Item 1.01 Entry into a Material Definitive Agreement
On
As consideration for Prosperity's agreement to provide reinsurance pursuant to the Agreement, the Company transferred into a funds withheld account permitted assets approximating the statutory reserve liabilities ceded to Prosperity. In accordance with the Agreement and in order to provide additional security for Prosperity's obligations under the Agreement, the parties established a trust account for the benefit of the Company in which Prosperity will maintain certain assets and grant the Company a first priority security interest in such assets.
The foregoing descriptions are only a summary of the material provisions of the Agreement and are qualified in their entirety by reference to the Agreement, a copy of which is filed as Exhibit 10(ac) to this Current Report on Form 8-K and is incorporated by reference herein. Pursuant to Item 601 of Regulation S-K, the Company has omitted the schedules and exhibits to the Agreement and has redacted certain confidential portions of the Agreement.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits Exhibit Number Description Funds Withheld Coinsurance Agreement betweenNational Western Life Insurance Company And Prosperity Life Assurance Limited 10(ac) effective as ofDecember 31, 2020 (redacted)
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