PAYMENT OF REINSURANCE Sample Clauses

PAYMENT OF REINSURANCE. PREMIUMS
Sample 1Sample 2
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PAYMENT OF REINSURANCE. PREMIUMS Reinsurance premiums are to be paid annually at Allianz Life's home office without regard to the frequency of payment stipulated in the policy issued by the Ceding Company. At the beginning of each month, Allianz Life will send the Ceding Company a statement showing premiums falling due during the month and premiums for any new reinsurance. The statement will also show any premium refunds due the Ceding Company.
Sample 1
PAYMENT OF REINSURANCE. PREMIUMS Reinsurance premiums are to be paid annually at Allianz Life's home office without regard to the frequency of payment stipulated in the Policy issued by the Ceding Company. At the end of each quarter, the Ceding Company shall send Allianz Life a statement of all reinsurance premiums falling due during the quarter and premiums for any new reinsurance. The statement shall include data substantially in accord with that which is set forth in Schedule F. If a statement shows that a net reinsurance premium balance is payable to Allianz Life, the Ceding Company shall include with the statement its payment for the amount of the net balance. If a statement shows a net balance is payable to the Ceding Company, Allianz Life shall pay to the Ceding Company the amount of the net balance within thirty (30) days after the day on which the Ceding Company submitted the quarterly statement to Allianz Life.
Sample 1
PAYMENT OF REINSURANCE. The accounting shall be on a calendar quarter basis for all items. The initial accounting period shall run from the Effective Date to the end of the first quarter in which the Settlement Date falls. The initial accounting for the Settlement Date will be based on the September 30, 1997 financial results on an estimated basis. A true-up of these amounts, in addition to an adjustment for the fourth quarter will be reflected in the fourth quarter treaty accounting. The final accounting period shall run from the end of the preceding calendar quarter until the termination of this Agreement. Accounting reports shall be submitted to the Reinsurer by the Company not later than 30 days after the end of each accounting period. Such reports shall include information on the amount of reinsurance premiums, commissions, expenses, claims, and any other items required for NAIC statutory accounting on the policies reinsured for the preceding accounting period. The monthly "premium and loss" report shall reflect all transactions for the accounting period as stated above with the exception of reserves. Annual accounting reports necessary to the filing of the Reinsurer's Annual Statement blank and its Federal Income Tax return shall be submitted to the Reinsurer by the Company at the request of the Reinsurer within 30 days after the end of a calendar year. In addition, the Company shall provide, on a timely basis, an Actuarial Certification of the liability included herein. This information will be supplied coincident with the annual accounting information. The Company will also support the cash flow testing and/or other regulatory requirements inherent in the assumption of these liabilities by the Reinsurer.
Sample 1

Related to PAYMENT OF REINSURANCE

  • 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.

  • Plan of Reinsurance A. Reinsurance of Life risks shall be on the risk premium basis. The risk amount on the policy reinsured shall be calculated monthly and shall be equal to the death benefit less the cash value. At the time of issue, the Ceding Company shall cede to North American Re the portion of the initial risk amount in excess of its retention. Thereafter, the Ceding Company and North American Re shall keep the same proportionate shares of the risk amount developed each month.

  • Basis of Reinsurance Reinsurance under this Agreement will be on the Yearly Renewable Term basis on the portion of each policy that is reinsured as described in Schedule A.

  • LIFE REINSURANCE The reinsurance premiums per $1000 are shown in Schedule B. Reinsurance premiums for renewals will be calculated using (1) the issue age of the insured under the policy, (2) the duration since issuance of the policy and (3) the current underwriting classification.

  • Reinsurance Reinsurance services including, but not limited to (i) agreement to reinsurance policy and/or contract wordings and endorsements to existing policies; (ii) processing of reinsurance policy cancellations, nonrenewals and endorsements and other amendatory addenda; (iii) collection of premiums due under reinsurance policies or contracts, audits and remittances; (iv) negotiation and purchase of reinsurance coverage; (v) administration of letters of credit and other arrangements for the provision of security; and (vi) administration of reinsurance contracts.

  • 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.

  • 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.

  • 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.

  • Reinsurance Agreements Promptly, notice of any material change or modification to any Reinsurance Agreements or Surplus Relief Reinsurance Agreements whether entered into before or after the Closing Date including Reinsurance Agreements, if any, which were in a runoff mode on the Closing Date, which change or modification could have a Material Adverse Effect;

  • Credit for Reinsurance Retrocessionaire shall take all actions reasonably necessary, if any, to permit Retrocedant to obtain full financial statement credit in all applicable U.S. jurisdictions for all liabilities assumed by the Retrocessionaire pursuant to this Agreement, including but not limited to loss and loss adjustment expense reserves, unearned premium reserves, reserves for incurred but not reported losses, allocated loss adjustment expenses and ceding commissions, and to provide the security required for such purpose, in a form reasonably acceptable to Retrocedant. Any reserves required by the foregoing in no event shall be less than the amounts required under the law of the jurisdiction having regulatory authority with respect to the establishment of reserves relating to the relevant Reinsurance Contracts. For purposes of this Article XIX, such "actions reasonably necessary" may include, without limitation, the furnishing of a letter of credit or the establishment of a custodial or trust account, as permitted under applicable law, to secure the payment of the amounts due the Retrocedant under this Agreement.

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