DAC Adjustment definition

DAC Adjustment is calculated as follows: First, for each taxable year with respect to each category of Coinsured Contracts, “the gross amount incurred by the reinsurer with respect to this Agreement” (as defined in Section 1.848-2(f)(2)(i)(A) of the Income Tax Regulations) for such category (but not including any DAC Adjustment incurred in such year) is multiplied by the applicable percentage set forth in Section 848 (c)(1) of the Code for such category. The sum, if any, from the preceding sentence is then reduced by the amortization allowed Cedent under Section 848(a)(2) of the Code for such category, but only with regard to amounts capitalized per this Agreement under Section 1.848-2(f)(2)(i)(A). The result for a category, whether positive or negative, is then multiplied by the quotient of: tr/(1-(tr x (1+Y))), where tr = the maximum applicable marginal corporate federal income tax rate (as defined in Section 11(b)(1)(D) of the Code) for the taxable year, and Y = the applicable percentage set forth in Section 848(c)(1) for such category of Coinsured Contracts. The aggregate amount of such calculations for all categories of Coinsured Contracts for a taxable year (whether positive or negative) is the DAC Adjustment for the year.
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DAC Adjustment shall have the meaning set forth in Section 12.02(a) hereof.
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DAC Adjustment shall have the meaning set forth in Section 12.02(a) hereof. “Effective Date” shall have the meaning set forth in Article II hereof. “Extra Contractual Obligations” means all liabilities for compensatory, consequential, exemplary, punitive or similar damages which relate to or arise in connection with any alleged or actual act, error or omission by Cedent or any of its Affiliates prior to the Effective Date hereof, whether intentional or otherwise, or from any reckless conduct or bad faith by Cedent or any of its Affiliates prior to the Effective Date hereof, or in connection with any such alleged or actual act, error or omission on and after the Effective Date hereof by the Reinsurer or any of its Affiliates acting on behalf of Cedent or any of its Affiliates pursuant to this Agreement or otherwise, in each case whether in connection with the handling of any claim under any of the Coinsured Contracts or in connection with the issuance, delivery, cancellation or administration of any of the Coinsured Contracts; provided, that no Section 10.04 Seller Obligation, as such term is defined in the Acquisition Agreement, shall be deemed to be an Extra Contractual Obligation. “Final Recapture Statement” shall have the meaning set forth in Section 3.02(d) hereof. “General Account Liabilities” means all general account insurance liabilities and obligations arising under the Coinsured Contracts, including, without limitation (i) the General Account Reserves, (ii) the amounts included in lines 12, 12a, 19, and 25 of the Liabilities, Surplus and Other Funds page of the NAIC Annual Statement Blank (1996 format), (iii) any Extra Contractual Obligations, (iv) liabilities and obligations associated with Cedent’s separate account SA-8T, (v) premium taxes due in respect of premiums, deposits and other consideration paid on or after the Effective Date with respect to the Coinsured Contracts and (vi) guaranty fund or other premium based assessments due based on such premiums, deposits and other consideration, net of any premium tax credits of Cedent arising out of any such assessments, but excluding (x) the Cedent Separate Account Liabilities, and (y) any general account liabilities which relate to (A) amounts transferred from the Cedent Separate Accounts to the general account of Cedent pending distribution to holders of the Coinsured Contracts and (B) amounts held in the general account of Cedent pending transfer to the Cedent Separate Accounts. “General Account Other Insura...
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Examples of DAC Adjustment in a sentence

  • The aggregate amount of such calculations for all categories of Coinsured Contracts for a taxable year (whether positive or negative) is the DAC Adjustment for the year.

  • The aggregate amount of such calculations for all categories of Policies for a taxable year (whether positive or negative) is the DAC Adjustment for the year.

  • The amount, if any, from the preceding sentence for a category of Policies is then reduced (below zero, if necessary) by the amortization allowed the Company under Section 848(a)(2) of the Code with respect to any such amount (without regard to any payment of any DAC Adjustment).

  • If the amount of the DAC adjustment for any taxable year of the Company is negative, the Company shall pay such amount to the Reinsurer within fifteen (15) days of the date on which the calculations of the DAC Adjustment become final.

