Common use of Premium Reporting Clause in Contracts

Premium Reporting. Within thirty (30) days following the end of each month, the CEDING COMPANY will send the REINSURER an electronic file detailing the premiums due for all new cessions processed during the month just ended and for renewing cessions with anniversaries in that month. The monthly file shall contain the following information: a. Premium subtotals adequate for the REINSURER to use for its premium accounting including first year and renewal year totals. b. 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 electronic quarterly in-force file within forty-five (45) days after the close of the quarter. Any premium adjustments due to terminations, reinstatements, reissues or other changes will also be listed. Premiums will be netted against noncontestable claims each month. If an amount is due the REINSURER, the amount due shall be remitted with the Reinsurance Statement, but no later than thirty (30) days from the month end date for the period covered by the Reinsurance Statement. If an amount is due the Ceding Company, the Reinsurer will remit such amount within thirty (30) days of receipt of the statement on undisputed amounts. All net amounts which are not paid within the due dates will be in default.

Premium Reporting. Within thirty (30) days following the end of each month, the CEDING COMPANY will send the REINSURER an electronic file detailing the premiums due for all new cessions processed during the month just ended and for renewing cessions with anniversaries in that month. The monthly file shall contain the following information: a. Premium subtotals adequate for the REINSURER to use for its premium accounting including first year and renewal year totals. b. 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. c. The data elements specified in Schedule D must be provided for each reported record. In addition, the CEDING COMPANY will provide the REINSURER with an electronic quarterly in-force file within forty-five (45) days after the close of the quarter. Any premium adjustments due to terminations, reinstatements, reissues or other changes will also be listed. Premiums will be netted against noncontestable claims each month. If an amount is due the REINSURER, the amount due shall be remitted with the Reinsurance Statement, but no later than thirty (30) days from the month end date for the period covered by the Reinsurance Statement. If an amount is due the Ceding Company, the Reinsurer will remit such amount within thirty (30) days of receipt of the statement on undisputed amounts. All net amounts which are not paid within the due dates will be in default.