DAC TAX. A. Each of the Company and the Reinsurer agrees that, for each taxable year during the Term and the five-year period immediately following the Term, it will comply with the following provisions. As used below, the term “party” refers to either the Company or the Reinsurer, as appropriate. The terms used in this Article are defined by reference to Regulation Section ) 1.848-2 of the Income Tax Regulations issued in December 1992 under Section 848 of the Internal Revenue Code of 1986, as amended (the “Code”). B. The party with the net positive consideration for this Treaty for each taxable year will capitalize specified policy acquisition expenses with respect to this Treaty without regard to the general deductions limitation of Section 848(c)(l) of the Code. C. The parties shall exchange information regarding the amount of net consideration paid under this Treaty in each year to ensure consistency. The parties also agree to exchange information which may otherwise be required by the Internal Revenue Service. D. The Company will submit a schedule to the Reinsurer by June 1 of each year of its calculation of net consideration for the preceding year. Such schedule will be accompanied by a statement signed by an officer of the Company stating that the Company will report such net consideration in its tax return for the preceding calendar year. The Reinsurer may contest such calculation by providing an alternative calculation to the Company in writing within 30 days of the Reinsurer’s receipt of the Company’s calculation. If the Reinsurer does not so notify the Company, the Reinsurer will report the net consideration as determined by the Company in the Reinsurer’s tax return for the previous calendar year. If the Reinsurer contests the Company’s calculation of the net consideration, the parties will act in good faith to reach an agreement as to the correct amount within 30 days of the date the Reinsurer submits its alternative calculation. If the Company and the Reinsurer reach agreement on an amount of net consideration, each party shall report such amount in their respective tax returns for the previous calendar year. If the parties still fail to reach agreement, the determination of net consideration shall be submitted to arbitration.
Appears in 1 contract
Samples: Quota Share Retrocession Agreement (Assured Guaranty LTD)
DAC TAX. A. Each 14.1 The parties to this Agreement agree to the following provisions pursuant to Section 1.848-2(g)(8) of the Company and Income Tax Regulations effective December 29, 1992, under Section 848 of the Reinsurer agrees thatInternal Revenue Code of 1986, for each taxable year during the Term and the five-year period immediately following the Term, it will comply with the following provisions. As used below, the as amended:
(a) The term “'party” ' refers to either the Ceding Company or the ReinsurerREINSURER, as appropriate. .
(b) The terms used in this Article are defined by reference to Regulation Section ) 1.848-2 of the Income Tax Regulations issued in 2, effective December 1992 under Section 848 of the Internal Revenue Code of 198629, as amended (the “Code”)1992.
B. (a) The party with the net positive consideration for this Treaty Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Treaty Agreement without regard to the general deductions limitation of Section 848(c)(l) of the Code848(c)(1).
C. The (b) Both parties shall agree to exchange information regarding pertaining to the amount of net consideration paid under this Treaty in Agreement each year to ensure consistency. The parties also agree to exchange information which may , or as otherwise be required by the Internal Revenue Service.
D. (c) The Ceding Company will submit a schedule to the Reinsurer REINSURER by June April 1 of each year of with its calculation of the net consideration for the preceding calendar year. Such This schedule of calculations will be accompanied by a statement signed by an officer of the Ceding Company stating that the Ceding Company will report such net consideration in its tax return for the preceding calendar year. The Reinsurer REINSURER may contest such calculation by providing an alternative calculation to the Ceding Company in writing within 30 thirty (30) days of the Reinsurer’s REINSURER's receipt of the Ceding Company’s 's calculation. If the Reinsurer REINSURER does not so notify the CompanyCeding Company within the required timeframe, the Reinsurer REINSURER will report the net consideration as determined by the Ceding Company in the Reinsurer’s REINSURER's tax return for the previous calendar year. If the Reinsurer contests the Company’s calculation of the net consideration, the parties will act in good faith to reach an agreement as to the correct amount within 30 days of the date the Reinsurer submits its alternative calculation. If the Company and the Reinsurer reach agreement on an amount of net consideration, each party shall report such amount in their respective tax returns for the previous calendar year. If the parties still fail to reach agreement, the determination of net consideration shall be submitted to arbitration.
Appears in 1 contract
Samples: Reinsurance Agreement (National Variable Life Insurance Account)
DAC TAX. A. Each of the The Company and the Reinsurer agrees that, for each taxable year during the Term and the five-year period immediately following the Term, it will comply with hereby agree to the following provisionspursuant to Section 1.8482(g)(8) of the Income Tax Regulations issued December 29, 1992, under Section 848 of the Internal Revenue Code of 1986, as amended. As used below, the This election shall be effective for all taxable years for which this Agreement remains in effect.
1. The term “party” refers "Party" shall refer to either the Company or the Reinsurer, as appropriate.
2. The terms used in this Article are defined by reference to Regulation Section ) 1.848-2 in effect as of the Income Tax Regulations issued in December 1992 under Section 848 of the Internal Revenue Code of 198629, as amended (the “Code”)1992.
B. 3. The party Party with the net positive consideration for this Treaty Agreement for each taxable year will shall capitalize specified policy acquisition expenses expense with respect to this Treaty Agreement without regard to the general deductions limitation of Section 848(c)(l) of the Code848 (c)(1).
C. 4. The parties shall Company and the Reinsurer agree to exchange information regarding pertaining to the amount of the net consideration paid under this Treaty in Agreement each year to ensure consistency. The parties also agree to exchange information which may consistency or as otherwise be required by the Internal Revenue Service.
D. 5. The Company will shall submit a schedule to the Reinsurer by June 1 of each year of its calculation of the net consideration for the preceding calendar year. Such This schedule will of calculations shall be accompanied by a statement signed by an officer of the Company stating that the Company will shall report such net consideration in its tax return for the preceding calendar year.
6. The Reinsurer may contest such calculation by providing an alternative calculation to the Company in writing within 30 thirty (30) days of the Reinsurer’s 's receipt of the Company’s 's calculation. If the Reinsurer does not so notify the Company, the Reinsurer will shall report the net consideration as determined by the Company in the Reinsurer’s 's tax return for the previous calendar year.
