Common use of ASSESSMENTS, ASSIGNMENTS, FINES AND PENALTIES Clause in Contracts

ASSESSMENTS, ASSIGNMENTS, FINES AND PENALTIES. 10.01 The Reinsurer hereby assumes liability for any and all assessments and assignments imposed as a result of Policies reinsured hereunder (whether before or after the termination of this Agreement). The Reinsurer shall immediately reimburse the Company for any assessments made against the Company pursuant to those laws and regulations creating obligatory funds (including, but not limited to, insurance guaranty and insolvency funds), pools, joint underwriting associations, FAIR plans and similar plans. Amounts owed by the Reinsurer under this Section shall be payable directly by the Reinsurer to the Company. The Reinsurer shall be entitled to receive from the Company on or prior to the 31st day of March of each year thereafter (or such date on which such premium taxes are paid) a sum equal to the premium tax credit that is allowed to the Company with respect to such assessments. The premium tax credit allowed the Reinsurer hereunder is to be on a pro-rata and first-in, first-out basis. The Company shall promptly return to the Reinsurer any amount of assessment refunded to or credited to the Company. 10.02 This Agreement shall apply to risks assigned to the Company under any assigned risk plan if, in the reasonable judgment of the Company, such risks were assigned to the Company because of the business written and reinsured hereunder. 10.03 The Reinsurer shall also pay promptly and directly to the Company the fines, penalties and/or any other charge incurred by the Company as respects the business reinsured hereunder arising out of the actions or inactions of the General Agent unless such fines, penalties and/or any other charge was a direct result of any willful misconduct on the part of the Company, which has been finally determined by a court of competent jurisdiction after the exhaustion of all appeals. 10.04 The Reinsurer shall cause the General Agent to act on behalf of the Company to produce, prepare, and file statistical information with the designated statistical reporting bureau. Such costs and expenses shall be remitted in advance by the General Agent, and the Reinsurer hereby guarantees the timely payment of such costs and expenses, to the Company with its monthly account, based on the Company's good faith estimation. Adjustments to the estimation shall be made annually by the Company to reflect the actual costs related to the business produced hereunder. The Reinsurer shall also cause the General Agent to furnish the Company, and other parties as designated by the Company, with monthly, quarterly and annual reports showing statistical data in respect of the business written as required.

ASSESSMENTS, ASSIGNMENTS, FINES AND PENALTIES. 10.01 11.01 The Reinsurer hereby assumes liability for any and all assessments and assignments imposed as a result of Policies reinsured hereunder (whether before or after the termination of this Agreement). The Reinsurer shall immediately reimburse the Company for any assessments made against the Company pursuant to those laws and regulations creating obligatory funds (including, but not limited to, insurance guaranty and insolvency funds), pools, joint underwriting associations, FAIR plans and similar plans. Amounts owed by the Reinsurer under this Section shall be payable directly by the Reinsurer to the Company. The Reinsurer shall be entitled to receive from the Company on or prior to the 31st day of March of each year thereafter (or such date on which such premium taxes are paid) a sum equal to the premium tax credit that is allowed to the Company with respect to such assessments. The premium tax credit allowed the Reinsurer hereunder is to be on a pro-rata and first-in, first-out basis. The Company shall promptly return to the Reinsurer any amount of assessment refunded to or credited to the Company. 10.02 11.02 This Agreement shall apply to risks assigned to the Company under any assigned risk plan if, in the reasonable judgment of the Company, such risks were assigned to the Company because of the business written and reinsured hereunder. 10.03 11.03 The Reinsurer shall also pay promptly and directly to the Company the any fines, penalties and/or any other charge incurred by the Company as respects the business reinsured hereunder arising out of the actions or inactions of the General Agent unless such fines, penalties and/or any other charge was a direct result of any willful misconduct on the part of the Company, which has been finally determined by a court of competent jurisdiction after the exhaustion of all appeals. 10.04 The Reinsurer shall cause the General Agent to act on behalf of the Company to produce, prepare, and file statistical information with the designated statistical reporting bureau. Such costs and expenses shall be remitted in advance by the General Agent, and the Reinsurer hereby guarantees the timely payment of such costs and expenses, to the Company with its monthly account, based on the Company's good faith estimation. Adjustments to the estimation shall be made annually by the Company to reflect the actual costs related to the business produced hereunder. The Reinsurer shall also cause the General Agent to furnish the Company, and other parties as designated by the Company, with monthly, quarterly and annual reports showing statistical data in respect of the business written as required.

