Loss portfolio transfer definition
Loss portfolio transfer means the transfer of the liabilities of the association to an insurance carrier for an agreed upon premium.
Loss portfolio transfer means the transfer, by the State Insurance Fund, of all future obligations on losses occurring prior to the effective date of the transfer to a third-party reinsurer;
Loss portfolio transfer or “LPT” A reinsurance transaction in which the loss obligations of an insurance/reinsurance company that have already been incurred and will ultimately be paid can be discharged by transferring, i.e., ceding, those obligations to another insurer/reinsurer.
More Definitions of Loss portfolio transfer
Loss portfolio transfer means the transfer of the liabilities of the association to an
Loss portfolio transfer means a type of Covered Contract under which a block of business, which was insured or reinsured by a cedent, is reinsured to the Company in exchange for payment of premium by the cedent to the Company which premium is held in a Portfolio Fund and used to pay claims under the Covered Contract.
Loss portfolio transfer means the acquisition by ABCIC of all or substantially all of the assets and the assumption of all or substantially all of the claim liabilities of the Fund under and pursuant to the terms of the Loss Portfolio Transfer Agreement.