REINSURANCE PREMIUM AND REINSURERS' MARGIN Sample Clauses

REINSURANCE PREMIUM AND REINSURERS' MARGIN. A. Reinsurance Premium - The Company shall pay to the Reinsurers the Cession Percentage of the Net Written Premium as collected for the Term of the Agreement (the "Reinsurance Premium"). The Company shall retain any and all Reinsurance Premium on a funds withheld basis. A notional Funds Withheld Account/Profit Sharing Account shall be calculated by the Company and maintained until there is a complete and final release of all the Reinsurers' past, present and future obligations and liabilities to the Company of any nature whatsoever arising under or related to this Agreement. The Company shall credit Net Written Premium to the Funds Withheld Account/Profit Sharing Account on a monthly basis, and settlements shall be made in accordance with Article 13,
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REINSURANCE PREMIUM AND REINSURERS' MARGIN. Upon election of Special Termination, the Reinsurer shall incur no liability for losses occurring subsequent to the effective date of termination.
REINSURANCE PREMIUM AND REINSURERS' MARGIN. A. Reinsurance Premium - The Company shall pay to the Reinsurers 80% (eighty percent) of the Net Written Premium for the Term of this Agreement (the "Reinsurance Premium") less all reinsurance premiums paid in respect of the Inuring Aggregate Stop Loss reinsurance. The Company shall determine Net Written Premium on a monthly basis, and payments shall be made in accordance with Article 13, Accounts, Remittances and Settlements. The Company shall have the option, subject to the Reinsurers' consent, to terminate this Agreement on a cut-off basis. If the Company elects, and the Reinsurers consent, to terminate this Agreement on a cut-off basis, in accordance with Article 3, Term, then the Reinsurers shall return to the Company the respective unearned premium less previously paid Ceding Commissions on such unearned premium. The maximum overall Net Written Premium for this Agreement shall be $143,000,000 (one hundred forty three million dollars). The maximum overall ceded Net Written Premium shall be $114,400,000 (one hundred fourteen million, four hundred thousand dollars).
REINSURANCE PREMIUM AND REINSURERS' MARGIN. Section A, Paragraphs 1 and 3 and Section B, Paragraph 1 shall be deleted in their entirety and replaced with the following revised Section A, Paragraphs 1 and 3 and Section B, Paragraph 1, respectively:
REINSURANCE PREMIUM AND REINSURERS' MARGIN. 9. Ceded Unearned Premium Reserve;
REINSURANCE PREMIUM AND REINSURERS' MARGIN. A. Reinsurance Premium - As a condition precedent to Coverage hereunder, the Company shall pay to the Reinsurer, via credit to the Notional Profit Account, the Cession Percentage of the Unearned Premium Reserve of the Company as of 12:01 a.m., Standard Time, October 1, 2003. In addition to the above, the Company shall pay to the Reinsurer, via credit/debit to the Notional Profit Account, as applicable, Reinsurance Premium equal to the Cession Percentage of the Net Written Premium collected for new and renewal business for the Term of this Agreement. Such Reinsurance Premium shall be determined and reported to the Reinsurer monthly, 45 (forty five) days in arrears of each month end. Reinsurance Premium calculated for the month shall be deemed credited/debited to the Notional Profit Account 60 (sixty) days in arrears of each respective month end. The Company shall have the option, subject to the Reinsurer's consent, to terminate this Agreement on a cut-off basis. If the Company elects, and the Reinsurer consents, to terminate this Agreement on a cut-off basis, in accordance with Article 3, Term, then the Company shall debit the Notional Profit Account for the respective unearned premium less previously paid Ceding Commissions on such unearned premium. The maximum overall Net Written Premium for this Agreement shall be $95,250,000 (ninety five million two hundred fifty thousand dollars) or so deemed. The maximum overall ceded Net Written Premium shall be $76,200,000 (seventy six million, two hundred thousand dollars) or so deemed.

Related to REINSURANCE PREMIUM AND REINSURERS' MARGIN

  • Payment of Reinsurance Premiums For automatic and facultative reinsurance, following the close of each calendar month, the Ceding Company will send the Reinsurer a statement and a listing of new business, changes and terminations. If a net reinsurance premium balance is payable to the Reinsurer, the Ceding Company will forward this balance within (60) sixty days after the close of each month. If a net reinsurance premium balance is payable to the Ceding Company, the balance due will be subtracted from the reinsurance premium payable by Ceding Company for the current month. The Reinsurer shall pay any remaining balance due the Ceding Company sixty days after the Ceding Company submits the statement.

