General Account Liabilities means all liabilities, reserves, obligations, costs and expenses relating to, based upon or arising out of the Policies, whether incurred prior to, on or after the Effective Date, including amounts held in the Holding Account, after applying the effect of any Hedging Arrangements maintained by or for the benefit of the Company with respect to the General Account Liabilities; provided, however, that the General Account Liabilities shall not include the Variable Separate Account Liabilities, Declared Rate Separate Account or the Risk Control Separate Account Liabilities.
General Account Liabilities has the meaning set forth in the Reinsurance Agreement.
General Account Liabilities means all net retained general account insurance liabilities and obligations arising under the Reinsured Contracts, including, without limitation (i) benefits, surrender amounts and other amounts payable to Contractholders under the terms of the Reinsured Contracts, (ii) premium taxes due in respect of premiums and other consideration paid on or after the Inception Date with respect to the Reinsured Contracts, (iii) Insolvency Fund or other premium based assessments, net of any premium tax credits of the Company arising out of any such assessments, based on premiums and other consideration paid on or after the Inception Date with respect to the Reinsured Contracts, (iv) all amounts payable on or after the Inception Date for returns or refunds of premiums under the Reinsured Contracts, (v) all liability for commission payments and other fees or compensation payable with respect to the Reinsured Contracts in respect of premiums and other consideration paid on or after the Inception Date and (vi) all Extra Contractual Liabilities resulting from actions of the Company or its agents to the extent reinsurance of such liabilities is permitted by state law; but in all cases excluding: (w) the Separate Account Liabilities; (x) Post-Inception Date Extra Contractual Liabilities; (y) any general account liabilities which relate to (A) amounts transferred from the Separate Accounts to the general account of the Company pending distribution to holders of the Reinsured Contracts, and (B) amounts held in the general account of the Company pending transfer to the Separate Accounts; and (z) compensation agreements, arrangements and practices (A) that exceed the broker commission rates as shown for each product on Schedule J, (B) that exceed the wholesale expense rates as shown for each product on Schedule J, (C) that exceed the firm marketing related expense reimbursement rates as shown for each firm on Schedule J, (D) that exceed the marketing allowance as shown on Schedule J, or (E) that result from changes to compensation plans for any sales organization on or after the Inception Date, unless otherwise agreed to in writing by the Reinsurer or to the extent such excess costs are offset by an increase in the fund company administrative expense service share referred to in Schedule F.
Examples of General Account Liabilities in a sentence
In the event that the Coinsured Contracts that have not expired are recaptured pursuant to this Article III, a net accounting and settlement with respect to the General Account Liabilities relating to Coinsured Contracts that have not expired shall be undertaken by the parties hereto pursuant to the provisions set forth below in this Section 3.02.
The Company and the Reinsurer shall settle amounts due with regard to guaranty fund assessments, premium taxes and premium tax credits included in the General Account Liabilities in accordance with the terms of the Administrative Services Agreement.
Cedent has agreed to cede and transfer to Reinsurer the Coinsured Contracts (as defined below) for the consideration specified herein and Reinsurer has agreed to reinsure the General Account Liabilities (as defined below) of Cedent under the Coinsured Contracts on the terms and conditions set forth herein.
As additional consideration for the assumption of the General Account Liabilities by Reinsurer, Reinsurer shall be entitled to 100% of all premiums, deposits and other considerations to the extent received on or after the Effective Date by Cedent or Reinsurer with respect to the general account portion of the Coinsured Contracts net of reinsurance premiums and all other amounts payable on or after the Effective Date with respect to the Outward Reinsurance.
The funds in the Designated Administrative Account may be used by the Ceding Company at any time to pay General Account Liabilities.
More Definitions of General Account Liabilities
General Account Liabilities means the following Liabilities of the Ceding Company arising out of or relating to the Covered Insurance Policies, other than the Separate Account Liabilities, the Net Retained Liabilities, and the Excluded Liabilities, and net of Reinsurance Recoveries:
General Account Liabilities means the following Liabilities of the Company, whether incurred before, at or after the Inception Date: (a) all claims, benefits, claim expenses, interest on claims or unearned premiums, interest on policy funds, withdrawals, amounts payable for returns or refunds of premium surrender amounts and other amounts payable under the terms of the LBL Contracts; (b) all Liabilities arising out of changes to the terms and conditions of the LBL Contracts mandated by Applicable Law or initiated by a Contractholder pursuant to the terms of the applicable LBL Contracts; (c) all expense allowances payable under the LBL Contracts and all experience refunds that relate to the LBL Contracts (including under the Transamerica Reinsurance Agreement); (d) all premium taxes due or accrued in respect of premiums paid, deposits made or annuitizations occurring with respect to the LBL Contracts net of premium tax credits to the extent arising out of assessments or charges described in clause (e); (e) all assessments and similar charges with respect to the LBL Contracts in connection with participation by the Company or the Reinsurer, whether voluntary or involuntary, in any guaranty association established or governed by any state or other jurisdiction, arising on account of insolvencies, rehabilitations or similar proceedings occurring before, on or after the Inception Date; (f) all commissions (including both fronted and trail commissions), expense allowances, benefit credits, other compensation and other servicing and administration fees payable with respect to the LBL Contracts to or for the benefit of Producers; (g) all escheat and unclaimed property Liabilities arising under the LBL Contracts; (h) all premiums and other amounts payable under the Ceded Reinsurance Contracts in respect of the LBL Contracts; and without duplication, (i) all expense reimbursement amounts payable to Allstate Distributors, LLC by the Company under the Principal Underwriting Agreement with respect to the LBL Contracts; in each of the cases of subclauses (a) through (i) above, net of amounts actually collected under the Ceded Reinsurance Contracts by or on behalf of the Company in respect of the LBL Contracts. For the avoidance of doubt, General Account Liabilities (A) exclude the Separate Account Liabilities and the Company Extra Contractual Obligations, and (B) include any general account fixed options under LBL Contracts.
General Account Liabilities means the Policy Liabilities other than the Separate Account Liabilities.
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 Liabilities means all of the following Liabilities of the Ceding Company (and with respect to clause (d) of this definition, all Liabilities of any of its Affiliates to the extent not greater than amounts described on Schedule E), except as otherwise set forth below in clauses (c), (d), (e), (f), (i) and (j), whether incurred before, at or after the Effective Time, arising out of or resulting from the Reinsured Contracts for which the Quota Share of the applicable Cash Surrender Value was transferred to the Reinsurer as part of the Initial Premium net of Reinsurance Recoveries, but excluding Separate Account Liabilities and Excluded Liabilities:
General Account Liabilities means all Liabilities of the Ceding Company (and with respect to clause (c) of this definition, all Liabilities of any of its Affiliates arising out of or resulting from the Reinsured Contracts, but excluding Separate Account Liabilities and Excluded Liabilities, whether incurred before, at or after the Effective Time, calculated in accordance with the Ceding Company Domiciliary State SAP. Without limiting the foregoing, “General Account Liabilities” shall include, but not be limited to, any and all of the following Liabilities, but excluding Separate Account Liabilities and Excluded Liabilities:
General Account Liabilities means the Quota Share of all Liabilities of the Ceding Company arising out of or relating to the Covered Insurance Policies, whether incurred before, at or after the Effective Time, but in all events excluding Excluded Liabilities, including: