Funds Withheld Balance definition

Funds Withheld Balance shall have the meaning set forth in Section 5.02(b).

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Funds Withheld Balance has the meaning set forth in the Collateral Article 9. “Funds Withheld Crediting Rate” means five percent (5%) per annum, calculated on the basis of the number of days elapsed and a 365 day year. “Funds Withheld Interest” has the meaning set forth in the Collateral Article 9. “Independent Accountant” shall be Deloitte & Touche LLP, or, if such firm is unwilling or unable to serve, a nationally recognized accounting firm experienced in accounting matters with respect to the lines of business which are the subject matter of this Agreement that is not the independent accounting firm of either of the Parties or their respective Affiliates and is otherwise independent, neutral and impartial, as mutually agreed by the Parties. “Independent Actuary” shall be Deloitte & Touche LLP, or, if such firm is unwilling or unable to serve, a nationally recognized actuarial firm experienced in actuarial matters with respect to the lines of business which are the subject matter of this Agreement that is not the actuarial firm of either of the Parties or their respective Affiliates and is otherwise independent, neutral and impartial, as mutually agreed by the Parties. “Intermediary” has the meaning given to it in the Intermediary Article 20. “Internal Restructure” has the meaning given to it in Article 1(E). “Knowledge of the Company” means, as it relates to any fact or other matter, the actual knowledge of the individuals set forth on Schedule D, after reasonable inquiry of such fact or matter.

Funds Withheld Balance has the meaning set forth in Section 3.2 of this Agreement.

Examples of Funds Withheld Balance in a sentence

Amounts due the Company shall be withdrawn from the Funds Withheld Balance and if the Funds Withheld Balance is negative, the Reinsurer shall pay the amount due.
The Funds Withheld Balance shall equal the statutory admitted asset value of the assets in the Segregated Asset Portfolio.
From time to time during any particular Accounting Period, the Ceding Company may send a report (a “Cash Call Report”) showing the actual or estimated excess of the Coinsurance Reserve over the Funds Withheld Balance.
Such reports will include information on the amount of Reinsurance Premiums, Ceding Allowance, Acquisition Expense, Expense Allowance, Benefit Payments, Modified Coinsurance Reserve, Coinsurance Reserve, Interest Maintenance Reserve, Funds Withheld Investment Credit and Funds Withheld Balance.
The Ceding Company will retain, control and own all assets held in relation to the Modified Coinsurance Reserve as defined in Schedule B and the Funds Withheld Balance as defined in Article V.
The Company will pay the Reinsurer 3% of the premium with the balance, if any, being held in a Funds Withheld Balance for subsequent payment of losses, commission adjustments and return premiums.
In the event that the Reinsured fails to remit to the Reinsurer the Funds Withheld Balance that is due and payable in accordance with the provisions in this article after the Expiration Date of this Agreement within 15 days of the date such payment is due, the Reinsurer shall notify the Reinsured in writing via registered mail of the overdue amounts.
For business effective prior to 2002, however, excluding business in-force on December 31st, 2001: Funds withheld balance shall mean: Previous Funds Withheld Balance, plus 97% of ceded written premium, minus ceding commission, minus ceded paid losses (including allocated loss adjustment expenses), minus ceded paid unallocated loss adjustment expenses, if applicable.
Within thirty (30) days after the end of each accounting period, the Reinsured shall pay, subject to Article 5, Funds Withheld Balance, to the Reinsurer a settlement for the accounting period of the preceding calendar quarter computed in accordance with Section 5.03(e).
In consideration of the Reinsurer agreeing to allow the Reinsured to retain the reinsurance premium on funds withheld basis, the Reinsured agrees that the Funds Withheld Balance (as defined in Section 5.02) may be offset by the Reinsurer against liabilities of the Reinsurer for payments under this Agreement.

More Definitions of Funds Withheld Balance

Funds Withheld Balance means the total of the FW Subaccount Balances and Deposits.