REPORTS AND REMITTANCES Sample Clauses
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REPORTS AND REMITTANCES. Within 60 days of the end of each calendar quarter, the Company shall provide the Retrocessionaire with a report, segregated by underwriting year of the following in respect of the Ceded Contracts:
(a) Ceded Contracts written during the quarter;
(b) Gross written premium less cancellations and return premiums;
(c) Original acquisition expenses for Ceded Contracts;
(d) The Ceding Commission as provided hereunder;
(e) Paid Loss, Loss Adjustment Expense and Extracontractual Obligations;
(f) Outstanding loss – if any;
(g) Subrogation, salvage or other recoveries;
(h) Any applicable premium or other similar taxes (including but not limited to United States Federal Excise Tax if applicable); and
(i) Retrocessionaire’s Obligations. Within 75 days of the end of each calendar quarter, the Company shall calculate in respect of the Ceded Contracts:
(a) Premium collected during the quarter (which shall include any funds held pursuant to a Ceded Contract); plus
(b) Subrogation, salvage or other recoveries received during the quarter; less
(c) Original acquisition expenses paid during the quarter;
(d) The Ceding Commission as provided hereunder; and
(e) Paid Loss, Loss Adjustment Expense and Extracontractual Obligations; Any balance due to the Retrocessionaire shall be remitted by the Company along with the quarterly report. For the avoidance of doubt, premiums retained by the cedents on the Ceded Contracts as funds withheld shall not be payable by the Company to the Retrocessionaire until actually received by the Company. Any balance due to the Company shall be remitted by the Retrocessionaire within 30 days of receipt of the quarterly report. Should payment due from the Retrocessionaire exceed $100,000 (or equivalent in original currency of the relevant Ceded Contract(s)) as respects any one Loss, the Retrocessionaire shall within 5 business days pay its share of such Loss upon written request by the Company accompanied by supporting documentation. Any special remittance made pursuant to this provision shall be credited to the Retrocessionaire in the account in which the paid Loss appears. If the Company is required to fund a claim or loss fund pursuant to the terms of a Ceded Contract, the Retrocessionaire shall indemnify the Company for its Ceded Percentage of such fund. Within 60 days following the end of each fiscal year, the Company shall furnish the Retrocessionaire with a statement showing the Unearned Premium, the total reserves for outstanding Losses, includi...
REPORTS AND REMITTANCES. A. The Company shall provide to the Reinsurer a monthly report no later than thirty (30) calendar days following the end of each month. Said report shall provide a summary of the gross ceded premium and paid losses for the month that just ended (and in the aggregate during the term of this Contract).
B. The Company shall also provide the Reinsurer with the Monthly Servicing Report (as that term is defined in the Policy) no later than sixty (60) calendar days following the end of each month.
C. The Company shall pay to the Reinsurer, as promptly as possible, all amounts due the Reinsurer it receives from the Insured under the Policy (including without limitation, any premium, optional policy cancellation fee and amounts paid under Section VII thereof (Loss Adjustments; Application of Current Period Deal Modification Loss Amount)); provided, however, in no event later than five (5) business days after the Company receives any such amount under the Policy.
D. Should payment become due from the Reinsurer hereunder, the Company shall give the Reinsurer notice of its intention to make payment on a certain date, and the Reinsurer agrees to remit such payment within ten (10) business days upon receipt of the Notice of Claim from the Insured as provided under the terms of the Policy. The Company authorizes that such payment by the Reinsurer shall be made directly to the Insured through .
REPORTS AND REMITTANCES. A. The Company will provide the Reinsurer within forty-five (45) days at the end of each quarter, all necessary data respecting premiums and losses, including reserves thereon, as at dates and on forms mutually acceptable to the Company and the Reinsurer.
B. Payments of deposit premium and annual adjustments shall be made in accordance with the provisions of the Premium Article.
C. Payment by the Reinsurer of its portion of loss and loss expenses paid by the Company will be made by the Reinsurer to the Company as soon as possible, but not later than sixty (60) days after proof of payment by the Company is received by the Reinsurer.
