Paid Losses means losses and loss adjustment expenses of the CPIS Business actually paid by or on behalf of FRC from (but excluding) the Beginning Date to (and including) the Valuation Date, less (x) any amounts actually received as of the Valuation Date in respect of such losses and loss adjustment expenses pursuant to insurance, reinsurance, retrocession or similar contracts, treaties, agreements or arrangements and (y) salvage and subrogation actually received as of the Valuation Date in respect of such losses and loss adjustment expenses; PROVIDED that the portion of unallocated loss adjustment expenses included in such loss adjustment expenses shall not exceed the amount of unallocated loss adjustment expenses included in the Beginning Reserves except as the result of the recharacterization as unallocated loss adjustment expenses, pursuant to a change prescribed by the National Association of Insurance Commissioners or the New York Insurance Department, of an item that at the date hereof would constitute allocated loss adjustment expenses. For purposes of this provision, unallocated loss adjustment expenses shall mean internal expenses for compensation of FRC's officers and employees and related overhead expenses. The calculation of Paid Losses shall be (x) made in accordance with GAAP and (y) consistent with Buyer's financial statements for the fiscal period ending with the Valuation Date.
Paid Losses means the amount of losses actually paid by the Ceding Insurer in settlement of claims or liability under the Policies from a Loss Event.
Paid Losses means losses and loss adjustment expenses (allocated and unallocated) actually paid by the Purchaser on or after the Closing Date to (and including) the relevant Valuation Date, less (x) any amounts actually received as of the Valuation Date in respect of such losses and loss adjustment expenses pursuant to insurance, reinsurance, retrocession or similar contracts, treaties, agreements or arrangements and (y) salvage and subrogation actually received as of the Valuation Date in respect of such losses and loss adjustment expenses.
Examples of Paid Losses in a sentence
RETROSPECTIVE RATING PLAN ASSESSMENT is the sum of BASIC ASSESSMENT and LIMITED PAID LOSSES RETAINED BY THE FUND.
EXTENT OF VEHICLE LOSS FOR PAID LOSSES For each property damage liability and physical damage paid loss record reported, identify whether the loss is a total or a partial vehicle loss within the Partial/Total Loss Indicator field.Regarding vehicle claims, a total loss is any loss where the insurer takes title to the damaged vehicle and gains the salvage value of the insured vehicle.
LIMITED PAID LOSSES RETAINED BY THE FUND shall mean the FUND’S financial responsibility for claims paid by the member after due credit for any excess insurance or subrogation receivable.
Administrative FeesThe actual BASIC ASSESSMENT FACTOR will be determined after the STANDARD ASSESSMENT is determined.C. LIMITED PAID LOSSES RETAINED BY THE FUND shall mean the FUND’S financial responsibility for claims paid by the member after due credit for any excess insurance or subrogation receivable.
RETROSPECTIVE RATING PLAN ASSESSMENT is the sum of BASIC ASSESSMENT and LIMITED PAID LOSSES RETAINED BY THE FUND.B. The retrospective rating plan assessment shall not be more than the MAXIMUM ASSESSMENT.
More Definitions of Paid Losses
Paid Losses an amount equal to the sum of (i) amounts paid by the Company with respect to Net Incurred Losses during the period commencing with the Effective Time and ending with the Commutation Date and (ii) Net Uncollectible Reinsurance Recoverable Write-Offs.
Paid Losses means losses and loss adjustment expenses of the Assumed Business (other than losses and loss adjustment expenses paid with respect to the business produced by CPIS for the account of the Company) actually paid by or on behalf of FRC from (but excluding) the Closing Date to (and including) the Valuation Date, less (x) any amounts actually received as of the Valuation Date in respect of such losses and loss adjustment expenses pursuant to insurance, reinsurance, retrocession or similar contracts, treaties, agreements or arrangements and (y) salvage and subrogation actually received as of the Valuation Date in respect of such losses and loss adjustment expenses; PROVIDED that the portion of unallocated loss adjustment expenses included in such loss adjustment expenses shall not exceed the amount of unallocated loss adjustment expenses included in the Beginning Reserves except as the result of the
Paid Losses means losses and loss adjustment expenses of the Assumed Business (other than losses and loss adjustment expenses paid with respect to the business produced by CPIS for the account of the Company) actually paid by or on behalf of FRC from (but excluding) the Closing Date to (and including) the Valuation Date, less (x) any amounts actually received as of the Valuation Date in respect of such losses and loss adjustment expenses pursuant to insurance, reinsurance, retrocession or similar contracts, treaties, agreements or arrangements and (y) salvage and subrogation actually received as of the Valuation Date in respect of such losses and loss adjustment expenses; provided that the portion of unallocated loss adjustment expenses included in such loss adjustment expenses shall not exceed the amount of unallocated loss adjustment expenses included in the Beginning Reserves except as the result of the recharacterization as unallocated loss adjustment expenses, pursuant to a change prescribed by the NAIC or the New York Insurance Department, of an item that at the date hereof would constitute allocated loss adjustment expenses. For purposes of this provision, unallocated loss adjustment expenses shall mean internal expenses for compensation of FRC's officers and employees and related overhead expenses. The calculation of Paid Losses shall be (x) made in accordance with GAAP and (y) consistent with Purchaser's financial statements for the fiscal period that includes the Valuation Date.
