PREMIUM AND COMMISSION. For business effective prior to 2002, however, excluding business in-force on December 31st, 2001: The Company will pay the Reinsurer a premium equal to the pro rata share of premium applicable on all policies ceded and the Reinsurer shall allow the company a minimum and provisional ceding commission of 18% on such premium. The ceding commission slides 1 for 1 for each 1.0% decrease in the Loss Ratio below 79% up to a maximum ceding commission of 31% at a 66% loss ratio. This calculation shall be from January 1st, 2001 to date for all business ceded effective in all calendar quarters including the in-force business from December 31st, 2000. For business in-force on December 31st, 2001 and with effective dates in 2002: The Company will pay the Reinsurer a premium equal to the pro rata share of premium applicable on all policies ceded. This would be the sum of new written premiums in the quarter plus or minus the change in unearned premium ceded at the beginning of the quarter as the result of a change in the percent ceded. The Reinsurer shall allow the company a minimum and provisional ceding commission of 18% on such premium. The ceding commission slides 1 for 1 for each 1.0% decrease in the Loss Ratio below 78.625% up to a maximum ceding commission of 31% at a 65.625 loss ratio. This calculation shall be from January 1st, 2002 to date of calculation. The first payment, if any, shall be made within 75 days of March 31st 2003. Subsequent payments due either party shall be made within 75 days of March 31st of all years subsequent to 2003 until all liabilities are finalized.
PREMIUM AND COMMISSION. 8.01 In consideration of the acceptance by the Reinsurer of one hundred percent (100%) of the Company's liability on insurance business reinsured hereunder, the Reinsurer is entitled to one hundred percent (100%) of the Net Premiums (as hereinafter defined) received by the General Agent or the Reinsurer on Policies reinsured less (i) the ceding fee allowed the Company pursuant to Section 8.02 hereof, (ii) the commission paid to the General Agent and (iii) premium taxes on Policies subject to reinsurance hereunder. "
PREMIUM AND COMMISSION. 7.01 It is understood that the General Agent shall pay, and the Reinsurer shall guarantee, the Company directly a fee within forty-five (45) days following the end of each month (to the Company's designated agent, T.B.A. Insurance Group, Ltd. ("TBA"), as a ceding fee), 19% of Net Premiums, and in addition guarantees the amount of assessments and state premium taxes as provided in this Article X. (The ceding fee amount shall be computed on a calendar year basis based on premium written in each annual period ended December 31st.) Notwithstanding anything else contained herein to the contrary, regardless of the amount of Net Premiums, the minimum ceding fee due the Company shall be $37,500 for each six-month period, plus the aforementioned assessments and state premium taxes. (This minimum ceding fee applicable to each successive six-month period shall not be affected by the amounts of Net Premiums written in other six-month periods and shall not be reduced by reason of payments in excess of the minimum in other periods. The minimum ceding fee for each period shall be paid within sixty (60) days of the end of each period. For these purposes, a policy's entire premium shall be applied to the period in which the policy is written.) "
PREMIUM AND COMMISSION. The Company will pay the Reinsurer a premium equal to the pro rata share of premium applicable on all policies ceded. The Reinsurer shall allow the Company a minimum and provisional ceding commissions of 18% on such premium. The actual ceding commission shall be the combined sum of Section A and Section B as specified below subject to a minimum of 18% and a maximum of 31% of the combined sum of ceded premiums. The actual commission shall be the commission ratio times the ceded premium determined as follows:
PREMIUM AND COMMISSION. The Company will pay the Reinsurer a premium equal to the pro rata share of premium applicable on all policies ceded and the Reinsurer shall allow the Company a minimum and provisional ceding commission of 18% on such premium. The ceding commission slides 1 for 1 for each 1.0% decrease in the Loss Ratio below 79% up to a maximum ceding commission of 31% at a 66% loss ratio. This calculation shall be from inception to date for all business ceded effective in all calendar quarters plus the in-force business. ARITCLE VII COMMUTATION ----------- ----------- The Company may request and the Reinsurer shall grant a commutation of all liabilities to be effective at the end of any calendar quarter. The Reinsurer shall pay the Company the outstanding case reserves plus an amount for incurred but not reported losses as mutually agreed. In the event mutual agreement cannot be reached, the Reinsurer may appoint an independent actuary to establish the incurred but not reported losses. The Company shall notify the Reinsurer of such request within 60 days of the close of the calendar quarter. In such event the Company shall pay the positive Funds Withheld Balance to the Reinsurer and the Company shall release the Reinsurer of any and all liabilities.