ASSESSMENTS, ASSIGNMENTS, FINES AND PENALTIES. 10.01 11.01 The Reinsurer hereby assumes liability for any and all assessments and assignments imposed as a result of Policies reinsured hereunder (whether before or after the termination of this Agreement). The Reinsurer shall immediately reimburse the Company for any assessments made against the Company pursuant to those laws and regulations creating obligatory funds (including, but not limited to, insurance guaranty and insolvency funds), pools, joint underwriting associations, FAIR plans and similar plans. Amounts owed by the Reinsurer under this Section shall be payable directly by the Reinsurer to the Company. The Reinsurer shall be entitled to receive from the Company on or prior to the 31st day of March June 30 of each year thereafter (or such date on which such premium taxes are paid) a sum equal to the premium tax credit that is allowed to the Company with respect to such assessments. The premium tax credit allowed the Reinsurer hereunder is to be on a pro-rata and first-in, first-out basis. The Company shall promptly return to the Reinsurer any amount of assessment refunded to or credited to the Company. 10.02 11.02 This Agreement shall apply to risks assigned to the Company under any assigned risk plan if, in the reasonable judgment of the Company, such risks were assigned to the Company because of the business written and reinsured hereunder. Should it be determined, in the Company’s sole discretion, that the General Agent, or any agent with whom assigned risks are also allocated under a specific assigned risk plan with the General Agent, is unwilling or unable to fulfill policyholder obligations under such assigned risk plan, the Company may elect alternative means to fulfill the policyholder obligations under the assigned risk plan. Any cost or expense arising out of or related to the administration of the assigned risks shall be paid by the Reinsurer under this Agreement. 10.03 11.03 The Reinsurer shall also pay promptly and directly to the Company the any fines, penalties and/or any other charge incurred by the Company as respects the business reinsured hereunder arising out of the actions or inactions of the General Agent unless such fines, penalties and/or any other charge was a direct result of any willful misconduct on the part of the Company, which has been finally determined by a court of competent jurisdiction after the exhaustion of all appeals. 10.04 The Reinsurer shall cause the General Agent to act on behalf of the Company to produce, prepare, and file statistical information with the designated statistical reporting bureau. Such costs and expenses shall be remitted in advance by the General Agent, and the Reinsurer hereby guarantees the timely payment of such costs and expenses, to the Company with its monthly account, based on the Company's good faith estimation. Adjustments to the estimation shall be made annually by the Company to reflect the actual costs related to the business produced hereunder. The Reinsurer shall also cause the General Agent to furnish the Company, and other parties as designated by the Company, with monthly, quarterly and annual reports showing statistical data in respect of the business written as required.

ASSESSMENTS, ASSIGNMENTS, FINES AND PENALTIES. 10.01 11.01 The Reinsurer hereby assumes liability for any and all assessments and assignments imposed as a result of Policies reinsured hereunder (whether before or after the termination of this Agreement)) less those risks reinsured by the Corresponding Reinsurer. The Reinsurer shall immediately reimburse the Company for any assessments made against the Company pursuant to those laws and regulations creating obligatory funds (including, but not limited to, insurance guaranty and insolvency funds), pools, joint underwriting associations, FAIR plans and similar plans. Amounts owed by the Reinsurer under this Section shall be payable directly by the Reinsurer to the Company. The Reinsurer shall be entitled to receive from the Company on or prior to the 31st day of March of each year thereafter (or such date on which such premium taxes are paid) a sum equal to the premium tax credit that is allowed to the Company with respect to such assessments. The premium tax credit allowed the Reinsurer hereunder is to be on a pro-rata and first-in, first-out basis. The Company shall promptly return to the Reinsurer any amount of assessment refunded to or credited to the Company. 10.02 11.02 This Agreement shall apply to risks assigned to the Company under any assigned risk plan if, in the reasonable judgment of the Company, such risks were assigned to the Company because of the business written and reinsured hereunder. 10.03 11.03 The Reinsurer shall also pay promptly and directly to the Company the 100% any fines, penalties and/or any other charge incurred by the Company as respects the business reinsured hereunder arising out of the actions or inactions of the General Agent unless such fines, penalties and/or any other charge was a direct result of any willful misconduct on the part of the Company, which has been finally determined by a court of competent jurisdiction after the exhaustion of all appeals. 10.04 . The Reinsurer shall cause hereby acknowledges and agrees that the General Agent to act on behalf of Corresponding Reinsurer is not accepting any liability for fines, penalties and/or any other charge incurred by the Company to produce, prepare, as respects the business reinsured hereunder and file statistical information with the designated statistical reporting bureau. Such costs and expenses shall be remitted in advance by the General Agent, and that the Reinsurer hereby guarantees the timely payment of such costs shall pay promptly and expenses, directly to the Company with its monthly account100% any fines, based on the Company's good faith estimation. Adjustments to the estimation shall be made annually penalties and/or any other charge incurred by the Company as it relates to reflect the actual costs related to the business produced hereunder. The Reinsurer shall also cause the General Agent to furnish the Company, and other parties as designated by the Company, with monthly, quarterly and annual reports showing statistical data in respect of the business written as requiredthis Section 11.03.