7. If the Reinsurer contests the Company’s 's calculation of the net consideration, the parties will Parties shall act in good faith to reach an agreement as to the correct amount within 30 thirty (30) days of the date the Reinsurer submits its alternative calculation. If the Company Reinsurer and the Reinsurer Company reach agreement on an amount of net consideration, each party Party shall report such amount in their respective tax returns for the previous calendar year. If the parties still fail to reach agreement, the determination of net consideration shall be submitted to arbitration.
Appears in 1 contract
DAC TAX. A. Each 14.1 The parties to this Agreement agree to the following provisions pursuant to Section 1.848-2(g)(8) of the Company and Income Tax Regulations effective December 29, 1992, under Section 848 of the Reinsurer agrees thatInternal Revenue Code of 1986, for each taxable year during the Term and the five-year period immediately following the Term, it will comply with the following provisions. As used below, the as amended:
(a) The term “`party” ' refers to either the Ceding Company or the Reinsurer, as appropriate. .
(b) The terms used in this Article are defined by reference to Regulation Section ) 1.848-2 of the Income Tax Regulations issued in 2, effective December 1992 under Section 848 of the Internal Revenue Code of 198629, as amended (the “Code”)1992.
B. (c) The party with the net positive consideration for this Treaty Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Treaty Agreement without regard to the general deductions limitation of Section 848(c)(l) of the Code848(c)(1).
C. The (d) Both parties shall agree to exchange information regarding pertaining to the amount of net consideration paid under this Treaty in Agreement each year to ensure consistency. The parties also agree to exchange information which may , or as otherwise be required by the Internal Revenue Service.
D. (e) The Ceding Company will submit a schedule to the Reinsurer by June April 1 of each year of with its calculation of the net consideration for the preceding calendar year. Such This schedule of calculations will be accompanied by a statement signed by an officer of the Ceding Company stating that the Ceding Company will report such net consideration in its tax return for the preceding calendar year. The Reinsurer may contest such calculation by providing an alternative calculation to the Ceding Company in writing within 30 thirty (30) days of the Reinsurer’s 's receipt of the Ceding Company’s 's calculation. If the Reinsurer does not so notify the CompanyCeding Company within the required timeframe, the Reinsurer will report the net consideration as determined by the Ceding Company in the Reinsurer’s 's tax return for the previous calendar year. .
(f) If the Reinsurer contests the Ceding Company’s 's calculation of the net consideration, the parties will act in good faith to reach an agreement as to the correct amount within 30 thirty (30) days of the date the Reinsurer submits its alternative calculation. If the Ceding Company and the Reinsurer reach an agreement on an amount of net consideration, each party shall will report such the agreed upon amount in their respective its tax returns return for the previous calendar year.
(g) Both the Ceding Company and the Reinsurer represent and warrant that they are subject to United States taxation under either Subchapter L or Subpart F of Part III of Subchapter N of the Internal Revenue Code of 1986, as amended. If the parties still fail to reach agreement, the determination of net consideration shall be submitted to arbitration.IDS VUL JLLS Generic Master Treaty
Appears in 1 contract
Samples: Automatic Yrt Reinsurance Agreement (Ids Life Variable Life Separate Account)
DAC TAX. A. Each 14.1 The parties to this Agreement agree to the following provisions pursuant to Section 1.848-2(g)(8) of the Company and Income Tax Regulations effective December 29, 1992, under Section 848 of the Reinsurer agrees thatInternal Revenue Code of 1986, for each taxable year during the Term and the five-year period immediately following the Term, it will comply with the following provisions. As used below, the as amended:
(a) The term “`party” ' refers to either the Ceding Company or the Reinsurer, as appropriate. .
(b) The terms used in this Article are defined by reference to Regulation Section ) 1.848-2 of the Income Tax Regulations issued in 2, effective December 1992 under Section 848 of the Internal Revenue Code of 198629, as amended (the “Code”)1992.
B. (c) The party with the net positive consideration for this Treaty Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Treaty Agreement without regard to the general deductions limitation of Section 848(c)(l) of the Code848(c)(1).
C. The (d) Both parties shall agree to exchange information regarding pertaining to the amount of net consideration paid under this Treaty in Agreement each year to ensure consistency. The parties also agree to exchange information which may , or as otherwise be required by the Internal Revenue Service.
D. (e) The Ceding Company will submit a schedule to the Reinsurer by June April 1 of each year of with its calculation of the net consideration for the preceding calendar year. Such This schedule of calculations will be accompanied by a statement signed by an officer of the Ceding Company stating that the Ceding Company will report such net consideration in its tax return for the preceding calendar year. The Reinsurer may contest such calculation by providing an alternative calculation to the Ceding Company in writing within 30 thirty (30) days of the Reinsurer’s 's receipt of the Ceding Company’s 's calculation. If the Reinsurer does not so notify advise the CompanyCeding Company within the required timeframe, the Reinsurer will report the net consideration as determined by the Ceding Company in the Reinsurer’s 's tax return for the previous calendar year. .
(f) If the Reinsurer contests the Ceding Company’s 's calculation of the net consideration, the parties will act in good faith to reach an agreement as to the correct amount within 30 thirty (30) days of the date the Reinsurer submits its alternative calculation. If the Ceding Company and the Reinsurer reach an agreement on an amount of net consideration, each party shall will report such the agreed upon amount in their respective its tax returns return for the previous calendar year.
(g) Both the Ceding Company and the Reinsurer represent and warrant that they are subject to United States taxation under either Subchapter L or Subpart F of Part III of Subchapter N of the Internal Revenue Code of 1986, as amended. If the parties still fail to reach agreement, the determination of net consideration shall be submitted to arbitration.IDSL VUL4/LP Select Treaty 23
Appears in 1 contract
Samples: Reinsurance Agreement (Ids Life Variable Life Separate Account)
DAC TAX. A. Each of the Company and the Reinsurer agrees that, for each taxable year during the Term and the five-year period immediately following the Term, it will comply with The Parties to this Agreement agree to the following provisions. As used below, the term “party” refers provisions pursuant to either the Company or the Reinsurer, as appropriate. The terms used in this Article are defined by reference to Regulation Section ) 1.848-2 2(g)(8) of the Income Tax Regulations issued in effective December 1992 29, 1992, under Section 848 of the Internal Revenue Code of 1986, as amended (the “Code”).amended:
B. a. The party Party with the net positive consideration for this Treaty Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Treaty Agreement without regard to the general deductions limitation of Section 848(c)(l) of the Code848(c)(1).
