ACCOUNTS AND REMITTANCES. A. Within 45 days following the end of each month, the Company shall report to the Reinsurer:
1. Net Written Premium for the month; 2. Unearned premium at the end of the month; 3. Earned premium for the month; 4. Provisional ceding commission based on item 3. Above; 5. Ceded losses and allocated loss adjustment expense paid during the month, as respects losses occurring during the Underwriting Period under consideration; 6. The ceded reserves for losses outstanding and allocated loss adjustment expenses outstanding at the end of the month, as respects losses occurring during the Underwriting Period under consideration; 7. The balance 3. Less 4. Less 5.
B. In the event the balances shown in A.7. above for the Underwriting Period, for the Company, are due the Reinsurer, the Company will hold such funds as it is the intent of this Agreement that the Company receive interest on such funds. However, 2.5% of the amount shown in paragraph A.7. shall be paid by the Company to the Reinsurer in cash within 30 days after the due dates representing the Reinsurer's margin. In the event the balance shown in paragraph A.7. is negative as of the end of any month, the negative balance due the Company shall be payable by the Reinsurer in cash, within 60 days after the end of the month, but any such cash payment by the Reinsurer shall be returned by the Company before any subsequent monthly net balance due the Reinsurer is withheld from payment. However, it is agreed that any negative balance due the Company will be offset by the positive balance due the Company.
C. Annually, the Company shall furnish the Reinsurer with such information as the Reinsurer may require to complete its Annual Convention Statement.
ACCOUNTS AND REMITTANCES. A. Within 30 days following the end of each month, the Company shall render a net account to the Reinsurer, segregated by Contract Year. Such account shall contain the following information, summarized by line of business: Effective: January 1, 0000 XXX: May 6, 2003 8958-00-0017-00 XXX XXXXXXXXX
1. Ceded Gross Net Earned Premium during the month; less,
2. The provisional ceding commission rate (applied to ceded Gross Net Earned Premium remitted), and the allowance for Loss Adjustment Expense, as provided for in this Contract; less,
3. Ceded Loss and outside legal expense paid during the month on Losses under Policies written or renewed during the Contract Year (net of the Company's Cumulative Retention under the Loss Corridor and Loss Ratio Cap for the Contract Year, if any); plus,
4. The Reinsurer's share of subrogation, salvage, or other recoveries during the month on Losses under Policies written or renewed during Contract Year. Any balances (as calculated in subparagraphs 1 through 4) due to the Reinsurer shall be paid by the Company within 30 days following the end of the month. Any balances due to the Company shall be paid by the Reinsurer as soon as is reasonably practicable after receiving the monthly report, but not to exceed 30 days following receipt of the monthly report.
B. The Company's "Cumulative Retention under the Loss Corridor and Loss Ratio Cap" for the Contract Year shall mean at any time the sum of:
1. The amount, if any, by which the inception-to-date accumulated paid portion of Losses Incurred exceeds 74% of inception-to-date ceded Gross Net Earned Premium from Policies with effective or renewal dates during the Contract Year, subject to a maximum of 14% of the inception-to-date accumulated ceded Gross Net Earned Premium from such Policies; and
2. The amount, if any, by which inception-to-date accumulated paid portion of Losses Incurred exceeds 120% of inception-to-date accumulated ceded Gross Net Earned Premium from Policies with effective or renewal dates during the Contract Year prior to application of the Loss Corridor.
C. Notwithstanding the above, in the event that the Reinsurer has its "Best's" rating lowered below "A-", the Company may withhold from payment amounts due the Reinsurer hereunder, provided it establishes a Security Fund (the "Fund") for the payment and/or settlement of amounts due to and from the Reinsurer under this Contract. The Company shall be permitted to withdraw from the fund any such payable amounts. In t...
ACCOUNTS AND REMITTANCES. 9 13 Definitions..........................................................
ACCOUNTS AND REMITTANCES. (a) Premiums and Policy Fees, including Insurance Premium Tax if appropriate, are to be accounted for, with cleared funds received from the Agent not later than the last working day from the end of the month in which the policy attached (including all additional premiums and return premiums). xxxxxx’s statement of account will form the basis of monthly settlements between us, which will be sent to you at the start of each month for reconciliation and settlement on the last working day of the Month.
(b) Accounts should be settled by BACS transfer to the account specified in the Statement stating your agency number as reference and sending a remittance.
(c) In cases where the Insured has paid by our Credit/Debit card facility or by Direct Debit instalment scheme, the Agent will be credited with his full commission within 30 days from the end of the month of attachment provided that the transaction has been successfully completed.
(d) We endeavour to allow producing Agents the maximum terms of credit which will enable us to meet Insurers’ payment requirements. Any delay in payment by the Insured to you or by you to us results in our being unable to meet those requirements and leads to consequent delays and may have an adverse effect on reputation. In the event of non-payment of premium by the insured, it is likely that we will cancel the policy. Insurers may well demand the full 12 months premium or at least the pro-rata time on risk premium. No return premium will be allowed on policies that have sustained a claim within that premium period. Although the legal position can vary, in the event of your being unable to collect a due premium, which we are required to pay Insurers then, you, as the producing Agent, must reimburse iprism accordingly.
(e) Insurers and iprism have the right to issue 14 days notice of cancellation in respect of non-payment of premium by the Agent within the normal terms of credit.
(f) In certain circumstances, Insurers may stipulate premium payment terms and therefore settlements must be made within such terms.
