COMMISSION ADJUSTMENT. A. The provisional commission allowed the Company shall be adjusted in accordance with the provisions set forth herein. The adjusted commission rate shall be calculated as follows and be applied to Net Premiums Earned:
1. if the ratio of Losses Incurred to Net Premiums Earned is 67.50% or greater, the adjusted commission rate shall be 26.50%;
2. if the ratio of Losses Incurred to Net Premiums Earned is less than 67.50%, but not less than 63.50%, the adjusted commission rate shall be 26.50%, plus the difference in percentage points between 67.50% and the actual ratio of Losses Incurred to Net Premiums Earned; Effective: October 1, 2010 U4VT0004 10 of 36 DOC: December 23, 2010
3. if the ratio of Losses Incurred to Net Premiums Earned is 63.50% or less, the adjusted commission rate shall be 30.50%.
B. Within 30 days after 12 months after the expiration date of this Contract, and annually thereafter until all losses subject hereto have been finally settled, the Company shall calculate and report the adjusted commission on Net Premiums Earned. If the adjusted commission on Net Premiums Earned is less than commissions previously allowed by the Reinsurer on Net Premiums Earned, the Company shall remit the difference to the Reinsurer with its report. If the adjusted commission on Net Premiums Earned is greater than commissions previously allowed by the Reinsurer on Net Premiums Earned, the Reinsurer shall remit the difference to the Company as promptly as possible after receipt and verification of the Company’s report.
COMMISSION ADJUSTMENT. On the fifth (5th) anniversary of the Effective Date of this Agreement, upon the written request of either Party, the Parties shall negotiate in good faith an adjustment to the commission to take into account changes in market conditions, operating conditions or costs, including overhead costs, inflation or other factors; provided, however, that in the event the Parties are unable to agree to any such adjustments within thirty (30) days following commencement of such negotiations, no adjustment to the commission will be made.
COMMISSION ADJUSTMENT. A. 1. The final ceding commission shall be determined by the loss experience under this Agreement. The Company will calculate an adjusted ceding commission for the Underwriting Period within 14 months following the inception of the Underwriting Period based on premiums earned and losses incurred. The provisional ceding commission will be adjusted between the parties as appropriate. Adjustments for the Underwriting Period continue to be made annually until all losses ascribed to the Underwriting Period have been paid or closed, at which time the ceding commission will become final. For purposes of this calculation, no upward adjustment will be made until 26 months following the inception of the Underwriting Period.
COMMISSION ADJUSTMENT. A. The provisional commission allowed the Company shall be adjusted in accordance with the provisions set forth herein. The adjusted commission rate shall be calculated as follows and be applied to collected Net Premiums Earned:
1. If the ratio of Losses Incurred to collected Net Premiums Earned is 79.50% or greater, the adjusted commission rate shall be 14.00%; Effective: January 1, 2012 11 of 37 DOC: December 29, 2011
2. If the ratio of Losses Incurred to collected Net Premiums Earned is less than 79.50%, but not less than 69.50%, the adjusted commission rate shall be 14.00%, plus the difference in percentage points between 79.50% and the actual ratio of Losses Incurred to collected Net Premiums Earned;
3. If the ratio of Losses Incurred to collected Net Premiums Earned is 69.50% or less, the adjusted commission rate shall be 24.00%.
B. If the ratio of Losses Incurred to collected Net Premiums Earned is greater than 79.50%, the difference in percentage points between the actual ratio of Losses Incurred to collected Net Premiums Earned and 79.50% shall be multiplied by collected Net Premiums Earned and the product shall be carried forward to the successor contract to this Contract as a debit to Losses Incurred. If the ratio of Losses Incurred to collected Net Premiums Earned is less than 69.50%, the difference in percentage points between 69.50% and the actual ratio of Losses Incurred to collected Net Premiums Earned shall be multiplied by collected Net Premiums Earned and the product shall be carried forward to the successor contract to this Contract as a credit to Losses Incurred. However, no carry-forward shall affect results of adjustments beyond the third contract, if any, issued following the expiration date of this Contract.
C. Within 12 months after the expiration date of this Contract, or January 1, 2014 if this Contract is terminated on a cut-off basis, and annually thereafter until all losses subject hereto have been finally settled, the Company shall calculate and report the adjusted commission on collected Net Premiums Earned. If the adjusted commission on collected Net Premiums Earned is less than commissions previously allowed by the Reinsurer on collected Net Premiums Earned, the Company shall remit the difference to the Reinsurer with its report. If the adjusted commission on collected Net Premiums Earned is greater than commissions previously allowed by the Reinsurer on collected Net Premiums Earned, the Reinsurer shall remit the differe...
