BALANCES IN DEFAULT. Reinsurer reserves the right to charge interest at the Prime Rate plus 2% as stated in the Wall Street Journal on the first business day in January prior to the due date of the premium when renewal premiums are not paid within sixty (60) days of the due date or premiums for new business are not paid within one hundred twenty (120) days of the date the policy is issued.
Appears in 8 contracts
Samples: Reinsurance Agreement (New York Life Ins & Annuity Corp Var Univ Life Sep Acc I), Automatic Reinsurance Agreement (New York Life Ins & Annuity Corp Var Univ Life Sep Acc I), Reinsurance Agreement (New York Life Ins & Annuity Corp Var Univ Life Sep Acc I)
BALANCES IN DEFAULT. The Reinsurer reserves the right to charge interest at the Prime Rate plus 2% as stated in the Wall Street Journal on the first business day in January 1, prior to the due date of the premium when renewal when:
a. Renewal premiums are not paid within sixty (60) days of the due date or premiums date.
b. Premiums for new business are not paid within one hundred twenty (120) days of the date the policy is issued.
Appears in 2 contracts
Samples: Reinsurance Agreement (Minnesota Life Variable Life Account), Reinsurance Agreement (Minnesota Life Variable Life Account)
BALANCES IN DEFAULT. The Reinsurer reserves the right to charge interest at the Prime Rate plus 2% as stated in the Wall Street Journal on the first 1st business day in January prior to the due date of the premium when renewal when:
a. Renewal premiums are not paid within sixty (60) days of the due date or premiums date.
b. Premiums for new business are not paid within one hundred twenty (120) days of the date the policy is issued.. ARBITRATION (ARTICLE XIII):
Appears in 1 contract
BALANCES IN DEFAULT. The Reinsurer reserves the right to charge interest at the Prime Rate plus 2% as stated in the Wall Street Journal on the first 1st business day in January prior to the due date of the premium when renewal when: Renewal premiums are not paid within sixty (60) days of the due date or premiums for new business are not paid within one hundred twenty (120) days of the date the policy is issued.date. ARBITRATION, ARTICLE XIII:
Appears in 1 contract
Samples: Automatic Yrt Reinsurance Agreement (Kansas City Life Insurance Co)
BALANCES IN DEFAULT. The Reinsurer reserves the right to charge interest at the Prime Rate plus 2% as stated in the Wall Street Journal on the first 1st business day in January prior to the due date of the premium when renewal when:
a. Renewal premiums are not paid within sixty (60) days of the due date or premiums date.
b. Premiums for new business are not paid within one hundred twenty (120) days of the date the policy is issued.. ARBITRATION, ARTICLE XIII:
Appears in 1 contract
Samples: Automatic and Facultative Coinsurance Reinsurance Agreement (Kansas City Life Insurance Co)
BALANCES IN DEFAULT. The Reinsurer reserves the right to charge interest at the Prime Rate plus 2% as stated in the Wall Street Journal on the first 1st business day in January prior to the due date of the premium when renewal when:
a. Renewal premiums are not paid within sixty (60) days of the due date or premiums for new business are not paid within one hundred twenty date. 16 ARBITRATION (120) days of the date the policy is issued.ARTICLE XIII):
Appears in 1 contract
Samples: Reinsurance Agreement (Vel Ii Account of Allmerica Financial Life Ins & Ann Co)
BALANCES IN DEFAULT. Reinsurer reserves the right to charge interest at the Prime Rate plus 2% as stated in the Wall Street Journal on the first business day in January prior to the due date of the premium when renewal premiums are not paid within sixty (60) days of the due date or premiums for new business are not paid within one hundred twenty (120) days of the date the policy is issued.. NYLIAC 2001 COLI REINSURANCE AGREEMENT
Appears in 1 contract
Samples: Reinsurance Agreement (Corporate Sponsored Vul Separate Account I)
BALANCES IN DEFAULT. Reinsurer reserves the right to charge interest at the Prime Rate plus 2% as stated in the Wall Street Journal on the first business day in January prior to the due date of the premium when renewal premiums are not paid within sixty (60) days of the due date date, or premiums for new business are not paid within one hundred twenty (120) days of the date the policy is issued.
Appears in 1 contract
Samples: Facultative Reinsurance Agreement (New York Life Ins & Annuity Corp Var Univ Life Sep Acc I)
BALANCES IN DEFAULT. Reinsurer reserves the right to charge interest at the Prime Rate plus 2% as stated in the Wall Street Journal on the first business day in January prior to the AD101 VUL REINSURANCE AGREEMENT due date of the premium when renewal premiums are not paid within sixty (60) days of the due date or premiums for new business are not paid within one hundred twenty (120) days of the date the policy is issued.
Appears in 1 contract
Samples: Reinsurance Agreement (New York Life Ins & Annuity Corp Var Univ Life Sep Acc I)
BALANCES IN DEFAULT. The Reinsurer reserves the right to charge interest at the Prime Rate plus 2% as stated in the Wall Street Journal on the first 1st business day in January prior to the due date of the premium when renewal when:
a. Renewal premiums are not paid within sixty (60) days of the due date or premiums date
b. Premiums for new business are not paid within one hundred twenty (120) days of the date the policy is issued.
Appears in 1 contract
Samples: Reinsurance Treaty (Life Investors Variable Life Account A)