C. The parties shall b. Both Parties agree to exchange information regarding pertaining to the amount of net consideration paid under this Treaty in Agreement each year to ensure consistency. The parties also agree to exchange information which may , or as otherwise be required by the Internal Revenue Service.
D. The c. If requested by the Reinsurer, the Company will submit a schedule to the Reinsurer by June 1 May of each year of with its calculation of the net consideration for the preceding year. Such schedule will be accompanied by a statement signed by an officer of the Company stating that the Company will report such net consideration in its tax return for the preceding calendar year. The Reinsurer may contest such calculation by providing an alternative calculation to the Company in writing within 30 thirty (30) calendar days of the Reinsurer’s receipt of the Company’s calculation. If the Reinsurer does not so notify the CompanyCompany within the required timeframe, the Reinsurer will report the net consideration as determined by the Company in the Reinsurer’s tax return for the previous calendar year. .
d. If the Reinsurer contests the Company’s calculation of the net consideration, the parties Parties will act in good faith to reach an agreement as to the correct amount within 30 thirty (30) calendar days of the date the Reinsurer submits its alternative calculation. If the Company and the Reinsurer reach an agreement on an amount of net consideration, each party shall Party will report such the agreed upon amount in their respective its tax returns return for the previous calendar year. If .
e. Both the parties still fail Company and the Reinsurer represent and warrant that they are subject to reach agreementUnited States taxation under either Subchapter L or Subpart F of Part III of Subchapter N of the Internal Revenue Code of 1986, the determination of net consideration shall be submitted to arbitrationas amended.
Appears in 1 contract
Samples: Automatic Yearly Renewable Term Reinsurance Agreement (Symetra Separate Account Sl)
DAC TAX. A. Each 14.1 The parties to this Agreement agree to the following provisions pursuant to Section 1.848-2(g)(8) of the Company and Income Tax Regulations effective December 29, 1992, under Section 848 of the Reinsurer agrees thatInternal Revenue Code of 1986, for each taxable year during the Term and the five-year period immediately following the Term, it will comply with the following provisions. As used below, the as amended:
(a) The term “'party” ' refers to either the Ceding Company or the Reinsurer, as appropriate. .
(b) The terms used in this Article are defined by reference to Regulation Section ) 1.848-2 of the Income Tax Regulations issued in 2, effective December 1992 under Section 848 of the Internal Revenue Code of 198629, as amended (the “Code”)1992.
B. (c) The party with the net positive consideration for this Treaty Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Treaty Agreement without regard to the general deductions limitation of Section 848(c)(l) of the Code848(c)(1).
C. The (d) Both parties shall agree to exchange information regarding pertaining to the amount of net consideration paid under this Treaty in Agreement each year to ensure consistency. The parties also agree to exchange information which may , or as otherwise be required by the Internal Revenue Service.
D. (e) The Ceding Company will submit a schedule to the Reinsurer by June April 1 of each year of with its calculation of the net consideration for the preceding calendar year. Such This schedule of calculations will be accompanied by a statement signed by an officer of the Ceding Company stating that the Ceding Company will report such net consideration in its tax return for the preceding calendar year. The Reinsurer may contest such calculation by providing an alternative calculation to the Ceding Company in writing within 30 thirty (30) days of the Reinsurer’s 's receipt of the Ceding Company’s 's calculation. If the Reinsurer does not so notify the CompanyCeding Company within the required timeframe, the Reinsurer will report the net consideration as determined by the Ceding Company in the Reinsurer’s 's tax return for the previous calendar year. .
(f) If the Reinsurer contests the Ceding Company’s 's calculation of the net consideration, the parties will act in good faith to reach an agreement as to the correct amount within 30 thirty (30) days of the date the Reinsurer submits its alternative calculation. If the Ceding Company and the Reinsurer reach an agreement on an amount of net consideration, each party shall will report such the agreed upon amount in their respective its tax returns return for the previous calendar year.
(g) Both the Ceding Company and the Reinsurer represent and warrant that they are subject to United States taxation under either Subchapter L or Subpart F of Part III of Subchapter N of the Internal Revenue Code of 1986, as amended. If the parties still fail to reach agreement, the determination of net consideration shall be submitted to arbitration.IDSL-NY Succession Select Treaty
Appears in 1 contract
Samples: Reinsurance Agreement (Ids Life of New York Account 8)
DAC TAX. A. Each TREASURY REGULATION SECTION 1.848-2(g)98) ELECTION The CEDING COMPANY and the REINSURER hereby agree to the following pursuant to Section 1.848-2(g)(8) of the Company Income Tax Regulations issued December 29, 1992, under Section 848 of the Internal Revenue Code 1986, as amended. This election shall be effective for the year this Agreement becomes effective and the Reinsurer agrees that, all subsequent taxable years for each taxable year during the Term and the five-year period immediately following the Term, it which this Agreement remains in effect.
A. The term "party" will comply with the following provisions. As used below, the term “party” refers refer to either the Company CEDING COMPANY or the Reinsurer, REINSURER as appropriate. .
B. The terms used in this Article are defined by reference to Regulation Treasury Regulations Section ) 1.848-2 in effect as of the Income Tax Regulations issued in December 1992 under Section 848 of the Internal Revenue Code of 198629, as amended (the “Code”)1992.
B. C. The party with the net positive consideration for this Treaty Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Treaty Agreement without regard to the general deductions deduction limitation of IRC Section 848(c)(l) of the Code848(c)(1).
C. The D. Both parties shall agree to exchange information regarding pertaining to the amount of net consideration paid under this Treaty in Agreement each year to ensure consistency. The parties also agree to exchange information information, which may be otherwise be required by the Internal Revenue ServiceIRS.
D. E. The Company CEDING COMPANY will submit to the REINSURER by April 1st of each year, a schedule to the Reinsurer by June 1 of each year of its calculation of the net consideration for the preceding calendar year. Such This schedule will be accompanied by a statement signed by an officer of the Company CEDING COMPANY stating that the Company CEDING COMPANY will report such net consideration in its tax return for the preceding calendar year. .
