Company that is not reinsured hereunder; provided, however, that Ceding Company Statutory Reserves shall at all times be calculated on a stand-alone basis without regard to any other business of the Ceding Company; provided, further, that, in no event will Ceding Company Statutory Reserves include (a) additional actuarial reserves (as used in connection with applicable SAP), if any, established by the Ceding Company as a result of any asset adequacy analysis or cash flow testing, (b) any asset valuation reserves (as used in connection with applicable SAP) established by the Ceding Company, (c) any voluntary or other discretionary reserves, or other reserve not directly attributable to specific Reinsured Contracts or (d) reserves required to be held by the Ceding Company with respect to (i) claims incurred but not reported or (ii) in course of settlement claims, in each case of (i) and (ii) that are incurred prior to the Effective Time in respect of Reinsured Contracts that are life insurance policies (as would be reflected on Lines 4.1 and 25 of column 1 of the Liabilities section of the Ceding Company’s Statutory Financial Statements). For the avoidance of doubt, Ceding Company Statutory Reserves shall be calculated net of statutory reserves ceded under the Third Party Reinsurance Agreements in respect of the Reinsured Contracts.
Ceding Company Statutory Reserves means, as of any date of determination, the Quota Share of the aggregate statutory reserves (including unearned premium reserves and other premium accruals) amount for the General Account Liabilities for the Reinsured Contracts that are Annuitized Reinsured Contracts, calculated in accordance with the Ceding Company Domiciliary State SAP that would be applicable to the Ceding Company (as would be reflected on Line 1, column 1 of the Liabilities section and Exhibit 5 and Line 3, column 1 of the Liabilities section and Exhibit 7 of the Ceding Company’s Statutory Financial Statement (or the equivalent exhibits or lines in the event of changes to the Ceding Company’s Statutory Financial Statement subsequent to December 31, 2021)), as calculated as of such date (without giving effect to this Agreement) using methodologies for modeling and setting assumptions that are based on sound actuarial principles, take into account emerging experience data and are reasonable for an insurer of similar variable annuity contracts; provided, however, that Ceding Company Statutory Reserves shall at all times include the Quota Share of any additional reserves that would be required as a result of stand-alone asset adequacy testing for General Account Liabilities if they were not reinsured. For these purposes, stand-alone asset adequacy testing shall reflect assets and derivative positions consistent with how General Account Liabilities would be managed if they were not reinsured.
Ceding Company Statutory Reserves in Section 1.01 of the Reinsurance Agreement is hereby amended and replaced in its entirety with the following:
Ceding Company Statutory Reserves means, as of any date of determination, the aggregate statutory reserves (including unearned premium reserves and other premium accruals) amount for the General Account Liabilities for the Reinsured Contacts that are Annuitized Reinsured Contracts, calculated in accordance with the Ceding Company Domiciliary State SAP that would be applicable to the Ceding Company (as would be reflected on Line 1, column 1 of the Liabilities section and Exhibit 5 and Line 3, column 1 of the Liabilities section and Exhibit 7 of the Ceding Company’s Statutory Financial Statement (or the equivalent exhibits or lines in the event of changes to the Ceding Company’s Statutory Financial Statement subsequent to December 31, 2021)), as calculated as of such date (without giving effect to this Agreement) using methodologies for modeling and setting assumptions that are based on sound actuarial principles, take into account emerging experience data and are reasonable for an insurer of similar variable annuity contracts.”