Modified Coinsurance Reserve definition

Modified Coinsurance Reserve means the sum of the Net Statutory Reserve for each of the types of Business Reinsured within the General Account Modified Coinsurance Business, each multiplied by the applicable Quota Share for the type of Business Reinsured.

Modified Coinsurance Reserve equals the Reinsurer's quota share of the greater between the Statutory Reserve and the Account Value.

Modified Coinsurance Reserve means the statutory reserve for the obligations reinsured pursuant to Section 3.02 "Net Coinsurance Reserve" shall have the meaning ascribed to that term in Section 5.01.

Examples of Modified Coinsurance Reserve in a sentence

• With respect to the Reinsured Policies, the Ceding Company will maintain a liability equal to the Modified Coinsurance Reserve on its statutory statements equal to the Separate Accounts’ balance, and the Reinsurer agrees to establish and maintain a liability on its statutory statements not less than the statutory reserves and claim reserves, as required by the applicable regulatory authorities, for all liabilities except those for which the Reserve is held in the Separate Accounts.

• The Reinsurer is obligated, in accordance with Article 7.03, “Increase in Modified Coinsurance Reserve”, to return all or a portion of the initial Reinsurance Premium to the Company as an initial Modified Coinsurance Reserve adjustment.

• The Reinsurer shall pay the Company, for each and every accounting period for the duration of this Agreement, the aggregate amount by which the Modified Coinsurance Reserve on the Policies, as defined in Article 10, “Reserves”, has increased since the beginning of such then current accounting period, if any, as defined in Schedule D, “Administration Reports”, multiplied by the Quota Share Percentage Reinsured, as set forth in Schedule B, “Reinsurance Basis”.

• Notwithstanding the foregoing, however, in the event of the failure of the Ceding Company to receive statutory credit for the Coinsurance Reserve, or, with respect to risk-based capital calculations, for the Modified Coinsurance Reserve with respect to this Agreement, the Ceding Company may elect to recapture this Agreement upon thirty (30) days’ prior written notice.

• 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.

More Definitions of Modified Coinsurance Reserve

Modified Coinsurance Reserve as used in this Agreement, shall mean an amount equal to the Separate Account Value (as defined in Paragraph 5 below).

Modified Coinsurance Reserve as used in this Agreement, means the product of (i) times [(ii) plus (iii)], where:

Modified Coinsurance Reserve means the General Account Reserves and the Separate Account Reserves held by the Ceding Company.

Modified Coinsurance Reserve means the statutory reserve for the obligations reinsured pursuant to Section 3.02.

Modified Coinsurance Reserve as used in this Agreement, means a quota share of the statutory reserve held by the Ceding Company with respect to that portion of the annuities reinsured hereunder. The statutory reserve will be determined by the then applicable Commissioners Annuity Reserve Valuation Method, excluding any reserve for the minimum guaranteed death benefit.

Modified Coinsurance Reserve as used in this Agreement, means the statutory reserve on the portion of the policies reinsured hereunder. The term “statutory reserve” as used in this Agreement, means the total Separate Account and General Account reserves calculated by Ceding Company under its state insurance regulations and in accordance with accepted actuarial industry practices. The General Account reserves and liabilities reinsured hereunder include the basic reserves for the General Account as well as any additional reserves such as for substandard risks, minimum death benefit Guarantees, and AIDS reserve. The General Account Reserves can be found on Line 1, Page 3 of the Annual Statement. The Separate Account Reserves consist of the sum of Line 27, the insert for Line 13A, and Line 25.02 of Page 3 of the Annual Statement.

Modified Coinsurance Reserve as used in this Agreement, means the statutory reserve held by the Ceding Company with respect to the annuities reinsured hereunder.