  • The amount, if any, from the preceding sentence for a category of Policies is then reduced by the amortization allowed the Company under Section 848(a)(2) of the Code for such amount (without regard to any payment of any DAC Adjustment).


More Definitions of DAC Adjustment

DAC Adjustment means the amount, net of Tax, equal to (i) the deferred acquisition cost asset of the Company and its Subsidiaries as of the Adjustment Time, based upon the Pro Forma Financial Statements or Final Financial Statements, as applicable, minus (ii) the deferred acquisition cost asset of the Company and its Subsidiaries as of June 30, 2018. “Data Input Inaccuracies” means inaccuracies or omissions in (i) the inputting of factual data, including data (and omission of data) relating to the inventory of insurance policies in force, the terms of such policies or contracts, the relevant information related to the owners or insureds of such insurance policies, the Reserves, the Investment Assets held by the Company or its Subsidiaries or insurance policies and transactions related thereto, or (ii) the coding, compilation or aggregation of such factual data, in either case other than omissions in the factual data inputs resulting from reasonable judgments made by an actuary or other financial professional as to the scope of factual data inputs (or omissions of factual data inputs). “EE Realty Loan” means that certain promissory note, dated June 1, 2013, payable by EE Realty, Inc. to NTAL. “EE Realty Payoff Amount” means the unpaid principal and accrued interest as of the Closing Date on the EE Realty Loan. “Employee” means any current employee of the Company or any of its Subsidiaries. “Employee Plan” means a written or unwritten plan, policy, program, agreement or arrangement, whether covering a single individual or a group of individuals, sponsored, maintained or contributed to by Seller or any ERISA Affiliate, which provides benefits or compensation to or on behalf of Employees, or any of their beneficiaries, dependents, spouses or other family members, that is (i) an “employee benefit plan” within the meaning of Section 3(3) of ERISA, (ii) a stock bonus, stock purchase, stock option, restricted stock, stock appreciation right or similar equity-based plan or arrangement, or (iii) any other employment, severance, deferred- compensation, retirement, welfare-benefit, bonus, retention, termination, change in control, incentive or fringe benefit plan, policy, program, agreement or arrangement. “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and the rules and regulations promulgated thereunder. “ERISA Affiliate” means an entity (whether or not incorporated) required to be treated as a single employer with the Company or any of its Subsidiar...
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DAC Adjustment is calculated as follows: First, for each taxable year with respect to each category of Policies, "the gross amount incurred by the reinsurer with respect to this Agreement" (as defined in Section 1.848- 2(f)(2)(i)(A) of the regulations (the "Regulations") under the Internal Revenue Code of 1986, as amended (the "Code"), for such category (but not including any DAC Adjustment incurred in such year) is multiplied by the applicable percentage set forth in Section 848 (c)(1) of the Code for such category. The amount, if any, from the preceding sentence for a category of Policies is then reduced by the amortization allowed the Company under Section 848(a)(2) of the Code for such amount (without regard to any payment of any DAC Adjustment). The result for a category, whether positive or negative, is then multiplied by the quotient of: tr/(1-(tr x (1+Y))), where tr = the maximum applicable marginal corporate federal income tax rate (as defined in Section 11(b)(1)(D) of the Code) for the taxable year, and Y = the applicable percentage set forth in Section 848(c)(1) for such category of Policies. The aggregate amount of such calculations for all categories of Policies for a taxable year (whether positive or negative) is the DAC Adjustment for the year.
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Related to DAC Adjustment

  • CPI Adjustment means the quotient of (i) the CPI for the month of January in the calendar year for which the CPI Adjustment is being determined, divided by (ii) the CPI for January of 2007.

  • XXXXX Adjustment means, with respect to XXXXX, 0.0326% per annum.

  • True-Up Adjustment means any Annual True-Up Adjustment or Interim True-Up Adjustment, as the case may be.

  • Tax Adjustment has the meaning set forth in Section 4.7.

  • Spread Adjustment means 100 basis points.

  • Related Adjustment means, in determining any LIBOR Successor Rate, the first relevant available alternative set forth in the order below that can be determined by the Administrative Agent applicable to such LIBOR Successor Rate:

  • SOFR Adjustment means 0.10% (10 basis points).