REPORTS AND REMITTANCES. A. Within 45 days following the end of each calendar quarter, the Company shall furnish to the Reinsurer a report with the following information:
1. Ceded unearned premium income as of the end of the quarter;
2. Ceded Net Subject Written Premium Income accounted for during the quarter;
3. The provisional ceding commission allowed on subparagraph A.2. above;
4. The Reinsurer’s Margin of 3.5% on subparagraph A.2. above;
5. Ceded losses paid during the quarter;
6. Subrogation, salvage or other recoveries received during the quarter on subject losses;
7. Interest to be credited to the Fund, as provided in paragraph C. of the Funds Withheld Account and Interest Credit Article;
8. Ceded outstanding loss as of the end of the quarter,
9. Outstanding case and incurred but not reported as of the end of the quarter;
10. The Funds Withheld Account balance.
B. The Company shall remit to the Reinsurer the amount shown in subparagraph A.4. above with its report.
C. All remittances of loss payments shall be made first by reduction to the Funds Withheld Account balance until such time as such Funds Withheld Account balance is exhausted, such exhaustion to be a condition precedent to any other settlement of any loss by the Reinsurer under this Contract. Then, if any excess amount is due subsequent to the exhaustion of the Funds Withheld Account balance, the Reinsurer’s share of such amounts shall be paid in cash to the Company by the Reinsurer on the Settlement Date that such payment is due.
D. Annually, the Company shall furnish to the Reinsurer any other information which the Reinsurer may require for its annual convention statement which is reasonably available to the Company; provided, however, that (i) the Company shall only be required to provide such information in its current format as held on the Company’s information technology systems; (ii) the Reinsurer shall provide the Company with at least 45 days’ advance written notice of such requirements; and (iii) that the provision of such information shall not be a condition precedent for the payment of any amount to the Company from the Reinsurer.
E. Should the amount recoverable under this Contract exceed $500,000 as respects any one loss, or Loss Occurrence, the Company may give the Reinsurer notice of payment made or its intention to make payment on a certain date. If the company has paid the loss, payment shall be made by the Reinsurer immediately. If the Company intends to pay the loss by a certain date and has s...
REPORTS AND REMITTANCES. A. The Company shall provide to the Reinsurer a monthly report no later than thirty (30) calendar days following the end of each month. Said report shall provide a summary of the gross ceded premium and paid losses for the month that just ended (and in the aggregate during the term of this Contract).
B. The Company shall also provide the Reinsurer with the Monthly Servicing Report (as that term is defined in the Policy) no later than sixty (60) calendar days following the end of each month.
C. The premium due the Reinsurer shall be remitted by the Company as promptly as possible; provided, however, in no event later than five (5) business days after the Company receives the premium under the Policy.
D. Should payment become due from the Reinsurer hereunder, the Company shall give the Reinsurer notice of its intention to make payment on a certain date, and the Reinsurer agrees to remit such payment within ten (10) business days upon receipt of the Notice of Claim from the Insured as provided under the terms of the Policy. The Company authorizes that such payment by the Reinsurer shall be made directly to the Insured through
REPORTS AND REMITTANCES. A. Not later than 30 calendar days following the end of each calendar quarter, the Company or its representatives shall prepare a report showing:
1. Net Premium Written accounted for during the quarter;
2. The ceding commission applicable to the above as provided for in this Reinsurance Agreement;
3. Losses and Loss Expenses paid during the quarter, less inuring reinsurance;
4. Subrogation, salvage, or other recoveries credited during the quarter;
REPORTS AND REMITTANCES. A. Within forty five (45) days following the end of each calendar month during the term of this Agreement, the Company shall provide the Reinsurer with a report summarizing the following with regards to such month and on a cumulative basis:
1. Net Written Premium and ceded Net Written Premiums received by line of business;
2. Net Premiums Earned and ceded net Premiums Earned by line of business;
3. Ceding commission due on ceded Net Written Premium received;
4. Net ceded Loss and Loss Adjustment Expenses paid by line of business; and
5. Salvage recovered plus net salvage recovered by line of business. In addition, the Company shall furnish the Reinsurer such other information as may be required by the Reinsurer for completion of its financial statements.