F. The Reinsurer REINSURER may contest such calculation by providing an alternative alternate calculation to the Company CEDING COMPANY in writing within 30 thirty (30) days of the Reinsurer’s REINSURER's receipt of the Company’s CEDING COMPANY's calculation. If the Reinsurer REINSURER does not so notify the CompanyCEDING COMPANY, the Reinsurer REINSURER will report the net consideration as determined by the Company CEDING COMPANY in the Reinsurer’s REINSURER's tax return for the previous calendar year. .
G. If the Reinsurer REINSURER contests the Company’s CEDING COMPANY's calculation of the net consideration, the parties will act in good faith to reach an agreement as to the correct amount within 30 thirty (30) days of the date the Reinsurer REINSURER submits its alternative alternate calculation. If the Company REINSURER and the Reinsurer CEDING COMPANY reach agreement on an amount of net consideration, each party shall report such amount in their respective tax returns for the previous calendar year. If the parties still fail to reach agreement, the determination of net consideration shall be submitted to arbitration.
Appears in 1 contract
Samples: Automatic Reinsurance Agreement (Manufacturers Life Insurance Co Usa Separate Account H)
DAC TAX. A. Each The parties to this Agreement agree to the following provisions pursuant to Section 1.848-2(g)(8) of the Company and Income Tax Regulations effective December 29, 1992, under Section 848 of the Reinsurer agrees thatInternal Revenue Code of 1986, for each taxable year during the Term and the five-year period immediately following the Term, it will comply with the following provisions. As used below, the as amended:
a. The term “party” refers to either the Company or the Reinsurer, as appropriate. .
b. The terms used in this Article are defined by reference to Regulation Section ) 1.848-2 of the Income Tax Regulations issued in 2, effective December 1992 under Section 848 of the Internal Revenue Code of 198629, as amended (the “Code”)1992.
B. c. The party with the net positive consideration for this Treaty Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Treaty without Agreement with regard to the general deductions limitation of Section 848(c)(l) of the Code848(c)(1).
C. The d. Both parties shall agree to exchange information regarding pertaining to the amount of net consideration paid under this Treaty in Agreement each year to ensure consistency. The parties also agree to exchange information which may , or as otherwise be required by the Internal Revenue Service.
D. e. The Company will submit a schedule of calculations to the Reinsurer by June 1 May of each year of with its calculation of the net consideration for the preceding year. Such schedule will be accompanied by a statement signed by an officer of the Company stating that the Company will report such net consideration in its tax return for the preceding calendar year. The Reinsurer may contest such calculation by providing an alternative calculation to the Company in writing within 30 thirty (30) days of the Reinsurer’s receipt of the Company’s calculation. If the Reinsurer does not so notify the CompanyCompany within the required timeframe, the Reinsurer will report the net consideration as determined by the Company in the Reinsurer’s tax return for the previous calendar year. .
f. If the Reinsurer contests the Company’s calculation of the net consideration, the parties will act in good faith to reach an agreement as to the correct amount within 30 thirty (30) days of the date the Reinsurer submits its alternative calculation. If the Company and the Reinsurer reach an agreement on an amount of net consideration, each party shall will report such the agreed upon amount in their respective its tax returns return for the previous calendar year. If .
g. Both the parties still fail Company and the Reinsurer represent and warrant that they are subject to reach agreementUnited States taxation under either Subchapter L or Subpart F of Part III of Subchapter N of the Internal Revenue Code of 1986, the determination of net consideration shall be submitted to arbitrationas amended.
Appears in 1 contract
Samples: Reinsurance Agreement (COLI VUL-4 Series Account of First Great-West Life & Annuity Insurance CO)
DAC TAX. A. Each 14.1 The parties to this Agreement agree to the following provisions pursuant to Section 1.848- 2(g) (8) of the Company and Income Tax Regulations effective December 29, 1992, under Section 848 of the Reinsurer agrees thatInternal Revenue Code of 1986, for each taxable year during the Term and the five-year period immediately following the Term, it will comply with the following provisions. As used below, the as amended:
(a) The term “`party” ' refers to either the Ceding Company or the Reinsurer, as appropriate. .
(b) The terms used in this Article are defined by reference to Regulation Section ) 1.848-2 of the Income Tax Regulations issued in 2, effective December 1992 under Section 848 of the Internal Revenue Code of 198629, as amended (the “Code”)1992.
B. (c) The party with the net positive consideration for this Treaty Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Treaty Agreement without regard to the general deductions limitation of Section 848(c)(l) of the Code848(c)(1).
C. The (d) Both parties shall agree to exchange information regarding pertaining to the amount of net consideration paid under this Treaty in Agreement each year to ensure consistency. The parties also agree to exchange information which may , or as otherwise be required by the Internal Revenue Service.
D. (e) The Ceding Company will submit a schedule to the Reinsurer by June 1 April I of each year of with its calculation of the net consideration for the preceding calendar year. Such This schedule of calculations will be accompanied by a statement signed by an officer of the Ceding Company stating that the Ceding Company will report such net consideration in its tax return for the preceding calendar year. The Reinsurer may contest such calculation by providing an alternative calculation to the Ceding Company in writing within 30 thirty (30) days of the Reinsurer’s 's receipt of the Ceding Company’s 's calculation. If the Reinsurer does not so notify advise the CompanyCeding Company within the required timeframe, the Reinsurer will report the net consideration as determined by the Ceding Company in the Reinsurer’s 's tax return for the previous calendar year. .
(f) If the Reinsurer contests the Ceding Company’s 's calculation of the net consideration, the parties will act in good faith to reach an agreement as to the correct amount within 30 thirty (30) days of the date the Reinsurer submits its alternative calculation. If the Ceding Company and the Reinsurer reach an agreement on an amount of net consideration, each party shall will report such the agreed upon amount in their respective its tax returns return for the previous calendar year.
