SAP Reserves definition

SAP Reserves means, with respect to any date of determination, the Reinsurer’s Quota Share of the aggregate reserves that would be required to be reported by the Ceding Company on its statutory financial statements with respect to the Reinsured Policies without regard to the transactions contemplated by this Agreement (including, without limitation, due and unpaid and advance paid premiums and reserves for experience refunds), calculated as of such date of determination in accordance with SAP applicable to the Ceding Company (including, without limitation, any premium deficiency reserves testing required by SAP) determined in a manner consistent with the Ceding Company’s historical practices, methodologies and assumptions (unless deviation from such historical practices, methodologies and assumptions is required by SAP applicable to the Ceding Company as of such date of determination in which case the Ceding Company and the Reinsurer shall cooperate in good faith to update such practices, methodologies and assumptions to comply with SAP applicable to the Ceding Company), net of reserves ceded by the Ceding Company under the NICO Reinsurance Agreement; provided, that, in no event will the SAP Reserves include (i) additional actuarial reserves (as used in connection with SAP), if any, established by the Ceding Company as a result of any asset adequacy analysis or cash flow testing, (ii) any asset valuation reserves (as used in connection with SAP) established by the Ceding Company, (iii) any interest maintenance reserve (as used in connection with SAP) established by the Ceding Company or (iv) any voluntary or other discretionary reserves, or any other reserve not directly attributable to specific Reinsured Policies.
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SAP Reserves means, with respect to any date of determination, the Reinsurer’s Quota Share of the aggregate reserves that would be required to be reported by the Ceding Company on its statutory financial statements with respect to the Reinsured Policies without regard to the transactions contemplated by this Agreement (including, without limitation, due and unpaid and advance paid premiums and reserves for experience refunds), calculated as of such date of determination in accordance with SAP applicable to the Ceding Company (including, without limitation, any premium deficiency reserves testing required by SAP) determined in a manner consistent with the Ceding Company’s historical practices, methodologies and assumptions (unless deviation from such historical practices, methodologies and assumptions is required by SAP applicable to the Ceding Company as of such date of determination in which case the Ceding Company and the Reinsurer shall cooperate in good faith to update such practices, methodologies and assumptions to comply with SAP applicable to the Ceding Company), net of reserves ceded by the Ceding Company under the Specified Ceded Reinsurance Agreement; provided, that, in no event will the SAP Reserves include (i) additional actuarial reserves (as used in connection with SAP), if any, established by the Ceding Company as a result of any asset adequacy analysis or cash flow testing, (ii) any asset valuation reserves (as used in connection with SAP) established by the Ceding Company, (iii) any interest maintenance reserve (as used in connection with SAP) established by the Ceding Company or (iv) any voluntary or other discretionary reserves, or any other reserve not directly attributable to specific Reinsured Policies.
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Examples of SAP Reserves in a sentence

  • Any actuarial memorandum or certification provided pursuant to this Section 7.06 or information provided pursuant to Section 7.07 is not, and shall not be deemed to constitute, any representation as to the ultimate adequacy or sufficiency of the SAP Reserves or reserves held by the Reinsurer or the Ceding Company, as applicable, in respect of the Reinsured Policies.

  • Prior to the Valuation Transition Date, the Ceding Company shall calculate the Reserves and SAP Reserves with respect to the Reinsured Policies and, except to the extent required to comply with changes to Applicable Law, the Ceding Company shall not modify or change its valuation methodology or basis for such valuation in respect of the Reinsured Policies without the prior written consent of the Reinsurer.

  • The ALSC SAP Reserves (i) were determined in accordance with SAP consistently applied, (ii) were computed on the basis of methodologies consistent in all material respects with those used in prior periods, (iii) were fairly stated in all material respects in accordance with sound actuarial principles, (iv) were established in accordance with product insurance practices generally followed in the insurance industry and (v) satisfied the requirements of all applicable Laws in all material respects.

  • The Company SAP Reserves (i) were determined in accordance with SAP consistently applied, (ii) were computed on the basis of methodologies consistent in all material respects with those used in prior periods, (iii) were fairly stated in all material respects in accordance with sound actuarial principles, (iv) were established in accordance with prudent insurance practices generally followed in the insurance industry, and (v) satisfied the requirements of all applicable Laws in all material respects.