COMMISSION ADJUSTMENT. A. The provisional commission allowed the Company shall be adjusted periodically for each underwriting year in accordance with the provisions set forth herein. The adjusted commission rate shall be calculated as follows and be applied to premiums earned for the underwriting year under consideration:
1. If the ratio of losses incurred to premiums earned is 67.5% or greater, the adjusted commission rate for the underwriting year under consideration shall be 25.0%;
2. If the ratio of losses incurred to premiums earned is less than 67.5%, but not less than 55.0%, the adjusted commission rate for the underwriting year under consideration shall be 25.0%, plus the difference in percentage points between 67.5% and the actual ratio of losses incurred to premiums earned;
3. If the ratio of losses incurred to premiums earned is less than 55.0%, but not less than 45.0%, the adjusted commission rate for the underwriting year under consideration shall be 37.5%, plus one-half the difference in percentage points between 55.0% and the actual ratio of losses incurred to premiums earned;
4. If the ratio of losses incurred to premiums earned is less than 45.0%, but not less than 40.0%, the adjusted commission rate for the underwriting year under consideration shall be 42.5%, plus the difference in percentage points between 45.0% and the actual ratio of losses incurred to premiums earned;
5. If the ratio of losses incurred to premiums earned is 40.0% or less, the adjusted commission rate for the underwriting year under consideration shall be 47.5%.
B. If the ratio of losses incurred to premiums, earned for any underwriting year is greater than 67.5%, the difference in percentage points between the actual ratio of losses incurred to
C. Within 45 days after the end of each underwriting year the Company shall calculate and report the adjusted commission on premiums earned for the underwriting year. If the adjusted commission on premiums earned is less than commissions previously allowed by the Reinsurer on premiums earned for the underwriting year, the Company shall remit the difference to the Reinsurer with its report. If the adjusted commission on premiums earned is greater than commissions previously allowed by the Reinsurer on premiums earned for the underwriting year, the Reinsurer shall remit the difference to the Company as promptly as possible after receipt and verification of the Company's report.
D. In the event the adjusted commission calculation for any underwriting y...
COMMISSION ADJUSTMENT. A. 1. The final ceding commission shall be determined by the loss experience under this Agreement for each Adjustment Period (as defined in Article 10). There shall be provisional adjustments and a final adjustment for each Adjustment Period, all in accordance with the other paragraphs of this Article.
2. Within 60 days following the end of each Underwriting Year within each Adjustment Period, the Company will calculate an adjusted ceding commission for the Adjustment Period then expired based on premiums earned and losses incurred. The ceding commission paid to that date, whether provisional or prior adjustment, shall be adjusted between the parties as appropriate. At the end of each Adjustment Period, adjustments will continue to be made annually until all losses have been paid or closed, at which time the ceding com- mission will become final.
3. Premium earned for the period shall mean all written premium ceded to this Agreement during the period, less cancellations and returns, plus the unearned premium reserve at the beginning of the period and less the unearned premium reserve at the end of the period.
4. Losses incurred for the period shall mean the loss and loss expense paid by the Reinsurer (less salvages and recoveries received) on losses ascribed to the period, plus loss and loss expense reserves outstanding on losses ascribed to the period and plus an amount for incurred but not reported losses (IBNR) as provided by the Company.
B. 1. Should the ratio of losses incurred to premium earned be 70.0% or higher, then the adjusted ceding commission shall be 26.0%.
COMMISSION ADJUSTMENT. The provisional commission allowed the Company shall be adjusted in accordance with the provisions set forth herein for each Accounting Period as hereinafter defined. The adjusted commission rate shall be calculated as follows and be applied to Net Premiums Earned for the Accounting Period under consideration: Effective: December 31, 2013 DOC: May 22, 2014 U4VT0008 (Tokio Millenn) 1 of 4 Endorsement No. 2
COMMISSION ADJUSTMENT. A. 1. The final ceding commission shall be determined by the loss experience under this Agreement for each period comprising three consecutive Agreement Years or lesser period should the Agreement be terminated prior to the end of a three Agreement Year period. There shall be provisional adjustments and a final adjustment for each period, all in accordance with the other paragraphs of this Article.
COMMISSION ADJUSTMENT. Provisional Commission paid pursuant to Section 21(a) herein shall be adjusted so that the adjusted commission ("Adjusted Commission") paid under this Agreement will equal one hundred percent (100%) percent of ceded commission paid to the Company from its reinsurers as if the Company had reinsured 100% of the insured risk under the Policies under a quota share reinsurance agreement having the same terms and conditions (except for the Company's risk retention) as the actual quota share reinsurance agreement ("Quota Share treaty") reinsuring the insured risk under the Policies, less the Company's retained fee equal to five percent (5%), less the retained tax Allowance. The General Agent will receive adjusted commission with respect to l00% of Net Written Premium. The Company shall remit any amount by which the Adjusted Commission exceeds the commission paid to the General Agent, within thirty (30) days after the Company's actual receipt of its adjusted ceding commission remittance from its reinsurers pursuant to the terms of the Quota Share Treaty. If the Company determines that (i) the commission paid to the General Agent exceeded the actual amount of the Adjusted Commission to which the General Agent was entitled, the General Agent shall pay the excess amount to the Company within five (5) business days after demand. If the ceding commission under the Quota Share Treaty is modified after the date hereof the General Agency shall continue to receive one hundred percent (100%) of the modified ceding commission, as modified above.
COMMISSION ADJUSTMENT. To ensure that the Commission payable under this Contract is competitive City shall survey similar venues within the industry and may increase or decrease the Commission at the beginning of the Renewal Term of this Contract. Agreements between Contractor and Licensees executed prior to the effective date of City’s notice, shall not be effected by the Commission adjustment. Contractor must provide to Director within five (5) days of receipt of City’s notification a list of those Licensees which are under agreement with Contractor as of date of notification.
