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

• If either Article I or Article II is determined by a court of competent jurisdiction or regulatory authority to be unenforceable, either Party, at its option, shall be entitled to rescind this Agreement, and the Reinsurer shall be entitled to repayment of the Commutation Amount immediately upon such rescission.

• The Commutation Amount shall be determined, and the Commutation Consideration shall be paid and adjusted, in accordance with Section 3.3.

• The Ceding Company shall accept the Commutation Amount in full, final and complete settlement of any and all amounts claimed due or to be due by the Reinsurer to Ceding Company relating to, or arising out of or in any way related to the Reinsurance Treaty.

• If the Policyholder so elects, the Insurer will pay the Policyholder an amount equal to 100% of the Commutation Amount in return for a complete release of liability under this contract, whether known or unknown.

• If the Company does not accept any of the Offers and, as a result, the Paid Amount is less than the Target Commutation Amount, the Purchaser shall procure that the Company pays to the Vendor an amount equal to the difference between the Target Commutation Amount and the Paid Amount within 10 Business Days after the Paid Amount is paid by the Company in respect of the Relevant Reinsurance Liabilities.

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 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.

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;