Common use of SETTLEMENT AND REPORTING Clause in Contracts

SETTLEMENT AND REPORTING. A. While this Agreement is in effect, the Ceding Company shall pay to the Reinsurer no less frequently than quarterly, with respect to the Policies, a reinsurance premium equal to Items (a) less (b) below, where: (a) equals gross premiums collected by the Ceding Company during the settlement period net of reinsurance premiums paid with respect to the Policies, and (b) equals gross premiums refunded by the Ceding Company during the settlement period to policyholders of the Policies. B. While this Agreement is in effect, the Reinsurer shall pay to the Ceding Company no less frequently than quarterly, a benefit and expense allowance equal to the sum of Items (a), (b), (c) and (d), as applicable for the period since the last settlement period, where: (a) equals the Net Benefits paid or incurred by the Ceding Company with respect to the Policies. (b) equals commissions and other sales compensation paid or incurred by the Ceding Company with respect to the Policies. (c) equals insurance taxes, licenses and fees (including allocated taxes, licenses and fees, but excluding income taxes) paid or incurred by the Ceding Company with respect to the Policies. (d) equals general insurance expenses (including allocated expenses) paid or incurred by the Ceding Company with respect to the Policies. C. The Ceding Company will provide the Reinsurer with accounting reports on a time schedule determined by the Reinsurer, which schedule shall be no less frequently than quarterly within fifteen (15) business days following the end of each calendar quarter. These reports will contain sufficient information about the Policies to enable the Reinsurer to prepare its quarterly and annual financial reports. D. Settlements as set out in Article VI, Paragraphs A and B will occur on a time schedule determined by the Reinsurer, which schedule shall be within sixty (60) days following the end of each calendar quarter.

SETTLEMENT AND REPORTING. A. 1. While this Agreement is in effect, the Ceding Company LBL shall pay to the Reinsurer ALLSTATE no less frequently than quarterly, with respect to the eligible Policies, a reinsurance premium equal to (or the accounting equivalent of) the sum of Items (a) less ), (b) and (c) below less the sum of Items (d) and (e) below, where:. (a) equals gross Gross premiums (direct and reinsurance assumed) collected by the Ceding Company LBL during the settlement period net of reinsurance premiums paid period. (b) Funds transferred from LBL Separate Accounts to the LBL General Account during the settlement period. (c) Policy loan repayments collected by LBL with respect to the Policies, and. (bd) equals gross Gross premiums refunded by the Ceding Company LBL during the settlement period to policyholders of the Policiespolicyholders. B. (e) Funds transferred from the LBL General Account to a LBL Separate Account during the settlement period. 2. While this Agreement is in effect, the Reinsurer ALLSTATE shall pay to the Ceding Company LBL no less frequently than quarterly, a benefit and expense allowance equal to (or the accounting equivalent of) the sum of Items (a), (b), (c), (d), (e) and (d)f) below, as applicable for the period since the date of ALLSTATE's last settlement period, where:payment to LBL (a) equals the Net Benefits paid or incurred by the Ceding Company LBL with respect to the Policies. (b) equals commissions Commissions and other sales compensation paid or incurred by the Ceding Company LBL with respect to the Policies. (c) equals General insurance taxes, licenses and fees (including allocated taxes, licenses and fees, but excluding income taxes) expenses paid or incurred by the Ceding Company LBL with respect to the Policies. (d) equals general insurance expenses Insurance taxes, licenses and fees (including allocated expensesexcluding income taxes) paid or incurred by the Ceding Company LBL with respect to the Policies. C. The Ceding Company (e) Policy loan distributions to policyholders paid or incurred by LBL with respect to the Policies. (f) Net reinsurance premiums paid or incurred by LBL to another reinsurer with respect to the Policies. 3. LBL will provide the Reinsurer ALLSTATE with accounting reports on a time schedule determined by the Reinsurer, which schedule shall be no less frequently than quarterly within fifteen forty-five (1545) business days following the end of each calendar quarter. These reports will contain sufficient information about the Policies policies to enable the Reinsurer reinsurer to prepare its quarterly and annual financial reports. D. 4. Settlements as set out in Article VIV, Paragraphs A 1 and B 2 will occur on a time schedule determined by the Reinsurer, which schedule shall be no less frequently than quarterly within sixty (60) days following the end of each calendar quarter.