  • Estimated Adjustment Amount has the meaning set forth in Section 2.5(a).

  • Net Adjustment Amount means an amount, which may be positive or negative, equal to the Closing Net Working Capital as finally determined pursuant to this Section 2.9 minus the Preliminary Net Working Capital as set forth on the Preliminary Closing Statement;

  • Price Adjustment means any and all price reductions, offsets, discounts, rebates, adjustments, and or refunds which accrue to or are factored into the final net cost to the hospital outpatient department or ambulatory surgical center.

  • Closing Adjustment has the meaning set forth in Section 2.04(a)(ii).

  • MFN Adjustment has the meaning specified in Section 2.14(b).

  • Adjustment Price means the lowest Underlying Price within the Adjustment Period after the Underlying Price is for the first time equal to or below the Adjustment Threshold.

  • Final Adjustment has the meaning set forth in Section 10.3.B(2) hereof.

  • Credit Adjustment shall have the meaning specified in Section 3.02.

  • Post-Closing Adjustment has the meaning set forth in Section 2.04(b)(ii).

  • Final Adjustment Amount has the meaning set forth in Section 2.4(c).

  • Closing Adjustment Amount shall have the meaning set forth in Section 3.2(c).

  • Adjustment means each form of adjustment to consideration provided for in this clause.The parties acknowledge that the consideration under this Contract is inclusive of GST, where GST is calculated using the GST rate at the time of forming this Contract.The Contractor shall provide the Recipient with a Tax Invoice and/or adjustment notes in relation to the supply prior to an amount being paid by the Recipient under this Contract, and shall do all things reasonably necessary to assist the Recipient to enable it to claim and obtain any Input Tax Credit available to it in respect of a Supply.Where the GST rate is changed after the date of formation of this Contract the consideration under this Contract will be increased or decreased so that the consideration remains inclusive of GST, with GST calculated using the new GST Rate from the date of the change of the GST Rate that applies at the date of formation of this Contract. PrivacyFor the purposes of this Clause unless the context otherwise requires:

  • Adjustment Amount For any Distribution Date, the difference between (A) the sum of the Class A Principal Balance and the Class B Principal Balance as of the related Determination Date and (B) the sum of (i) the sum of the Class A Principal Balance and the Class B Principal Balance as of the Determination Date succeeding such Distribution Date and (ii) the aggregate amount that would have been distributed to all Classes as principal in accordance with Section 4.01(a) for such Distribution Date without regard to the provisos in the definitions of Class B-1 Optimal Principal Amount, Class B-2 Optimal Principal Amount, Class B-3 Optimal Principal Amount, Class B-4 Optimal Principal Amount, Class B-5 Optimal Principal Amount and Class B-6 Optimal Principal Amount.

  • SNB Adjustment Spread means, with respect to the SNB Policy Rate, the spread to be applied to the SNB Policy Rate in order to reduce or eliminate, to the extent reasonably practicable under the circumstances, any economic prejudice or benefit (as applicable) to Noteholders as a result of the replacement of the Swiss Average Rate Overnight with the SNB Policy Rate for purposes of determining SARON, which spread will be determined by the Calculation Agent, acting in good faith and a commercially reasonable manner, taking into account the historical median between the Swiss Average Rate Overnight and the SNB Policy Rate during the two year period ending on the date on which the SARON Index Cessation Event occurred (or, if more than one SARON Index Cessation Event has occurred, the date on which the first of such events occurred).

  • Purchase Price Adjustment has the meaning set forth in Section 2.6.

  • Term SOFR Adjustment means a percentage equal to 0.10% per annum.

  • Equity Adjustment means the dollar amount resulting by subtracting the Book Value, as of Bank Closing, of all Liabilities Assumed under this Agreement by the Assuming Bank from the purchase price, as determined in accordance with this Agreement, as of Bank Closing, of all Assets acquired under this Agreement by the Assuming Bank, which may be a positive or a negative number.

  • ISDA Fallback Adjustment means the spread adjustment (which may be a positive or negative value or zero) that would apply for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor.

  • Post-Closing Adjustment Amount has the meaning set forth in Section 1.9.3.