Commutation Amount definition
Commutation Amount means the amount of pension a member has elected to give up in return for a lump sum in accordance with regulation 33;
Commutation Amount means an amount equal to (a) the sum of the amounts that would be required to be reflected on the 2019 NAIC Annual Statement Blank of the Reinsurer lines 1 through 25 on page 3 (or the equivalent line or lines in the event of changes to the NAIC Annual Statement Blank subsequent to December 31, 2019) with respect to the Commuted Liabilities minus (b) the sum of the amounts that would be required to be reflected on the 2019 NAIC Annual Statement Blank of the Reinsurer lines 14 through 25 on page 2 (or the equivalent line or lines in the event of changes to the NAIC Annual Statement Blank subsequent to December 31, 2019) with respect to the Commuted Liabilities, in each case, determined as of the Commutation Effective Time and in accordance with SAP.
Commutation Amount means the sum of Daily Balance One (if any) plus Daily Balance Two (if any) plus Daily Balance Three (if any).
Examples of Commutation Amount in a sentence
The Reinsurer and its authorized representatives will be given reasonable access to and have right to inspect, examine, audit and, at the Reinsurer’s expense, copy the accounting, actuarial and other data and documentation related to any Quarterly Report, Commutation Notice or Commutation Amount, in each case pursuant to, and subject to, the requirements and restrictions set forth in the Access to Records Article 14.
COMMUTATION At any time on or prior to the fifth anniversary of this Agreement, the Company may elect to commute this Agreement, provided, that the Reinsurer shall not have paid any Reinsured Liabilities or other amount under this Agreement and the Commutation Amount for such commutation shall be zero dollars ($0) (a “No Claims Bonus Commutation”).
More Definitions of Commutation Amount
Commutation Amount means the consideration payable to a ceding company under a Reinsurance Agreement upon the commutation of such Reinsurance Agreement.
Commutation Amount has the meaning set forth in Section 3.1.
Commutation Amount has the meaning given to it in the Term of this Agreement Article.
Commutation Amount shall be an amount determined as of the applicable Commutation Effective Date in accordance with the principles set forth on Schedule C hereto (the “Commutation Amount Determination Methodologies”). “Commutation Eligible Assets” has the meaning set forth in the Term of this Agreement Article 6. “Commutation Value” means [***]. “Company CIC Longtail Novation Election” has the meaning set forth in the Term of this Agreement Article 6. “Company Longtail Novation Election” has the meaning set forth in the Term of this Agreement Article 6. “Confidential Information” has the meaning given to it in the Confidentiality Article 12. “Effective Date” means October 1, 2025. “Eligible Investments” has the meaning given to it in the Annex A. “Exclusions” has the meaning set forth in the Follow the Fortunes; Original Conditions; Modifications to the Policies Article 4. “Extra Contractual Obligations” or “ECO” means any liabilities of the Primary Insurers other than those for claims specifically seeking coverage for insured losses under the express terms and conditions of the Reinsured Contracts or the interpretation of the terms and conditions of the Reinsured Contracts, that in each case arise from the handling of any Specific Claim, such liabilities arising because of, but not limited to, the following: (i)
Commutation Amount means an amount equal to the lesser of (a) the sum of (i) all amounts due as of the Commutation Effective Time from the Reinsurer to the Company under this Contract but not yet paid plus (ii) an amount equal to 105% of the Net Subject Reserves as of the Commutation Effective Time and (b) the Remaining Limit.
Commutation Amount in relation to a pension means the amount of the pension exchanged for a lump sum as a result of the exercise of the option under regulation 59 (general option to exchange part of pension for lump sum) to commute an amount of pension to a lump sum;
Commutation Amount has the meaning set forth in the Commutation Agreement. “Company” has the meaning set forth in the Recitals.