Shared Separate Account definition
Examples of Shared Separate Account in a sentence
The Administrator, on behalf of the Company, shall process payment of any amounts to be paid out of each Separate Account and Shared Separate Account in accordance with the terms of the applicable Covered Insurance Policy, provided that Administrator shall process such payment, to the extent of sufficient funds therein.
The Company and Administrator agree to cooperate fully with each other and any Governmental Authorities in maintaining the Covered Insurance Policies, the Separate Accounts, the portion of the Shared Separate Account that relates to the Covered Insurance Policies and the Existing Reinsurance Agreements in compliance in all material respects with Applicable Law.
The Administrator shall use reasonable best efforts to prepare any necessary amendments to such Covered Insurance Policies, Separate Accounts, the portion of the Shared Separate Account that relates to the Covered Insurance Policies or Existing Reinsurance Agreements and shall prepare any necessary filings for the purpose of obtaining Governmental Authorities approval for such amendments.
From and after the Effective Time, the Separate Accounts and the Shared Separate Account as they relate to the Covered Insurance Policies shall be administered by the Reinsurer pursuant to the Administrative Services Agreement.
Pursuant to the terms of the Administrative Services Agreement but subject to the Transition Services Agreement, the Reinsurer, in its capacity as Administrator, will administer the Covered Insurance Policies, the Existing Reinsurance Agreements, the Separate Accounts and the Shared Separate Account to the extent provided in the Administrative Services Agreement.
The Parties further agree that any actions initiated by the Board of Trustees of an investment vehicle or investment option offered in the Separate Accounts or Shared Separate Account shall not be subject to any right of the Administrator to consent to, or be consulted with respect to, such action, except to the extent Company has a right to consent to, or be consulted with respect to, such action.
Accordingly, the Parties agree to cooperate fully with each other in all reasonable respects in order to ensure the proper administration of the Shared Separate Account.
In such event, the Company and the Administrator shall mutually discuss in good faith and agree on (i) how the Parties will share the fees, costs and expenses associated with the Separate Account Separation and (ii) revisions to this Agreement (including the Schedules hereto) to define their respective rights and obligations with respect to the Shared Separate Account and the newly formed separate account from and after the Separate Account Separation.
The Administrator, on behalf of the Company, shall process payment of any amounts to be paid out of the Shared Separate Account in accordance with the terms of the applicable LBL Contract or Vermont Captive Contract, to the extent of sufficient funds therein.
The Administrator shall also calculate a percentage equal to the ratio of the assets held in the Shared Separate Account in respect of the Company Business to all assets held in the Aggregate VUL Separate Accounts, as of January 1 of the applicable year.