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 the sum of Items (a), (b), (c), and (d) 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, less gross premiums refunded by the Ceding Company during the settlement period to policyholders of the Policies. b. equals policy loan principal repayments and interest collected by the Ceding Company with respect to the Policies. c. equals any charges, fees, and similar amounts received or receivable by the Ceding Company from the Separate Accounts with respect to the variable Policies (collectively, the “Separate Account Charges”). For the avoidance of doubt, the Separate Account Charges shall include any revenue sharing fees, service fees and distribution fees received from or in respect of funds pursuant to a plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. d. equals all amounts that are transferrable from the Separate Accounts to the general account of the Ceding Company in respect 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), (d), (e), and (f) 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 policy loan distributions to policyholders paid or payable by the Ceding Company with respect to the Policies. e. equals general insurance expenses (including allocated expenses) paid or incurred by the Ceding Company with respect to the Policies. f. equals all amounts that are transferrable to the Separate Accounts from the general account of the Ceding Company in respect of 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. 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 the sum of Items (a), (b), (c), and (d) below, where: a. (a) equals gross premiums collected by the Ceding Company during the settlement period net of reinsurance premiums paid with respect to the Policies, less gross premiums refunded by the Ceding Company during the settlement period to policyholders of the Policies. b. (b) equals policy loan principal repayments and interest collected by the Ceding Company with respect to the Policies. c. (c) equals any charges, fees, and similar amounts received or receivable by the Ceding Company from the Separate Accounts with respect to the variable Policies (collectively, the “Separate Account Charges”). For the avoidance of doubt, the Separate Account Charges shall include any revenue sharing fees, service fees and distribution fees received from or in respect of funds pursuant to a plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. d. (d) equals all amounts that are transferrable from the Separate Accounts to the general account of the Ceding Company in respect 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), (d), (e), and (f) as applicable for the period since the last settlement period, where: a. (a) equals the Net Benefits paid or incurred by the Ceding Company with respect to the Policies. b. (b) equals commissions and other sales compensation paid or incurred by the Ceding Company with respect to the Policies. c. (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. (d) equals policy loan distributions to policyholders paid or payable by the Ceding Company with respect to the Policies. e. (e) equals general insurance expenses (including allocated expenses) paid or incurred by the Ceding Company with respect to the Policies. f. (f) equals all amounts that are transferrable to the Separate Accounts from the general account of the Ceding Company in respect of 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.