New Participant. This term means a Company that begins writing Covered Policies on or after the beginning of the Contract Year. A Company that removes Covered Policies from Citizens pursuant to an assumption agreement effective on or after June 1 and had written no other Covered Policies before June 1 is also considered a New Participant.
New Participant. A new entity becomes a Participant to the Consortium Agreement upon signature of the accession document attached as Annex 2 to this Consortium Agreement, by the new Participant, the Project Coordinator and the Stichting LSH-TKI. Such accession shall have effect from the date identified in the accession document.
New Participant. The enrollment period for a new Participant must end no later than 30 days after he became eligible to participate in the Plan; the new Participant’s initial Enrollment Agreement may only apply to Compensation for which he has not yet performed any services.
New Participant. This term means a Company that begins writing Covered Policies on or after the beginning of the Contract Year. A Company that removes Covered Policies from Citizens pursuant to an assumption agreement effective on or after June 1 and had written no other Covered Policies before June 1 is also considered a New Participant. Payout Multiple This term means the multiple as calculated in accordance with Section 215.555(4)(c), Florida Statutes, which is derived by dividing the actual single season Claims-Paying Capacity of the FHCF by the total aggregate industry Reimbursement Premium for the FHCF for the Contract Year billed as of December 31 of the Contract Year. The final Payout Multiple is determined once Reimbursement Premiums have been billed as of December 31 and the amount of bond proceeds has been determined. Premium Formula This term means the Formula developed pursuant to Section 215.555(5)(b), Florida Statutes, and approved by the SBA Trustees for the purpose of determining the Actuarially Indicated Reimbursement Premium to be paid to the FHCF. Projected Payout Multiple The Projected Payout Multiple is used to calculate a Company’s projected payout pursuant to Section 215.555(4)(d)2., Florida Statutes. The Projected Payout Multiple is derived by dividing the estimated single season Claims-Paying Capacity of the FHCF by the estimated total aggregate industry Reimbursement Premium for the FHCF for the Contract Year. The Company’s Reimbursement Premium as paid to the SBA for the Contract Year is multiplied by the Projected Payout Multiple to estimate the Company’s coverage from the FHCF for the Contract Year. Reimbursement Premium or Premium These terms mean the amount to be paid by the Company, as determined by multiplying each $1,000 of insured value reported by the Company in accordance with Section 215.555(5)(b), Florida Statutes, by the rate as derived from the Premium Formula, as described in Rule 19-8.028, F.A.C.
New Participant. An entity seeking Participant status shall execute a New Participant Addendum to this Agreement in the form attached as Exhibit C, and such other agreements as may be required by the IMC from time to time. The entity shall also be required to execute a User Agreement to have the right to transport power on the Intertie. The entity shall then give twenty-four (24) months written notice to AEA and the Participants of its intention to become a Participant. The entity shall become a Participant upon expiration of the twenty-four (24) month notice period required in this section and the IMC’s determination that all of the requirements of this Agreement have been completely satisfied. The IMC’s determination under this section shall require the affirmative vote of a minimum of 75 percent of the members of the IMC constituting greater than 66 percent of the total Annual System Demand of all members of the IMC, including the affirmative vote of AEA.
New Participant. Each new Participant to the Plan shall give appropriate notice to its current Workers' Compensation insurance carrier and be responsible for all charges and liability arising out of such contract with its current insurance carrier.
