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 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 (ii) Net Uncollectible Reinsurance Recoverable Write-Offs."
Examples of Paid Losses in a sentence
If a claim previously closed with payment is reopened in the year and remains open at the valuation date, then the losses paid on the claim should be excluded from the Paid Losses on Closed Claims.
Furthermore, for the purpose of calculating the Actual Payable Loss set forth in the True-Up Interest Statement, Net Payable Loss will be calculated based on the Paid Losses set forth in the most recently provided Proof of Loss Claim with respect to each applicable Loss Event and subjected to the Claims Procedures by the Claims Reviewer and Loss Reserves reviewed by the Loss Reserve Specialist.
Such notice shall be accompanied by a report of independent public accountants designated by Buyer (who may also be the independent public accountants of Seller or Buyer) setting forth the amount of Paid Losses and showing in reasonable detail the calculation thereof.
Any Net Payable Loss will be based on Paid Losses and 30-Day Amounts only and will be the amount calculated under a Proof of Loss Claim which has been subjected to the Claims Procedures by the Claims Reviewer subject to limited exceptions, except for payments due on the Final Loss Payment Date, in which case the final settlement of all liabilities in respect of such Loss Event under the Reinsurance Agreement may include payment for any Loss Reserves on the Final Loss Payment Date.
Additionally, the Ceding Insurer may provide an estimate of Net Payable Loss for the purposes of calculating the Estimated Payable Loss, which will not be subjected to the Claims Procedures and will take into account Paid Losses as well as Loss Reserves estimates.
More Definitions of Paid Losses
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.
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 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
Paid Losses means the following benefits paid during the preceding calendar year for injuries covered by the Workers' Compensation Act without regard to the application of any deductible, regardless of whether the employer or the insurer pays the losses:
Paid Losses means, with respect to any Member, the amount paid by HARRP or its reinsurers for losses and loss adjustment expenses attributable to the Covered Losses of the Member (or in the event a claim or loss has not been finally adjudicated, settled or otherwise resolved, HARRP’s reserve for the Covered Loss). A Paid Loss of a Member shall be attributable to the calendar year during which the claim or demand relating to the Paid Loss is first reported to HARRP, and any determination by the HARRP Board with respect to the calendar year to which the Paid Loss is attributable shall be conclusive and binding upon the Members.
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 means losses and loss adjustment expenses (allocated and