Examples of Par Policies in a sentence
The Reinsurer may, from time to time, make recommendations to the Ceding Company with respect to such dividends so long as the recommendations comply and are consistent with the terms of the Par Policy Requirements, the terms of the Par Policies, Applicable Law and applicable actuarial standards of practice.
For financial reporting purposes and otherwise, the Reinsurer shall segregate all assets, liabilities and surplus related to the Par Policies and account for all assets, liabilities and surplus related to the Par Polices as a closed block of business; provided, however, the Reinsurer and the Company agree that any Policies ceded to the Company pursuant to Section 2.9 and retroceded to the Reinsurer hereunder shall be deemed part of such closed-block of business.
Within 60 days after the end of each calendar year, the Reinsurer shall receive an annual transfer out of profits on the Par Policies from the Par Surplus equal to: $.50 per $1000.00 of the face amount of post-1967 Par Policies in-force as of December 31st of such calendar year.
The composition of investment securities transferred to the Reinsurer with respect to the Par Policies shall be mutually identified by the parties and, unless otherwise agreed, transferred at their book value, determined in conformity with Connecticut SAP.
For financial reporting purposes and otherwise, the Reinsurer shall segregate all assets, liabilities and surplus related to the Par Policies and account for all assets, liabilities and surplus related to the Par Polices as a closed block of business.
The items related to New Par Policies will be shown in the columns on Schedule NP related to participating business.
Schedule NP will show separately the Assets, Liabilities and Surplus and the Summary of Operations for (i) par policies issued subsequently to the Effective Date (New Par Policies), and (ii) all other policies and contracts.
Within 60 days after the end of each calendar year, the Reinsurer shall receive an annual transfer out of profits on the Par Policies from the Par Surplus equal to: (a) $.50 per $1000.00 of the face amount of post-1967 Par Policies in-force as of December 31st of such calendar year, less (b) the aggregate face amount of such Par Policies reinsured pursuant to a coinsurance agreement other than this Agreement or the coinsurance agreement of even date herewith between XXXX and LLANY.