Payment of Reinsurance Premiums. A. Cedent shall prepare and submit to Reinsurer a monthly statement, either electronically or by regular U.S. postal service, which will provide the pertinent policy premium details in a mutually agreed upon report format, within thirty (30) days following the last day of the same calendar month. The net monthly premiums due will be (i) the balance of the monthly Reinsurance Premiums due on reinsurance in force at the end of the immediately preceding calendar month plus (ii) Reinsurance Premiums due on new business reinsured during the current month, minus (iii) the refunds of Reinsurance Premiums due Cedent on deaths, lapses and changes, plus or minus (iv) Reinsurance Premiums adjustments due to a misstatement of age or sex, without interest.
Appears in 7 contracts
Samples: Reinsurance Agreement (New York Life Ins & Annuity Corp Var Univ Life Sep Acc I), Automatic (New York Life Ins & Annuity Corp Var Univ Life Sep Acc I), Reinsurance Agreement (Corporate Sponsored Vul Separate Account I)
