Net Statutory Reserves definition

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Net Statutory Reserves means the net statutory reserves of the Ceding Company in respect of the Reinsured Policies, which shall be calculated in good faith on a seriatim basis in accordance with Iowa SAP and using valuation interest rates determined in a manner consistent with the Ceding Company’s historical practices; provided, however, that Net Statutory Reserves shall not include (a) additional actuarial reserves (as used in connection with Iowa SAP), if any, established by the Ceding Company as a result of its annual cash flow testing, (b) any asset valuation reserves (as used in connection with Iowa SAP) established by the Ceding Company, (c) any interest maintenance reserves (as used in connection with Iowa SAP) established by the Ceding Company or (d) any other reserve not directly attributable to specific Reinsured Policies.

Net Statutory Reserves means, as of any given date, the net statutory reserves (net of third party reinsurance) of Company with respect to the Insurance Liabilities, including loss reserves (including case reserves and reserves for losses incurred but not reported), loss adjustment expense reserves and unearned premium reserves, calculated in accordance with SAP, without giving effect to any reinsurance arrangements with Company’s Affiliates.

Examples of Net Statutory Reserves in a sentence

Any adjustment made pursuant to this clause ((a)) shall become effective as of the close of business on (x) the Record Date for such dividend or other distribution or (y) the effective date for such share split or share combination becomes effective, as applicable.
The Ceding Company shall calculate the Net Statutory Reserves with respect to the Reinsured Policies in good faith in accordance with Nebraska SAP and determined in a manner consistent with the Ceding Company’s historical practices; provided, that, the Ceding Company shall provide the Reinsurer supporting information promptly upon request and in the event there is a disagreement with respect to the calculation, the Dispute Resolution procedures herein shall be applied.
On certain monthly reports, the Ceding Company uses estimates for Net Statutory Reserves, which are adjusted and trued up quarterly based on its actuary’s calculations.
Net Statutory Reserves means the Company's net reserves associated with the Business Covered as defined in Exhibit A on a standalone basis for Indiana insurance regulatory purposes after reflecting reinsurance under this Agreement.
After receiving approval from all necessary regulatory authorities, assets consisting of policy loans, cash and investments (at market value) including accrued investment income and net of unearned investment income were transferred by the Ceding Company to the Reinsurer in an amount equal to the Net Statutory Reserves.
The Ceding Company shall retain net for its own account and unreinsured at least [***] percent ([***]%) of the Net Statutory Reserves associated with each Reinsured Policy, provided that reinsurance with an Affiliate, including a Protected Cell of Seneca Reinsurance Company, LLC in which the capital and surplus is contributed or otherwise supplied by an Affiliate of the Ceding Company, shall be treated as net for the Ceding Company’s own account and unreinsured for purposes of this Section 2.09.
On June 30, 2000, an estimate was made of the net statutory reserves as calculated in B(i) below ("Net Statutory Reserves").
The Ceding Company shall retain net for its own account and unreinsured at least [Redacted] of the Net Statutory Reserves associated with each Reinsured Policy, provided that reinsurance with an Affiliate including a Protected Cell of Seneca Reinsurance Company, LLC in which the capital and surplus is contributed or otherwise supplied by an Affiliate of the Ceding Company, shall be treated as net for the Ceding Company’s own account and unreinsured for purposes of this Section 2.09.
Within thirty (30) days after the end of each calendar year, the Company shall furnish the Reinsurer with a summary report that includes claims, Gross Statutory Reserves, Net Statutory Reserves and tax reserves.

More Definitions of Net Statutory Reserves

Net Statutory Reserves shall have the meaning set forth in Article V of this Agreement.

Net Statutory Reserves. Means for a given Accounting Period the result of (a) the Gross Statutory Reserves with respect to the Covered Co/YRT Policies, minus (b) the reserve credit taken by the Ceding Company in respect of the Covered Co/YRT Policies under Third Party Reinsurance contracts.

Net Statutory Reserves means the statutory reserves of the Ceding Company in respect of the Reinsured Policies, which shall be calculated in good faith in accordance with Nebraska SAP and determined in a manner consistent with the Ceding Company’s historical practices; provided, however, that Net Statutory Reserves shall not include (a) any asset valuation reserves (as used in connection with Nebraska SAP) established by the Ceding Company, (b) any interest maintenance reserves (as used in connection with Nebraska SAP) established by the Ceding Company or (c) any other reserve not directly attributable to specific Reinsured Policies. Notwithstanding the foregoing, “Net Statutory Reserves” shall include applicable “Asset Adequacy Reserves” as may be required by Nebraska statute from time to time. “Asset Adequacy Reserves” shall be determined in good faith and consistent with the Ceding Company’s historical practices by the Ceding Company's actuary as of the prior year end based on the Ceding Company's asset adequacy testing, provided the Covered Business and the Reinsured Block shall be tested together in isolation from Ceding Company's other blocks.