(g) The Agent is not authorised to endorse xxxxxxx made payable to the order of iprism.
(h) Settlement of client premiums will not be subject to receipt by the Agent or the Agent’s client, from iprism, of insurance documentation.
ACCOUNTS AND REMITTANCES. Section 1 - As respects Ag PI:
A. For the period 5/1/98 to 1/1/99:
1. At inception of this Agreement, the Company shall report Net Written Premium. Any balance due the Reinsurer shall be paid as soon as possible after inception of this Agreement.
2. As soon as possible after the end of the Season, but no later than 7/31/99, the Company shall provide the Reinsurer with a complete account, to include the following:
a.) Net Written Premium accounted for during the term of this Agreement; less, b.) The ceding commission as provided for in this Agreement; less,
ACCOUNTS AND REMITTANCES. Within 30 calendar days following the close of each calendar quarter, the Insured will provide the Insurer with a statement of Quarterly Losses for such calendar quarter. Once the Attachment Point has been reached, to the extent Quarterly Losses is a positive amount, the Insurer shall pay 90% of Quarterly Losses, subject to the Limit of Liability, no later than the last day of the calendar quarter in which such Quarterly Statement is received. To the extent Quarterly Losses is a negative amount, the absolute value of such amount will be considered excess Gain and shall be carried forward and included in the calculation of Quarterly Loss for the following calendar quarter. All amounts payable by one party hereto to the other party hereto shall be transmitted through XxXxxxx, Xxxxxxx & Xxxxxxxx, Inc., 0000 0xx Xxxxxx Xxxxx, Xxxxxxxxxx, Xxxxxxx 00000.
ACCOUNTS AND REMITTANCES paragraph A.1. referencing net written premium will read as follows and not as heretofore:
A.1. Net written premium accounted for during the period, being the gross written premium (including 75% of 50% of the Company s Policy fees for monthly and annual Policies; however, not to include Policy fees for six month Policies) less returns and cancellations; less
ACCOUNTS AND REMITTANCES. A. Within 30 days following the end of each month, the Company shall render a net account to the Reinsurer. Such account shall contain the following, summarized by line of business:
1. The Reinsurer’s share of Net Written Premium accounted for during the month; less,
2. The provisional ceding commission thereon, as provided for in this Contract; less,
3. The Reinsurer’s share of loss and the Loss Expense Allowance equal to 10.00% of the Net Premiums Earned during the month; plus,
4. The Reinsurer’s share of subrogation, salvage or other recoveries during the month.
B. If the amount due as respects the monthly account is due to the Reinsurer, the Company shall remit the amount due with the report. If the amount due as respects the monthly account is due to the Company, the Reinsurer shall remit the amount due within 15 business days after receipt of the account.
C. This account shall also bear a notation advising of the outstanding loss reserve at the end of the month, as well as the unearned premium reserve at the end of the month.
D. Within 30 days following the expiration or termination of this Contract, the Company shall furnish the following information to the Reinsurer:
1. A summary of Net Written Premium and Net Premiums Earned;
2. A summary of Net Written Premium collected; Effective: April 1, 2011 DOC: May 25, 2011 U1XQ0003 13 of 35
3. A summary of paid and outstanding loss and the 10.00% Loss Expense Allowance;
4. Any other information which the Reinsurer may require for its Annual Convention Statements which may be reasonably available to the Company.
ACCOUNTS AND REMITTANCES. On or prior to the 30th day following the end of each calendar quarter during the Term, the Cedent shall render an account to the Reinsurer, which account shall set forth the following with respect to the most recently ended calendar quarter: (i) The dollar amount the Reinsurer’s share of Covered Losses paid during such calendar quarter, and (ii) reserves required to be maintained by the Reinsurer as provided herein. Subject to the terms and conditions of the Agreement, the Reinsurer shall pay its share of the amount of Covered Losses paid by the Cedent within seven (7) business days after receipt of the foregoing account.
ACCOUNTS AND REMITTANCES. A. Within 30 days following the end of each month, the Company shall render a net account to the Reinsurer. Such account shall contain the following, summarized by line of business:
1. the Reinsurer’s share of Net Written Premium collected during the month; less,
2. the provisional ceding commission on (1) above, as provided for in this Contract; less,
3. the Reinsurer’s share of loss and the Loss Expense Allowance equal to 10.00% of the collected Net Premiums Earned during the month; plus,
4. the Reinsurer’s share of subrogation, salvage or other recoveries during the month.
B. If the amount due as respects the monthly account is due to the Reinsurer, the Company shall remit the amount due with the report. If the amount due as respects the monthly account is due to the Company, the Reinsurer shall remit the amount due within 15 days after receipt of the account.
C. This account shall also bear a notation advising of the outstanding loss reserve at the end of the month, as well as the unearned premium reserve at the end of the month.
D. Within 30 days following the expiration or termination of this Contract, and within 30 days after the end of each month thereafter until all losses subject hereto are settled or commuted, the Company shall furnish the following information to the Reinsurer:
1. a summary of Net Written Premium and Net Premiums Earned;
2. a summary of collected Net Written Premium and Net Premiums Earned;
3. a summary of paid and outstanding loss and the 10.00% Loss Expense Allowance;
4. any other information which the Reinsurer may require for its financial statements which may be reasonably available to the Company. Effective: January 1, 2012 15 of 37 DOC: December 29, 2011