Paid Losses. Payments for claims under the Policies, including any Deductible Amounts made by the Company, and not reimbursed by the Insured;
Paid Losses an amount equal to the sum of (i) amounts paid by the Company with respect to Net Incurred Losses during the period commencing with the Effective Time and ending with the Commutation Date and (ii) Net Uncollectible Reinsurance Recoverable Write-Offs. "PANEL": as defined in Section 16.2 hereof. "PRORATED BUSINESS": the Assumed Reinsurance Contracts listed in Exhibit B hereto. "REINSURANCE CEDED": as defined in Section 2.1 hereof. "REINSURANCE RECOVERABLES": amounts, whether or not collectible, which may be due or may become due to the Company pursuant to Retrocession Reinsurance Contracts under which the Company ceded losses applicable to accident years 1995 and prior, or in connection with Prorated Business determined in accordance with the prorated business allocation formula set forth in Exhibit B hereto. "REINSURANCE RECOVERIES": amounts actually received by the Company pursuant to Retrocession Reinsurance Contracts. "REMAINING LIABILITY": an amount determined by subtracting Paid Losses in excess of the Attachment Point as of the Commutation Date from the lesser of $175 million and the amount ceded by the Company under Section 2.1 hereof as of the Commutation Date. "REQUIRED SECURITY": as defined in Section 6.1 hereof. "RETROCESSION REINSURANCE CONTRACT": any reinsurance certificate, retrocession agreement or other instrument of reinsurance ceded by the Company with respect to Assumed Reinsurance Contracts, other than this Agreement. "Settlement Report": as defined in Section 8.1 hereof. "Settlement Value": the positive or negative amount equal to (a) the Commutation Value, SUBTRACTED FROM (b) an amount equal to the total payments by the Retrocessionaire to the Company under Section 2.2 or Section 2.3 hereof MINUS Paid Losses. "Subsidiary": Xxxxxx Insurance Company or Skandia Canada Reinsurance Company. "Term of this Agreement": the period commencing with the Effective Time and ending with the later to occur of (i) the Commutation Date and (ii) the making of all payments due hereunder. "Termination Notice": as defined in Section 9.1 hereof. "Unallocated Loss Adjustment Expenses": the costs and expenses (excluding Losses) incurred by the Company of office administration, salaried employees and third party consultants, other than legal counsel, medical consultants, claim adjusters and other consultants employed in connection with the investigation, appraisal, adjustment, settlement, litigation, defense or appeal of specific Gross Incurred Losses or in con...
Paid Losses for Insurers means statutory paid losses as reported on page 14, line 16 of the statutory annual statement filed with the insurance commissioner; plus any loss payments within deductible limits on workers’ compensation policies; plus any other third party recoveries; less Fund assessments included on page 16, line 16 of the statutory annual statement; less any
Paid Losses for Insurers means statutory paid losses as reported on page 14, line 16 of the statutory annual statement filed with the insurance commissioner; plus any loss payments within deductible limits on workers’ compensation policies; plus any other third party recoveries; less Fund assessments included on page 16, line 16 of the statutory annual statement; less any amount included in direct losses paid but not covered by the Connecticut Workers’ Compensation Act, such as payments under the United States Longshore and Harbor Workers’ Compensation Act and employers liability coverage under the workers’ compensation and employers liability policy. For Self-Insured Employers, “paid losses” means the total indemnity and medical expenses paid in accordance with the Connecticut Workers’ Compensation Act.