(g) Both the Ceding Company and the Reinsurer represent and warrant that they are subject to United States taxation under either Subchapter L or Subpart F of Part III of Subchapter N of the Internal Revenue Code of 1986, as amended. If the parties still fail to reach agreement, the determination of net consideration shall be submitted to arbitration.IDSL VUL4 / LP Select Treaty 24
Appears in 1 contract
Samples: Reinsurance Agreement (Ids Life Variable Life Separate Account)
DAC TAX. A. Each 14.1 The parties to this Agreement agree to the following provisions pursuant to Section 1.848- 2(g)(8) of the Company and Income Tax Regulations effective December 29, 1992, under Section 848 of the Reinsurer agrees thatInternal Revenue Code of 1986, for each taxable year during the Term and the five-year period immediately following the Term, it will comply with the following provisions. As used below, the as amended:
(a) The term “'party” ' refers to either the Ceding Company or the Reinsurer, as appropriate. .
(b) The terms used in this Article are defined by reference to Regulation Section ) 1.848-2 of the Income Tax Regulations issued in effective December 1992 under Section 848 of the Internal Revenue Code of 198629, as amended (the “Code”)1992.
B. (c) The party with the net positive consideration for this Treaty Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Treaty Agreement without regard to the general deductions limitation of Section 848(c)(l) of the Code848(c)(1).
C. The (d) Both parties shall agree to exchange information regarding pertaining to the amount of net consideration paid under this Treaty in Agreement each year to ensure consistency. The parties also agree to exchange information which may , or as otherwise be required by the Internal Revenue Service.
D. (e) The Ceding Company will submit a schedule to the Reinsurer by June April 1 of each year of with its calculation of the net consideration for the preceding calendar year. Such This schedule of calculations will be accompanied by a statement signed by an officer of the Ceding Company stating that the Ceding Company will report such net consideration in its tax return for the preceding calendar year. The Reinsurer may contest such calculation by providing an alternative calculation to the Ceding Company in writing within 30 thirty (30) days of the Reinsurer’s 's receipt of the Ceding Company’s 's calculation. If the Reinsurer does not so notify advise the CompanyCeding Company within the required timeframe, the Reinsurer will report the net consideration as determined by the Ceding Company in the Reinsurer’s 's tax return for the previous calendar year. .
(f) If the Reinsurer contests the Ceding Company’s 's calculation of the net consideration, the parties will act in good faith to reach an agreement as to the correct amount within 30 thirty (30) days of the date the Reinsurer submits its alternative calculation. If the Ceding Company and the Reinsurer reach an agreement on an amount of net consideration, each party shall will report such the agreed upon amount in their respective its tax returns return for the previous calendar year. If .
(g) Both the parties still fail Ceding Company and the Reinsurer represent and warrant that they are subject to reach agreementUnited States taxation under either Subchapter L or Subpart F of Part III of Subchapter N of the Internal Revenue Code of 1986, the determination of net consideration shall be submitted to arbitrationas amended.
Appears in 1 contract
Samples: Reinsurance Agreement (Ids Life of New York Account 8)
DAC TAX. A. Each 14.1 The parties to this Agreement agree to the following provisions pursuant to Section 1.848-2(g)(8) of the Company and Income Tax Regulations effective December 29, 1992, under Section 848 of the Reinsurer agrees thatInternal Revenue Code of 1986, for each taxable year during the Term and the five-year period immediately following the Term, it will comply with the following provisions. As used below, the as amended:
(a) The term “`party” ' refers to either the Ceding Company or the Reinsurer, as appropriate. .
(b) The terms used in this Article are defined by reference to Regulation Section ) 1.848-2 of the Income Tax Regulations issued in 2, effective December 1992 under Section 848 of the Internal Revenue Code of 198629, as amended (the “Code”)1992.
B. (c) The party with the net positive consideration for this Treaty Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Treaty Agreement without regard to the general deductions limitation of Section 848(c)(l) of the Code848(c)(1).
C. The (d) Both parties shall agree to exchange information regarding pertaining to the amount of net consideration paid under this Treaty in Agreement each year to ensure consistency. The parties also agree to exchange information which may , or as otherwise be required by the Internal Revenue Service.
D. (e) The Ceding Company will submit a schedule to the Reinsurer by June April 1 of each year of with its calculation of the net consideration for the preceding calendar year. Such This schedule of calculations will be accompanied by a statement signed by an officer of the Ceding Company stating that the Ceding Company will report such net consideration in its tax return for the preceding calendar year. The Reinsurer may contest such calculation by providing an alternative calculation to the Ceding Company in writing within 30 thirty (30) days of the Reinsurer’s 's receipt of the Ceding Company’s 's calculation. If the Reinsurer does not so notify the CompanyCeding Company within the required timeframe, the Reinsurer will report the net consideration as determined by the Ceding Company in the Reinsurer’s 's tax return for the previous calendar year. .
(f) If the Reinsurer contests the Ceding Company’s 's calculation of the net consideration, the parties will act in good faith to reach an agreement as to the correct amount within 30 thirty (30) days of the date the Reinsurer submits its alternative calculation. If the Ceding Company and the Reinsurer reach an agreement on an amount of net consideration, each party shall will report such the agreed upon amount in their respective its tax returns return for the previous calendar year.
(g) Both the Ceding Company and the Reinsurer represent and warrant that they are subject to United States taxation under either Subchapter L or Subpart F of Part III of Subchapter N of the Internal Revenue Code of 1986, as amended. If the parties still fail to reach agreement, the determination of net consideration shall be submitted to arbitration.IDSL Succession Select Treaty
Appears in 1 contract
Samples: Automatic Yrt Reinsurance Agreement (Ids Life Variable Life Separate Account)
DAC TAX. A. Each 14.1 The parties to this Agreement agree to the following provisions pursuant to Section 1.848-2(g) (8) of the Company and Income Tax Regulations effective December 29, 1992, under Section 848 of the Reinsurer agrees thatInternal Revenue Code of 1986, for each taxable year during the Term and the five-year period immediately following the Term, it will comply with the following provisions. As used below, the as amended:
(a) The term “`party” ' refers to either the Ceding Company or the Reinsurer, as appropriate. .
(b) The terms used in this Article are defined by reference to Regulation Section ) 1.848-2 of the Income Tax Regulations issued in 2, effective December 1992 under Section 848 of the Internal Revenue Code of 198629, as amended (the “Code”)1992.
