Commutation Amount definition

Commutation Amount means the amount of pension a member has elected to give up in return for a lump sum in accordance with regulation 33;

Commutation Amount means an amount equal to (a) the sum of the amounts that would be required to be reflected on the 2019 NAIC Annual Statement Blank of the Reinsurer lines 1 through 25 on page 3 (or the equivalent line or lines in the event of changes to the NAIC Annual Statement Blank subsequent to December 31, 2019) with respect to the Commuted Liabilities minus (b) the sum of the amounts that would be required to be reflected on the 2019 NAIC Annual Statement Blank of the Reinsurer lines 14 through 25 on page 2 (or the equivalent line or lines in the event of changes to the NAIC Annual Statement Blank subsequent to December 31, 2019) with respect to the Commuted Liabilities, in each case, determined as of the Commutation Effective Time and in accordance with SAP.

Commutation Amount means the sum of Daily Balance One (if any) plus Daily Balance Two (if any) plus Daily Balance Three (if any).

Examples of Commutation Amount in a sentence

• The Commutation Amount shall be prepared in accordance with SAP, consistently applied.

• Notwithstanding anything to the contrary contained in this Commutation Amendment, the provisions of this Section 3.1 represent the sole and exclusive method of determining the Commutation Amount.

• On the Commutation Effective Time, the Reinsurer shall pay cash and/or transfer to APC the Transferred Assets with a Transferred Asset Value equal to the Commutation Amount determined by reference to the Commutation Statement.

• On the Commutation Effective Time, the Reinsurer shall pay cash and/or transfer to AI the Transferred Assets with a Transferred Asset Value equal to the Commutation Amount determined by reference to the Commutation Statement.

• On the Commutation Effective Time, the Reinsurer shall pay cash and/or transfer to AFCIC the Transferred Assets with a Transferred Asset Value equal to the Commutation Amount determined by reference to the Commutation Statement.

More Definitions of Commutation Amount

Commutation Amount means the consideration payable to a ceding company under a Reinsurance Agreement upon the commutation of such Reinsurance Agreement.

Commutation Amount has the meaning given to it in the Term of this Agreement Article.

Commutation Amount has the meaning set forth in Section 3.1.

Commutation Amount is the Gross GAAP Benefit Required Amount calculated pursuant to paragraph (2) above plus an appropriate provision for losses incurred but not reported if termination occurs pursuant to Article l9.B(l)(a) or l9.B(2) and is otherwise one hundred seven and one-half percent (107 1/2%) of such Gross GAAP Benefit Required Amount.

Commutation Amount in relation to a pension means the amount of the pension exchanged for a lump sum as a result of the exercise of the option under regulation 59 (general option to exchange part of pension for lump sum) to commute an amount of pension to a lump sum;

Commutation Amount has the meaning set forth in the Commutation and Collateral Release Schedule.

Commutation Amount means an amount equal to the lesser of (a) the sum of (i) all amounts due as of the Commutation Effective Time from the Reinsurer to the Company under this Contract but not yet paid plus (ii) an amount equal to 105% of the Net Subject Reserves as of the Commutation Effective Time and (b) the Remaining Limit.