Policyholder obligations definition
Policyholder obligations means those liabilities of the insurer to or for its policyholders arising out of its policies and to its creditors and includes the liabilities required to be included in the insurer’s annual statement including, but not limited to, the unearned premium reserve, reserves required by applicable mortality or morbidity tables, and claim or loss reserves including incurred but not reported claims. “Policyholder obligations” does not include that portion of the insurer’s capital or guaranty fund, or that portion of its surplus, in excess of the minimum capital or guaranty fund, and surplus required by law for the insurer, or the Asset Valuation Reserve.
Policyholder obligations means the obligations set out in the aggregate of lines 16(a), 17(a) and 18 of Form 1SFS of Schedule I to the Insurance (Class IIGB Insurers) (Technical Standards) (Statements, Returns, and Capital Solvency) Rules 2020;
Examples of Policyholder obligations in a sentence
Policyholder agrees that, upon written notice by the Company to Policyholder, Company may increase or decrease the required amount of collateral to reflect changes in Policyholder obligations.
The Company will, from time to time, determine, in its discretion the amount of collateral appropriate to secure Policyholder obligations under the Policies and this Agreement, including expenses that are incidental to the Company’s exercise of any rights under this Agreement, which amount shall be stated or described on Schedule B, attached hereto, and revisions thereto (the “required amount”).