B. (c) The party with the net positive consideration for this Treaty Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Treaty Agreement without regard to the general deductions limitation of Section 848(c)(l) of the Code848(c)(1).
C. The (d) Both parties shall agree to exchange information regarding pertaining to the amount of net consideration paid under this Treaty in Agreement each year to ensure consistency. The parties also agree to exchange information which may , or as otherwise be required by the Internal Revenue Service.
D. (e) The Ceding Company will submit a schedule to the Reinsurer by June April 1 of each year of with its calculation of the net consideration for the preceding calendar year. Such This schedule of calculations will be accompanied by a statement signed by an officer of the Ceding Company stating that the Ceding Company will report such net consideration in its tax return for the preceding calendar year. The Reinsurer may contest such calculation by providing an alternative calculation to the Company Ceding company in writing within 30 thirty (30) days of the Reinsurer’s 's receipt of the Ceding Company’s 's calculation. If the Reinsurer does not so notify the CompanyCeding Company within the required timeframe, the Reinsurer will report the net consideration as determined by the Ceding Company in the Reinsurer’s 's tax return for the previous calendar year. .
(f) If the Reinsurer contests the Ceding Company’s 's calculation of the net consideration, the parties will act in good faith to reach an agreement as to the correct amount within 30 thirty (30) days of the date the Reinsurer submits its alternative calculation. If the Ceding Company and the Reinsurer reach an agreement on an amount of net consideration, each party shall will report such the agreed upon amount in their respective its tax returns return for the previous calendar year.
(g) Both the Ceding Company and the Reinsurer represent and warrant that they are subject to United States taxation under either Subchapter L or Subpart F of Part III of Subchapter N of the Internal Revenue Code of 1986, as amended. If the parties still fail to reach agreement, the determination of net consideration shall be submitted to arbitration.IDSL-NY Succession Select Treaty
Appears in 1 contract
Samples: Automatic Yrt Reinsurance Agreement (Ids Life of New York Account 8)
DAC TAX. A. Each 1) The parties to this Agreement agree to the following provisions pursuant to Section 1.848-2(g)(8) of the Company and Income Tax Regulations effective December 29, 1992, under Section 848 of the Reinsurer agrees thatInternal Revenue Code of 1986, for each taxable year during the Term and the five-year period immediately following the Term, it will comply with the following provisions. As used below, the as amended:
a. The term “‘party” ’ refers to either the Company or the Reinsurer, as appropriate. .
b. The terms used in this Article are defined by reference to Regulation Section ) 1.848-2 of the Income Tax Regulations issued in 2, effective December 1992 under Section 848 of the Internal Revenue Code of 198629, as amended (the “Code”)1992.
B. c. The party with the net positive consideration for this Treaty Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Treaty without Agreement with regard to the general deductions limitation of Section 848(c)(l) of the Code848(c)(1).
C. The d. Both parties shall agree to exchange information regarding pertaining to the amount of net consideration paid under this Treaty in Agreement each year to ensure consistency. The parties also agree to exchange information which may , or as otherwise be required by the Internal Revenue Service.
D. e. The Company will submit a schedule to the Reinsurer by June 1 May of each year of with its calculation of the net consideration for the preceding calendar year. Such This schedule of calculations will be accompanied by a statement signed by an officer of the Company stating that the Company will report such net consideration in its tax return for the preceding calendar year. The Reinsurer may contest such calculation by providing an alternative calculation to the Company in writing within 30 thirty (30) days of the Reinsurer’s receipt of the Company’s calculation. If the Reinsurer does not so notify the CompanyCompany within the required timeframe, the Reinsurer will report the net consideration as determined by the Company in the Reinsurer’s tax return for the previous calendar year. .
f. If the Reinsurer contests the Company’s calculation of the net consideration, the parties will act in good faith to reach an agreement as to the correct amount within 30 thirty (30) days of the date the Reinsurer submits its alternative calculation. If the Company and the Reinsurer reach an agreement on an amount of net consideration, each party shall will report such the agreed upon amount in their respective its tax returns return for the previous calendar year. If .
g. Both the parties still fail Company and the Reinsurer represent and warrant that they are subject to reach agreementUnited States taxation under either Subchapter L or Subpart F of Part III of Subchapter N of the Internal Revenue Code of 1986, the determination of net consideration shall be submitted to arbitrationas amended.
Appears in 1 contract
Samples: Reinsurance Agreement (American Equity Investment Life Holding Co)
DAC TAX. A. Each TREASURY REGULATION SECTION 1.848-2(g)98) ELECTION The CEDING COMPANY and the REINSURER hereby agree to the following pursuant to Section 1.848-2(g)(8) of the Company Income Tax Regulations issued December 29, 1992, under Section 848 of the Internal Revenue Code 1986, as amended. This election shall be effective for the year this Agreement becomes effective and the Reinsurer agrees that, all subsequent taxable years for each taxable year during the Term and the five-year period immediately following the Term, it which this Agreement remains in effect.
A. The term "party" will comply with the following provisions. As used below, the term “party” refers refer to either the Company CEDING COMPANY or the Reinsurer, REINSURER as appropriate. .
B. The terms used in this Article are defined by reference to Regulation Treasury Regulations Section ) 1.848-2 in effect as of the Income Tax Regulations issued in December 1992 under Section 848 of the Internal Revenue Code of 198629, as amended (the “Code”)1992.
B. C. The party with the net positive consideration for this Treaty Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Treaty Agreement without regard to the general deductions deduction limitation of IRC Section 848(c)(l) of the Code848(c)(1).
C. The D. Both parties shall agree to exchange information regarding pertaining to the amount of net consideration paid under this Treaty in Agreement each year to ensure consistency. The parties also agree to exchange information information, which may be otherwise be required by the Internal Revenue ServiceIRS.
D. E. The Company CEDING COMPANY will submit to the REINSURER by April 1st of each year, a schedule to the Reinsurer by June 1 of each year of its calculation of the net consideration for the preceding calendar year. Such This schedule will be accompanied by a statement signed by an officer of the Company CEDING COMPANY stating that the Company CEDING COMPANY will report such net consideration in its tax return for the preceding calendar year. .
F. The Reinsurer REINSURER may contest such calculation by providing an alternative alternate calculation to the Company CEDING COMPANY in writing within 30 thirty (30) days of the Reinsurer’s REINSURER's receipt of the Company’s CEDING COMPANY's calculation. If the Reinsurer REINSURER does not so notify the CompanyCEDING COMPANY, the Reinsurer REINSURER will report the net consideration as determined by the Company CEDING COMPANY in the Reinsurer’s REINSURER's tax return for the previous calendar year. .
G. If the Reinsurer REINSURER contests the Company’s CEDING COMPANY's calculation of the net consideration, the parties will act in good faith to reach an agreement as to the correct amount within 30 thirty (30) days of the date the Reinsurer REINSURER submits its alternative alternate calculation. If the Company REINSURER and the Reinsurer CEDING COMPANY reach agreement on an amount of net consideration, each party shall report such amount in their respective tax returns for the previous calendar year. If the parties still fail to reach agreementManufacturers Life of N.A., the determination of net consideration shall be submitted to arbitration.Agreement No. 2001-47 (GMDB) Page 25 Effective July 1, 2001
Appears in 1 contract
Samples: Automatic Reinsurance Agreement (John Hancock Life Insurance Co (Usa) Separate Account H)
DAC TAX. A. Each DAC TAX
12.1 The parties to this Agreement agree to the following provisions pursuant to Section 1.848-2(g)(8) of the Company and Income Tax Regulations effective December 29, 1992, under Section 848 of the Reinsurer agrees thatInternal Revenue Code of 1986, for each taxable year during the Term and the five-year period immediately following the Term, it will comply with the following provisions. As used below, the as amended:
a. The term “‘party” ’ refers to either the Ceding Company or the Reinsurer, as appropriate. .
b. The terms used in this Article are defined by reference to Regulation Section ) 1.848-2 of the Income Tax Regulations issued in 2, effective December 1992 under Section 848 of the Internal Revenue Code of 198629, as amended (the “Code”)1992.
B. c. The party with the net positive consideration for this Treaty Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Treaty Agreement without regard to the general deductions limitation of Section 848(c)(l) of the Code848(c)(1).
C. The d. Both parties shall agree to exchange information regarding pertaining to the amount of net consideration paid under this Treaty in Agreement each year to ensure consistency. The parties also agree to exchange information which may , or as otherwise be required by the Internal Revenue Service.
D. e. The Ceding Company will submit a schedule to the Reinsurer by June April 1 of each year of with its calculation of the net consideration for the preceding year. Such calendar year in the form attached in Exhibit E. This schedule of calculations will be accompanied by a statement signed by an officer of the Ceding Company stating that the Ceding Company will report such net consideration in its tax return for the preceding calendar year. The Reinsurer may contest such calculation by providing an alternative calculation to the Ceding Company in writing within 30 45 days of the Reinsurer’s receipt of the Ceding Company’s calculation. If the Reinsurer does not so notify the CompanyCeding Company within the required timeframe, the Reinsurer will report the net consideration as determined by the Ceding Company in the Reinsurer’s tax return for the previous calendar year. .
f. If the Reinsurer contests the Ceding Company’s calculation of the net consideration, the parties will act in good faith to reach an agreement as to the correct amount within 30 thirty (30) days of the date the Reinsurer submits its alternative calculation. If the Ceding Company and the Reinsurer reach an agreement on an amount of net consideration, each party shall will report such the agreed upon amount in their respective its tax returns return for the previous calendar year. If .
g. Both the parties still fail Ceding Company and the Reinsurer represent and warrant that they are subject to reach agreementUnited States taxation under either Subchapter L or Subpart F of Part III of Subchapter N of the Internal Revenue Code of 1986, the determination of net consideration shall be submitted to arbitrationas amended.
Appears in 1 contract
Samples: Automatic Reinsurance Agreement (Fidelity & Guaranty Life)
DAC TAX. A. Each Treasury Regulation Section 1.848-2(g)(8) Election The CEDING COMPANY and the REINSURER hereby agree to the following pursuant to Section 1.848-2(g)(8) of the Company Income Tax Regulations issued December 29, 1992, under Section 848 of the Internal Revenue Code 1986, as amended. This election shall be effective for the year this Agreement becomes effective and the Reinsurer agrees that, all subsequent taxable years for each taxable year during the Term and the five-year period immediately following the Term, it which this Agreement remains in effect.
A. The term "party" will comply with the following provisions. As used below, the term “party” refers refer to either the Company CEDING COMPANY or the Reinsurer, REINSURER as appropriate. .
B. The terms used in this Article are defined by reference to Regulation Treasury Regulations Section ) 1.848-2 in effect as of the Income Tax Regulations issued in December 1992 under Section 848 of the Internal Revenue Code of 198629, as amended (the “Code”)1992.
B. C. The party with the net positive consideration for this Treaty Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Treaty Agreement without regard to the general deductions deduction limitation of IRC Section 848(c)(l) of the Code848(c)(1).
C. The D. Both parties shall agree to exchange information regarding pertaining to the amount of net consideration paid under this Treaty in Agreement each year to ensure consistency. The parties also agree to exchange information information, which may be otherwise be required by the Internal Revenue ServiceIRS.
D. E. The Company CEDING COMPANY will submit to the REINSURER by April 1st of each year, a schedule to the Reinsurer by June 1 of each year of its calculation of the net consideration for the preceding calendar year. Such This schedule will be accompanied by a statement signed by an officer of the Company CEDING COMPANY stating that the Company CEDING COMPANY will report such net consideration in its tax return for the preceding calendar year. .
F. The Reinsurer REINSURER may contest such calculation by providing an alternative alternate calculation to the Company CEDING COMPANY in writing within 30 thirty (30) days of the Reinsurer’s REINSURER's receipt of the Company’s CEDING COMPANY's calculation. If the Reinsurer REINSURER does not so notify the CompanyCEDING COMPANY, the Reinsurer REINSURER will report the net consideration as determined by the Company CEDING COMPANY in the Reinsurer’s REINSURER's tax return for the previous calendar year. .
