Interest on Delinquent Payments. If the Company is more than 90 days in arrears in remitting premiums to Life Re, such premiums will be considered delinquent and interest will be added to the amount to be remitted. Interest will be calculated from (i) the time the premiums are due Life Re to (ii) the date the Company pays the premium to Life Re. The rate of interest charged on delinquent payments will be equal to the rate listed in the Federal Reserve Statistical Release, as promulgated by the Board of Governors of the Federal Reserve System, for the monthly average of Corporate bonds, Xxxxx'x seasoned Aaa (the "Interest Rate").
Appears in 4 contracts
Samples: Reinsurance Agreement (Vel Ii Account of Allmerica Financial Life Ins & Ann Co), Reinsurance Agreement (Security Equity Life Insurance Co Separate Account 13), Reinsurance Agreement (Standard Management Corp)
