Common use of University to Distribute and Account for Premium Rebates Clause in Contracts

University to Distribute and Account for Premium Rebates. In the event federal or state law requires the Company to rebate a portion of an annual premium payment, Company will pay the University/Policyholder the total rebate applicable to the Policy, and University, on behalf of the Company, will distribute from the rebate a pro-rata share of the rebate to each Subscriber (including but not limited to employees, retirees, and elected officials as covered on the University’s Benefit Plan) based upon their contribution to the premium rebated. University shall assure appropriate notification to federal and state tax agencies and that each payment to Subscribers will be accompanied by appropriate federal and state documentation, e.g. Form 1099. University shall develop and retain records and documentation evidencing accurate distribution of any rebate and shall provide such records to Company upon request. Such records shall include:

University to Distribute and Account for Premium Rebates. In the event federal or state law requires the Company to rebate a portion of an annual premium payment, Company will pay the University/Policyholder the total rebate applicable to the Policy, and University, on behalf of the Company, will distribute from the rebate a pro-rata share of the rebate to each Subscriber (including but not limited to employees, retirees, and elected officials as covered on the University’s Benefit Plan) based upon their contribution to the premium rebated. University shall assure appropriate notification to federal and state tax agencies and that each payment to Subscribers will be accompanied by appropriate federal and state documentation, e.g. e.g., Form 1099. University shall develop and retain records and documentation evidencing accurate distribution of any rebate and shall provide such records to Company upon request. Such records shall include:

University to Distribute and Account for Premium Rebates. In the event federal or state law requires the Company to rebate a portion of an annual premium payment, the Company will pay the University/Policyholder the total rebate applicable to the Policy, and University, on behalf of the Company, will distribute from the rebate a pro-rata share of the rebate to each Subscriber (including but not limited to employeesEmployees, retirees, and elected officials as covered on the University’s Benefit Plan) based upon their contribution to the premium rebated. University shall assure appropriate notification to federal and state tax agencies and that each payment to Subscribers will be accompanied by appropriate federal and state documentation, e.g. e.g., Form 1099. University shall develop and retain records and documentation evidencing accurate distribution of any rebate and shall provide such records to the Company upon request. Such records shall include: