Profit Commission definition

Profit Commission has the meaning set forth in ‎ Section 2(b) of the Fee Schedule.
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Profit Commission has the meaning ascribed in Section 5.01.
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Profit Commission has the meaning set out in paragraph 1.5 of schedule 3 to the First Pool Members Agreement as regards the First and Second Periods and has the meaning set out in paragraph 3.2 of schedule 3 to the Second Pool Members Agreement as regards the Third Period; Proceedings means any civil, criminal, arbitration, administrative or other proceeding;
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Examples of Profit Commission in a sentence

  • To ensure compliance with any applicable tax requirement, CM may withhold any Retail Profit, Commission or Credit.

  • Profit Commission (PC) : As the name indicates, it is a commission which is linked to the profit achieved in a reinsurance transaction.

  • Profit Commission on Renewal (PCOR) Usually found in facultative contracts where the reinsurer agrees to share a percentage of the profit with the ceding company if the business is renewed with the same reinsurer.

  • Service Company Coverholder’s Commission and if applicable Contingent or Profit Commission must not be shown in this sub-section, because Section 23 of the SCUA refers to these types of commission.

  • Example : Total premium : Rs. 1000 Less commission @ 25% : Rs. 250 = Rs.750 Less claims Rs. 500 = Profit Rs. 250 i.e. percentage of profit is 25% Calculation of Profit Commission : 75% on Rs. 25 = Rs. 18,75 and 90% on Rs. 225 = Rs. 202.50 So, total PC is Rs. 221,25 Overriding Commission Usually found in retrocession contracts where a retrocedant is paid a commission which is in addition to the commission charged in the basic reinsurance contract.

  • For calendar year 2007 and any subsequent calendar quarter that this Agreement is in effect, the Ceding Company shall return to the Reinsurer the amount, if any, by which (i) the total Profit Commission previously paid to the Ceding Company and not returned to the Reinsurer pursuant to Section 5.02 hereof exceeds (ii) the total Profit Commission that would be payable based on Cumulative Adjusted Net Underwriting Income for such period.

  • Profit Commission for each such calendar year and quarter shall be paid within the time and in the manner provided in Section 8.01.

  • In addition, the Ceding Company shall direct the Trustee to distribute to the Ceding Company any Profit Commission due to be paid to the Ceding Company and to distribute to the Reinsurer any Profit Distribution Amount due to be paid to the Reinsurer.

  • XIS are authorised to sign policies in multiple copies Processing Documents: XIS are authorised to accept Additional Premium or Return Premium or Premium Adjustment or Profit Commission figures, where applicable, without certification or production of letters or other documents and enter in accordance with the figures shown thereon, without Reinsurers agreement.

  • Recognising that the CEACA Constitution needed to contain appropriate wording to apply for registration as a charity by the Australian Charities and Not for Profit Commission (ACNC) it was agreed that Xxxx Xxxxxxx word prepare two versions (A and B) of the CEACA Constitution.


More Definitions of Profit Commission

Profit Commission. On each Profit Commission Date, a Profit Commission shall be paid by the Reinsurer to the Company in an amount equal to 90% of the Notional Account Balance at such Profit Commission Date, to the extent such balance is positive. The Company shall give the Reinsurer prompt written notice of each occurrence of a Ratio Improvement Trigger.
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Profit Commission is defined in Section 3.3(a).
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Profit Commission. The Reinsurers shall pay the Reassured a provisional Profit Commission of 20.00% calculated on the net profit expected, under this Agreement in respect of the reduction of 25.00% in the 1999 Underwriting Year of Account. Such profit commission being calculated in accordance with the formula previously agreed. Any further adjustment to the calculation of the provisional profit commission statement will be made 24 months after the inception of the 1999 Underwriting Year of Account and annually thereafter. All other terms and conditions remain unaltered. On behalf of CNA Reinsurance Company Limited, London, England. Signed /s/ Xxx X. Xxxxxx Dated 22 June 1999 --------------------- ---------------- On behalf of LaSalle Re Limited, Xxxxxxxx, Bermuda. [LOGO]
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Profit Commission means a payment equal to 25% of the profits generated on the Renewed Business (for the three calendar years taken as a whole) to the extent that the Renewed Business generates a "combined ratio" of less than 90 % (thus 25 % of the amount below a 90 % combined ratio). The combined ratio shall be the ratio of all losses (including paid losses, case Reserves and Reserves for IBNR), allocated and unallocated loss adjustment expenses, internal underwriting expenses, commissions, brokerage and retrocessional costs over the premiums earned on the Renewed Business. The Purchaser shall provide a final detailed calculation of the combined ratio for the Renewed Business as of December 31, 2005. The Profit Commission, if any, shall become due for payment and be paid in full on June 1, 2006. The Company shall have the right to audit Purchaser's calculation of the final Profit Commission as calculated as of December 31, 2005.
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Profit Commission shall have the meaning specified in Section 6.4(c).
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Related to Profit Commission