PREMIUM AND COMMISSION. For business effective prior to 2002. The Company will pay the Reinsurer a premium equal to the pro rata share of premium applicable on all policies ceded and the Reinsurer shall allow the company a minimum and provisional ceding commission of 18% on such premium. The ceding commission slides 1 for 1 for each 1.0% decrease in the Loss Ratio below 79% up to a maximum ceding commission of 31% at a 66% loss ratio. This calculation shall be from January 1st, 2001 to date for all business ceded effective in all calendar quarters including business effective in 2002 plus the in-force business. For business effective in 2002. The Company will pay the Reinsurer a premium equal to the pro rata share of premium applicable on all policies ceded. The Reinsurer shall allow the company a minimum and provisional ceding commission of 18% on such premium. The ceding commission slides 1 for 1 for each 1.0% decrease in the Loss Ratio below 78.625% up to a maximum ceding commission of 31% at a 65.625 loss ratio. This calculation shall be from January 1st, 2002 to date of calculation. The first payment, if any shall be made within 90 days of March 31, 2004. Subsequent payments due either party shall be made within 90 days of March 31 of all years subsequent to 2004 until all liabilities are finalized.
PREMIUM AND COMMISSION. The Premiums due the Reinsurer for the Reinsurance hereunder shall be calculated in accordance with the Schedule(s).
PREMIUM AND COMMISSION. A. Subject to adjustment as displayed in Article VIII-E, the Company shall cede thirty-five percent (35.0%) of its Gross Net Unearned Premium at the inception of this Agreement plus thirty-five per cent (35.0%) of its Gross Net Written Premium in respect of new and renewal Policies accepted during the Term of this Agreement.
PREMIUM AND COMMISSION. The Company shall pay to the Reinsurer its Proportionate Share of the Net Premium after deducting from such Net Premium a flat ceding commission equal to the amount set forth below. Such ceding commission shall be based on the then-current reinsurance credit which the Company receives with respect to the reinsurance provided by the Reinsurer under the applicable rating agency method, whichever is lower. In addition, the Company may, in its sole discretion, immediately adjust the ceding commission with respect to any policies reinsured under any other reinsurance agreement between the Company and the Reinsurer in line with the then current reinsurance credit which the Company receives under the applicable rating agency method, whichever is lower. [ * ] * Confidential treatment requested for redacted portion. At any time, the Reinsurer may adjust the ceding commission by either (x) restoring of increasing the Reinsurer's Standard & Poor's and Moody's financial strength or financial enhancement ratings such that the Company receives an increase in capital credit, or (y) providing such additional security as would be necessary to restore or increase the reinsurance credit that the Company receives under the rating agency method, it being agreed that all costs and expenses related to such efforts shall be the sole responsibility of the Reinsurer. If the reinsurance credit the Company receives is either increased or decreased as set forth above, the revised ceding commission figure shall be applied to any Net Premium paid to the Reinsurer and to the amount of the unearned premium reserve from and after the time of the occurrence of the event which precipitated such increase or decrease. No exercise of any right pursuant to this Article 8 and no failure or delay by the Company in exercising any right, power or privilege arising under this Agreement, including, without limitation the Company's ability to terminate this Agreement and other reinsurance agreements on a run-off or cut-off basis as set forth in Article 2 hereof, will operate as a waiver thereof, nor will any single or partial exercise of any right under this Article 8 preclude any other or further exercise of any right, power or privilege of the Company arising under this Agreement. Nothing in this Agreement shall entitle the Reinsurer to receive any compensation other than as may described in this Article 8 and any such compensation shall be limited to the compensation to be received by the Reinsurer ...
PREMIUM AND COMMISSION. 8.01 In consideration of the acceptance by the Reinsurer of fifty-five percent (55%) of the Company's liability on insurance business reinsured hereunder, the Reinsurer is entitled to fifty-five percent (55%) of the Net Premiums (as hereinafter defined) received by the General Agent or the Reinsurer on Policies reinsured less (i) the ceding fee allowed the Company pursuant to Section 8.02 hereof, (ii) the commission paid to the General Agent and (iii) premium taxes on Policies subject to reinsurance hereunder. It is expressly agreed that the ceding commission includes the above items. "
