ACCOUNTING AND NONDISCLOSURE OF CONFIDENTIAL INFORMATION Clause Samples

ACCOUNTING AND NONDISCLOSURE OF CONFIDENTIAL INFORMATION. 1. The Ceding Company shall remit the total of the reinsurance and premiums shown in the List of Risks Reinsured simultaneously with the List. 2. Should the balance of changes in reinsurance premiums for the preceding calendar year shown in the List of Amendments be in favor of Reinsurer, the Ceding Company shall remit said balance, increased by 2% for interest, simultaneously with the List. Should this balance be in favor of the Ceding Company, Reinsurer shall remit said balance, increased by 2% for interest, within ten (10) working days of receipt of the List. 3. Reinsurer is entitled to ask for correction of any of the Lists within ninety (90) days after their receipt. The amount of any correction in reinsurance premiums is due immediately after agreement between the Ceding Company and Reinsurer. 4. Failure of the Ceding Company to pay any of the reinsurance premiums shown in the List of Risks Reinsured by March 31 of the calendar year covered by such List shall automatically terminate the liability of Reinsurer under this Agreement as of midnight on that date. Payment of only a portion of this premium by said March 31 shall reduce the liability of Reinsurer under this Agreement as of midnight on that date. The reduced liability will be determined by applying to the total liability under this Agreement the ratio of the reinsurance premiums paid to the total of the reinsurance premiums due. Payment of a portion or of the total of the outstanding premiums and interest, if any, after said March 31 shall reinstate a proportionate part of the total liability of Reinsurer effective on and after the date of receipt of the payment at Reinsurer’s home office. 5. All amounts due under Paragraphs 1, 2, and 3 preceding and not paid by March 31 of the respective calendar year, are subject to 0.5% additional interest for each full month after March 31. 6. Since reinsurance coverage and premium payments are on the calendar year basis, Reinsurer will not hold any reserves, other than claims reserves, for the reinsurance covered by this Agreement at the end of the calendar year. 7. During the course of business necessary under this Agreement, Ceding Company may reveal to Reinsurer certain confidential or proprietary information which includes but is not limited to the following various trade secrets, data processing methods, marketing concepts, programs, formulas, pattern device inventions, processes, policy forms and identities of customers, sales agents, managing agen...