Ceding Commission. The Reinsurer shall allow the Company a ceding commission of (or a proportionate share of such amount in the event of a Quota Share Reduction) per annum, to be taken as a deduction from the first monthly premium payment to the Reinsurer at the commencement of this Contract and at each annual anniversary thereof, to cover the Company's operational costs directly allocable to writing the business subject hereto.
Ceding Commission. With respect to the Reinsurance Contracts, Retrocessionaire shall pay the Retrocedant a ceding commission (the "CEDING COMMISSION") with respect to the Section B (Prospective) Coverage Period, and such Ceding Commission shall equal one hundred percent (100%) of the actual expenses incurred in writing each Reinsurance Contract, including actual ceding commissions and brokerage paid, as determined in accordance with Retrocedant's customary practices and procedures and as submitted to The St. Xxxx, all as allocable pro rata to periods from and after the Effective Time.
Ceding Commission. The Reinsurer agrees to allow the Company a commission allowance of 28.5% on the Original Gross Premium ceded under this Agreement. On all return premiums the Company shall return to the Reinsurer the commission allowance of 28.5%. The commission allowance which the Reinsurer makes to the Company on the business transacted under this Agreement includes provision for all taxes, assessments and any other expenses whatsoever, except loss adjustment expenses.
Ceding Commission. The Ceding Commission shall be the sum of the following:
Ceding Commission. On the Closing Date, the Company shall be entitled to a ceding commission (the “Ceding Commission”) in an amount determined in accordance with Schedule C.
Ceding Commission. The Reinsurer shall pay to the Company on the Closing Date a Ceding Commission in the amount of $116,487,000. The Ceding Commission shall be credited to the Company as a reduction in the amount of cash or cash equivalents included within the Transferred Assets to be transferred by the Company to the Reinsurer at Closing in accordance with the provisions of Sections 3.2 hereof.
Ceding Commission. The Reinsurer shall pay to the Company on the Closing Date a Ceding Commission in the amount of $6,047,000. The Ceding Commission shall be credited to the Company as a reduction in the amount of cash or cash equivalents included within the Transferred Assets (as defined in the Coinsurance Agreement) to be transferred by the Company to the Reinsurer pursuant to the Coinsurance Agreement. In accordance with Section 2.4 of this Agreement, there shall be no transfer of Separate Account Reserves or Separate Account Assets at the Closing.
Ceding Commission. A. The Reinsurer shall allow the Company a provisional ceding commission of 32.0% of all Net Earned Premium ceded to the Reinsurer hereunder. The Company shall allow the Reinsurer return commission on return premiums at the same rate.
B. The provisional commission allowed to the Company shall be adjusted periodically in accordance with the provisions set forth herein.
C. The first adjustment period shall be from the inception date of this Agreement through December 31, 2010 and each subsequent 12 month period shall be a separate adjustment period, with the final separate adjustment period being a 14 month period (each an “Adjustment Period” and, collectively, “Adjustment Periods”). However, if this Agreement is terminated, the final adjustment period shall be from the beginning of the then current Adjustment Period through the date of termination if this Agreement is terminated on a “cutoff” basis or the end of the runoff period if this Agreement is terminated on a “runoff” basis. The first calculation of adjusted commission for an Adjustment Period shall be made as of the date that is 12 months after the end of such Adjustment Period (the “Initial Calculation Date”).
D. The adjusted commission rate shall be calculated as follows and be applied to Net Earned Premium for the Adjustment Period under consideration:
1. If the Actual Loss Ratio for the Adjustment Period is 64.5% or greater, the adjusted commission rate for the Adjustment Period under consideration shall be a minimum commission of 30.0%;
2. If the Actual Loss Ratio for the Adjustment Period is less than 64.5%, but equal to or greater than 62.0%, the adjusted commission rate for such Adjustment Period under consideration shall be 32.5%, minus the difference in percentage points between 62.0% and the Actual Loss Ratio for such Adjustment Period;
3. If the Actual Loss Ratio for the Adjustment Period is less than 62.0%, but greater than 60.0% the adjusted commission rate for such Adjustment Period under consideration shall be 32.5% plus the difference in percentage points between 62.0% and the Actual Loss Ratio for such Adjustment Period;
4. If the Actual Loss Ratio for the Adjustment Period is 60.0% or less, the adjusted commission rate for such Adjustment Period shall be 34.5%. For an abundance of clarity, an illustration of the sliding scale is attached as Exhibit A.
E. The Reinsurer shall calculate and report the adjusted commission on Net Earned Premium within 30 days after the Initial Calculat...
Ceding Commission. Each of the Participating Companies shall be charged with a ceding commission in an amount equal to such Participating Company’s Pooling Percentage of actual commissions paid to agents or brokers, premium taxes, guarantee fund assessments, fees and assessments for boards, bureaus and associations, fees and assessments for industry and residual markets, and other similar expenses incurred by the Participating Companies on all premiums ceded hereunder, but after deduction of ceding commissions or expense reimbursement amounts recovered under Existing Reinsurance and Pool Reinsurance.
Ceding Commission. The Reinsurer will allow the Company a provisional ceding commission of 30.0% of the written premiums ceded hereunder. Return commission shall be allowed on return premiums at the same rate."