  • Tax Commission means the Oklahoma Tax Commission;

  • Planning Commission means the City’s Planning Commission.

  • Election Commission means the Election Commission appointed by the President under article 324;

  • Joint Commission means the accrediting body whose standards are referred to in these Bylaws.

  • Railways Commission means the Western Australian Government Railways Commission established pursuant to the Government Railways Xxx 0000;

  • Diocesan Schools Commission means the education service provided by the diocese, which may also be known, or referred to, as the Diocesan Education Service.

  • Central Commission means the Central Electricity Regulatory Commission referred to in sub-section (1) of section 76 of the Act;

  • Selling Commission means three percent (3%) of the gross proceeds of Shares sold pursuant to this Agreement, or as otherwise agreed between the Company and the Agent with respect to any Shares sold pursuant to this Agreement.

  • Annual income means all amounts, monetary or not, which:

  • Gross compensation means every form of remuneration payable for a given period to an individual for services provided including salaries, commissions, vacation pay, severance pay, bonuses, and any board, rent, housing, lodging, payments in kind, and any similar benefit received from the individual's employer.

  • the Commission means the Charity Commission for England and Wales;

  • Annual Earnings means your gross annual income from your Employer, not including shift differential, in effect just prior to the date of loss. It includes your total income before taxes. It is prior to any deductions made for pre-tax contributions to a qualified deferred compensation plan, Section 125 plan or flexible spending account. It does not include income received from commissions, bonuses, overtime pay or any other extra compensation or income received from sources other than your Employer.

  • City Commission means the legislative body of the City of Miami.

  • Gross income means the same as it does for income tax purposes, even if the income is not actually taxable, such as interest on tax-free bonds. Examples include: compensation for services, income from business, gains from property dealings, interest, rents, dividends, pensions, IRA distributions, social security, distributive share of partnership gross income, and alimony, but not child support.

  • Moderate income housing means housing occupied or reserved for occupancy by households with a gross household income equal to or less than 80% of the median gross income for households of the same size in the county in which the city is located.

  • Plan for moderate income housing means a written document adopted by

  • Finance commission means the Finance Commission of Texas.

  • Ceding Commission shall have the meaning specified in Section 5.2.

  • Selling Commissions means any and all commissions payable to underwriters, dealer managers or other broker-dealers in connection with the sale of Shares, including, without limitation, commissions payable to the Dealer Manager.

  • Gross earnings means all monies earned by the Employee under the terms of this Collective Agreement.

  • Incentive Pay means an annual amount equal to the aggregate annual bonus, in addition to Base Pay, made or to be made in regard to services rendered in any calendar year or performance period pursuant to any bonus plan of the Company.

  • Annual payroll means the total amount of wages subject to contributions during a twelve-month period ending with the last day of the second calendar quarter of any calendar year.

  • 414(s) Compensation means any definition of compensation that satisfies the nondiscrimination requirements of Code Section 414(s) and the Regulations thereunder. The period for determining 414(s) Compensation must be either the Plan Year or the calendar year ending with or within the Plan Year. An Employer may further limit the period taken into account to that part of the Plan Year or calendar year in which an Employee was a Participant in the component of the Plan being tested. The period used to determine 414(s) Compensation must be applied uniformly to all Participants for the Plan Year.

  • Redevelopment Commission means the Fishers Redevelopment Commission.

  • Tax Commissioner means the tax commissioner appointed under section 121.03 of the Revised Code.

  • Health and Human Services Commission or “HHSC” means the administrative agency established under Chapter 531, Texas Government Code, or its designee.