Premium Reporting. Within [ ] days following the end of each month, the CEDING COMPANY will send the REINSURER a statement showing the premiums due for all new cessions processed during the month just ended and for renewing cessions with anniversaries in that month. The monthly statements shall contain the following information: 1. Premium subtotals adequate for the REINSURER to use for its premium accounting including first year and renewal year totals. 2. Totals for in-force, new business, changes and each type of termination, as of the end of the month. "Totals" refer to the number of policies reinsured and the net amount at risk reinsured. In addition, the CEDING COMPANY will provide the REINSURER with an in-force listing of reinsured business within [ ] days after the close of the calendar year. This in-force listing will contain information adequate for the REINSURER to audit in-force records. Any premium adjustments due to terminations, reinstatements, reissues or other changes will also be listed. The CEDING COMPANY will remit within [ ] days the net amount shown as due the REINSURER. All premiums not paid within [ ] days of the billing statement date shown on the statement will be in default.
Appears in 3 contracts
Sources: Automatic Reinsurance Agreement (Separate Account Fp of Equitable Life Assur Soc of the Us), Automatic Reinsurance Agreement (Separate Account Fp of Equitable Life Assur Soc of the Us), Automatic Reinsurance Agreement (Separate Account Fp of Equitable Life Assur Soc of the Us)