Closed Block Business means (a) the Regulatory Closed Block established pursuant to Article IX of the Plan of Reorganization, together with such Surplus and Related Assets and indebtedness and other liabilities of the Corporation and its subsidiaries, and together with corresponding adjustments in accordance with generally accepted accounting principles, that the Board of Directors has, as of the Effective Date, allocated to the Closed Block Business, (b) any assets or liabilities acquired or incurred by the Corporation or any of its subsidiaries after the Effective Date in the ordinary course of business and attributable to the Closed Block Business, (c) any assets or liabilities allocated to the Closed Block Business in accordance with policies established from time to time by the Board of Directors, and (d) the rights and obligations of the Closed Block Business under any inter-Business debt or other transaction deemed to be owed to or by the Closed Block Business (as such rights and obligations are defined in accordance with policies established from time to time by the Board of Directors); provided, however, that the Corporation or any of its subsidiaries may re-allocate assets from one Business to the other Business in return for other assets or services rendered by that other Business in accordance with policies established by the Board of Directors from time to time. The Closed Block Business excludes any expenses and liabilities from litigation affecting Closed Block policies, which expenses and liabilities shall be part of, and borne by, the Financial Services Businesses. In the event that interest expense on the IHC Debt Securities is not deductible for federal income tax purposes, the additional tax expense will be borne by the Financial Services Businesses and shall be excluded from the Closed Block Business.
Closed Block Business shall have the meaning set forth in the Demutualization Plan.
Closed Block Business means the assets of the Closed Block as maintained by MONY Life, the liabilities and obligations of the Closed Block as maintained by MONY Life, Surplus and Related Assets and corresponding adjustments and other allocated assets and liabilities as recorded on the books and records of the Company and MONY Life as part of the Closed Block Business.
Examples of Closed Block Business in a sentence
Since January 1, 2012, the Company has operated the Closed Block Business in compliance with Phoenix Home Life Mutual Insurance Company’s Plan of Reorganization, as adopted on December 18, 2000, as amended and restated as of January 26, 2001 (together with all exhibits thereto, the “Demutualization Plan” ) except for any failure to so operate which has not had and would not, individually or in the aggregate, reasonably be expected to have, a Material Adverse Effect.
More Definitions of Closed Block Business
Closed Block Business means (a) the Regulatory Closed Block established pursuant to Article IX of the Plan of Reorganization, together with such Surplus and Related Assets and indebtedness and other liabilities of the Corporation and its subsidiaries, and together with corresponding adjustments in accordance with
Closed Block Business means the “Closed Block Policies” specified in Exhibit D, which are traditional dividend-paying individual ordinary life insurance Policies, consisting of individual whole life Policies, limited payment whole life insurance Policies, endowment life insurance Policies, senior life Policies, single premium whole life Policies, endowment Policies, retirement income Policies, family plan Policies and life insurance Policies in effect under a nonforfeiture option, in each case with an experience-based dividend scale, which were issued by the Company (a) before the Plan Effective Date and In Force on any date on or after the Plan Effective Date or (b) before the Plan Effective Date and eligible on the Plan Effective Date to be reinstated to a dividend-paying policy, in each case together with all riders (whenever issued), additional benefit provisions, dividend accumulations and options with respect to such life insurance Policies. Whole life Policies issued as a conversion from term insurance will be included in the Closed Block if converted before the Plan Effective Date and will be excluded if converted on or after the Plan Effective Date.
Closed Block Business means the notes, conversions and equity agreements and all associated investors and benefits included in the Closed Block. These notes, conversions and equity agreements include the classes of shares listed in Exhibit B, which consist primarily of all of the classes for which the Company is either currently obligated to distribute or will, under the current scale, distribute in the future. All notes, conversions and equity agreements will be included in the Closed Block only if it is either (a) In Force on any date from and including the Statement Date until and including the Plan Effective Date or (b) issued after the Plan Effective Date (i) pursuant to a Board Resolution that is structured prior to the Plan Effective Date.
Closed Block Business means the Policies and all associated riders and benefits included in the Closed Block. These Policies include the classes of Policies listed in Exhibit B, which consist primarily of all of the classes of individual life insurance and annuity Policies for which the Company is either currently paying dividends or will, under the current scale, pay dividends in the future. A Policy will be included in the Closed Block only if it is either (a) In Force on any date from and including the Statement Date until and including the Plan Effective Date or (b) issued after the Plan Effective Date (i) pursuant to a completed application that is received prior to the Plan Effective Date at the Company's administrative office located to 10 Krey Blvd., East Greenbush, New York, together with payment of the full initial premium and (ii) as applied for in accordance with the terms of the application.
Closed Block Business generally means individual or joint traditional whole life insurance Policies that are currently paying or are expected to pay Policy dividends and individual term life insurance Policies and only to the extent such Policies are In Force on the Effective Date. Closed Block Business also includes any such Policy which (x) is In Force on the - Effective Date pursuant to a participating nonforfeiture provision, (y) is In - Force on the Closed Block Funding Date as a premium paying Policy, and remains In Force on the Effective Date pursuant to a non-participating nonforfeiture provision, or (z) is issued before the Effective Date and is reinstated after - the Effective Date pursuant to the Company's normal administrative practices.
Closed Block Business means the Policies and certain associated riders and benefits included in the Closed Block. These Policies include the types of Policies listed in Exhibit A, which generally constitute all of the classes of United States dollar denominated individual life insurance Policies for which the Company has a currently payable dividend scale. A Policy will be included in the Closed Block only if it is either (a) In Force on any date between the Statement Date and the Plan Effective Date or (b) issued after the Plan Effective Date (i) pursuant to a completed application that is received prior to the Plan Effective Date at the Company's administrative offices together with all required medical and other underwriting information and payment of the full initial premium and (ii) as applied for in accordance with the terms of the application. All associated riders and benefits to any Policy in the Closed Block will also be included in the Closed Block, with the exception of any rider or benefit for dividend accumulations, dividends with interest or dividends left on deposit.
Closed Block Business has the meaning set forth in the Indenture.