  • Reinsurance Premiums A. Computation Reinsurance Premiums under this Agreement shall be calculated as described in Exhibit I.

  • REINSURANCE PREMIUM A. As premium for each excess layer of reinsurance coverage provided by this Contract, the Company shall pay the Reinsurer the greater of the following:

  • Reinsurance The Contractor shall purchase reinsurance from a commercial reinsurer and shall establish reinsurance agreements meeting the requirements listed below. The Contractor shall submit new policies, renewals or amendments to OMPP for review and approval at least one hundred and twenty (120) calendar days before becoming effective.  Agreements and Coverage  The attachment point shall be equal to or less than $200,000 and shall apply to all services, unless otherwise approved by OMPP. The Contractor electing to establish commercial reinsurance agreements with an attachment point greater than $200,000 must provide a justification in its proposal or submit justification to OMPP in writing at least one hundred and twenty (120) calendar days prior to the policy renewal date or date of the proposed change. The Contractor must receive approval from OMPP before changing the attachment point.  The Contractor’s co-insurance responsibilities above the attachment point shall be no greater than twenty percent (20%).  Reinsurance agreements shall transfer risk from the Contractor to the reinsurer.  The reinsurer's payment to the Contractor shall depend on and vary directly with the amount and timing of claims settled under the reinsured contract. Contractual features that delay timely reimbursement are not acceptable.  The Contractor shall maintain a plan acceptable to the IDOI commissioner for continuation of benefits in the event of receivership. The Contractor must finance the greater of $1,000,000 or total projected costs as calculated by the form set forth in 760 IAC 1-70-8.  The Contractor shall obtain continuation of coverage insurance (insolvency insurance) to continue plan benefits for members until the end of the period for which premiums have been paid. This coverage shall extend to members in acute care hospitals or nursing facility settings when the Contractor’s insolvency occurs during the member’s inpatient stay. The Contractor shall continue to reimburse for its member’s care under those circumstances (i.e., inpatient stays) until the member is discharged from the acute care setting or nursing facility.  Requirements for Reinsurance Companies  The Contractor shall submit documentation that the reinsurer follows the National Association of Insurance Commissioners' (NAIC) Reinsurance Accounting Standards.  The Contractor shall be required to obtain reinsurance from insurance organizations that have Standard and Poor's claims- paying ability ratings of "AA" or higher and a Xxxxx’x bond rating of “A1” or higher, unless otherwise approved by OMPP.  Subcontractors  Subcontractors’ reinsurance coverage requirements must be clearly defined in the reinsurance agreement.  Subcontractors should be encouraged to obtain their own stop-loss coverage with the above-mentioned terms.  If subcontractors do not obtain reinsurance on their own, the Contractor is required to forward appropriate recoveries from stop- loss coverage to applicable subcontractors.

  • FACULTATIVE REINSURANCE For Facultative reinsurance, the Reinsurer’s liability will commence at the same time as the Ceding Company’s liability, provided that the Reinsurer has made a binding Facultative offer and that offer was accepted, during the lifetime of the insured, in accordance with the terms of this Agreement.

  • Automatic Reinsurance For automatic reinsurance, the Reinsurer's liability will commence at the same time as the Ceding Company's liability, including liability under any conditional receipt or temporary insurance provision.

  • Health insurance premiums If you are unemployed and have received unemployment compensation for 12 consecutive weeks under a federal or state program, you may take payments from your IRA to pay for health insurance premiums without incurring the 10 percent early distribution penalty tax. 6)

  • Other Reinsurance The Company shall be permitted to carry other reinsurance, recoveries under which shall inure solely to the benefit of the Company and be entirely disregarded in applying all of the provisions of this Contract.

  • Group Insurance 38.01 The Group Insurance Plan presently in effect shall remain in effect during the term of this Agreement.

  • Reinsurer’s Liability The Reinsurer’s liability with respect to the Reinsured Risks will terminate on the earliest of: (i) the date the Company’s liability with respect to the Reinsured Risks is terminated and all amounts due the Company from the Reinsurer with respect to such Reinsured Risks are paid to the Company by or on behalf of the Reinsurer; and (ii) the date this Agreement is terminated upon the written agreement of the parties.

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