B. Amounts due by either party shall be (1) ceded Net Written Premiums received less (2) ceding commission on ceded Net Written Premiums received less (3) ceded Loss and Loss Adjustment Expenses paid plus (4) net salvage recovered, and shall be remitted within 15 days of the report on a collected basis. Should payment due from the Reinsurer exceed $100,000 as respects any one Loss Occurrence, the Company may give the Reinsurer notice of payment made or its intention to make payment on a certain date. If the Company has paid the loss, payment shall be made by the Reinsurer immediately after receipt of notice from the Company. If the Company intends to pay the loss by a certain date and has submitted a satisfactory proof of loss or similar document, payment shall be due from the Reinsurer 24 hours prior to that date, provided the Reinsurer has a period of five working days after receipt of said notice to make the payment. Cash amounts specifically remitted by the Reinsurer as set forth herein shall be credited to the next monthly account.
REPORTS AND REMITTANCES. A. As promptly as possible after the effective date of this Contract, the Company shall remit the Reinsurer's share of the unearned premium (less provisional commission thereon) applicable to subject business in force at the effective date of this Contract.
B. Within 30 days after the end of each month, the Company shall report to the Reinsurer:
1. Ceded net written premium during the month;
2. Provisional commission on (1) above;
3. Ceded losses and loss adjustment expense paid during the month (net of any recoveries during the month under the "cash call" provisions of the Claims and Loss Adjustment Expense Article);
4. The Reinsurer's share of salvage and subrogation;
5. Premium (including reinstatement premium) for reinsurance which inures to the benefit of this Contract;
6. Recoveries from reinsurance which inures to the benefit of this Contract;
7. Ceded unearned premiums and ceded outstanding loss and loss adjustment expense reserves (including incurred but not reported loss reserves as established by the Company) as of the end of the month. The positive balance of (1) less (2) less (3) plus (4) less (5) plus (6) shall be remitted by the Company within 60 days after the end of the month of account. Any balance shown to be due the Company shall be remitted by the Reinsurer as promptly as possible (not exceeding 15 days, however) after receipt and verification of the Company's report. Furthermore, as respects subparagraph 3 above, the Company shall identify losses and loss adjustment expense by PCS catastrophe number, where applicable.
REPORTS AND REMITTANCES. Within 30 days after the close of each quarter, the Company will furnish the Reinsurers with a report consistent with the sample Cession Statement attached to this Agreement as Attachment A. The report will summarize the gross written premium received by the Company, premium ceded less return premium, reinsurance cost, losses paid, loss expense paid, monies recovered, the net balance due either party and such other information as may be required by the Reinsurers for completion of their National Association of Insurance Commissioners interim and/or annual statements. The net balance will be paid within 15 days of the report being sent.
REPORTS AND REMITTANCES. The Company shall pay to the Subscribing Reinsurer a minimum and deposit premium of $5,500,000 remitted in semi-annual installments of $2,750,000 on January 1 and July 1, 2008. In the event this Contract is terminated prior to January 1, 2009, the minimum premium shall be prorated and no deposit premium installments shall be due after the effective date of termination. The Company shall submit finalized accounts to the Subscribing Reinsurer on February 15, 2009 summarizing the actual subject earned premium for the January 1, 2008 through December 31, 2008 coverage period. If such developed premium is greater than the minimum and deposit premium stipulated herein the additional premium shall be paid to/from the Subscribing Reinsurer within 15 days of February 15, 2009. The term Subject Earned premium shall mean the premiums earned by the Company or the Legal Entities, on classes of business covered under this Contract, times the rates below. No deduction shall be made for dividends declared, paid or credited to policyholders of the Company or the Legal Entities. ASLOB Percentage Fire 100 % Allied Lines 100 % Homeowners 60 % Farmowners 60 % Effective: January 1, 2008 2008 Property Catastrophe Excess of Loss Contract — $800m x $50m ASLOB Percentage Commercial Multiple Peril (Property) 100 % Inland Marine 100 % *Auto Physical Damage (Private Passenger and Commercial) 0 % Burglary & Theft 100 % * Auto Physical Damage is not included in the premium base, however coverage is provided within the terms and conditions of the Contract. Estimated Subject Earned Premium: $1,450,854,200