G. If the Reinsurer REINSURER contests the Company’s CEDING COMPANY's calculation of the net consideration, the parties will act in good faith to reach an agreement as to the correct amount within 30 thirty (30) days of the date the Reinsurer REINSURER submits its alternative alternate calculation. If the Company REINSURER and the Reinsurer CEDING COMPANY reach agreement on an amount of net consideration, each party shall report such amount in their respective tax returns for the previous calendar year. If the parties still fail to reach agreement-------------------------------------------------------------------------------- GE Capital of New York, the determination of net consideration shall be submitted to arbitration.Agreement No.2001-51 Page 21 Effective July 1, 2001
Appears in 1 contract
Samples: Automatic Reinsurance Agreement (Ge Capital Life Separate Account Ii)
DAC TAX. A. Each The Parties to this Agreement agree to the following provisions pursuant to Section 1.8482(g)(8) of the Company and Income Tax Regulations effective December 29, 1992, under Section 848 of the Reinsurer agrees thatInternal Revenue Code of 1986, for each taxable year during the Term and the five-year period immediately following the Term, it will comply with the following provisionsas amended:
1. As used below, the The term “party” refers "Party" shall refer to either the Company or the Reinsurer, Reinsurer as appropriate.
2. The terms used in this Article are defined by reference to Regulation Section ) 1.848-2 in effect as of the Income Tax Regulations issued in December 1992 under Section 848 of the Internal Revenue Code of 198629, as amended (the “Code”)1992.
B. 3. The party Party with the net positive consideration for this Treaty Agreement for each taxable year will shall capitalize specified policy acquisition expenses expense with respect to this Treaty Agreement without regard to the general deductions limitation of Section 848(c)(l) of the Code848(c)(1).
C. 4. The parties shall Company and the Reinsurer agree to exchange information regarding pertaining to the amount of the net consideration paid under this Treaty in Agreement each year to ensure consistency. The parties also agree to exchange information which may consistency or as otherwise be required by the Internal Revenue Service.
D. 5. The Company will shall submit a schedule to the Reinsurer by June 1 of each year of its calculation of the net consideration for the preceding calendar year. Such This schedule will of calculations shall be accompanied by a statement signed by an officer of the Company stating that the Company will shall report such net consideration in its tax return for the preceding calendar year.
6. The Reinsurer may contest such calculation by providing an alternative calculation to the Company in writing within 30 thirty (30) days of the Reinsurer’s 's receipt of the Company’s 's calculation. If the Reinsurer does not so notify the Company, the Reinsurer will shall report the net consideration as determined by the Company in the Reinsurer’s 's tax return for the previous calendar year.
7. If the Reinsurer contests the Company’s 's calculation of the net consideration, the parties will shall act in good faith to reach an agreement as to the correct amount within 30 thirty (30) days of the date the Reinsurer submits its alternative calculation. If the Company and the Reinsurer reach agreement on an amount of net consideration, each party shall report such amount in their respective tax returns for the previous calendar year.
8. If Both the parties still fail Company and the Reinsurer represent and warrant that they are subject to reach agreementUnited States taxation under either Subchapter L or Subpart F of Part III of Subchapter N of the Internal Revenue Code of 1986, the determination of net consideration shall be submitted to arbitrationas amended.
Appears in 1 contract
Samples: Group Life and Accidental Death and Dismemberment Reinsurance Agreement (US Alliance Corp)
DAC TAX. A. Each of the The Ceding Company and the Reinsurer agrees thathereby agree to the following, for each taxable year during pursuant to Section 1.848-2(g)(8) of the Term and Income Tax Regulation issued December 1992, under Section 848 of the five-year period immediately following the Term, it will comply with the following provisions. As used below, Internal Revenue Code of 1986:
a. the term “party” refers to either the Ceding Company or the Reinsurer, as appropriate. The ;
b. the terms used in this Article are defined by reference to Regulation Section ) 1.848-2 of 2, effective December 29, 1992;
c. the Income Tax Regulations issued in December 1992 under Section 848 of the Internal Revenue Code of 1986, as amended (the “Code”).
B. The party with the net positive consideration for this Treaty Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Treaty Agreement without regard to the general deductions limitation of Section 848(c)(l) of the Code.848(c)(1);
C. The d. all parties shall agree to exchange information regarding pertaining to the amount of net consideration paid under this Treaty in Agreement each year to ensure consistency. The parties also agree to exchange information which may , or as otherwise be required by the Internal Revenue Service.;
D. The Company e. the Reinsurer will submit a schedule to the Reinsurer Ceding Company by June April 1 of each year of its calculation of the net consideration for the preceding calendar year. Such This schedule of calculations will be accompanied by a statement signed by an officer of the Company stating that the Company Reinsurer will report such net consideration in its tax return for the preceding calendar year. The Reinsurer ;
f. the Ceding Company may contest such calculation by providing an alternative calculation to the Company in writing within 30 days of the Reinsurer’s receipt of the Company’s calculationReinsurer by May 1. If the Reinsurer Ceding Company does not so notify the CompanyReinsurer by May 1, the Reinsurer will report the net consideration as determined by the Company considerations reported in the Reinsurer’s tax return for returns will be the previous calendar year. If value as defined in Item (e) above;
g. if the Reinsurer contests the Company’s calculation of the net considerationCeding Company submits its alternative calculation, the parties will act in good faith to reach an agreement as to on the correct amount within 30 thirty (30) calendar days of the date the Reinsurer Ceding Company submits its alternative calculation. If the Ceding Company and the Reinsurer reach agreement on an amount of the net consideration, each party shall report such amount in their respective tax returns for the previous calendar year. If ; and
h. the parties still fail Ceding Company and the Reinsurer represent and warrant that they are subject to reach agreementUnited States taxation under either Subchapter L or Subpart F of Part III of Subchapter N of the Internal Revenue Code of 1986, the determination of net consideration shall be submitted to arbitrationas amended.
Appears in 1 contract
Samples: Reinsurance Agreement (Symetra Separate Account Sl)
DAC TAX. A. Each of the Company and the Reinsurer agrees that, for each taxable year during the Term and the five-year period immediately following the Term, it will comply with The Parties to this Agreement agree to the following provisions. As used below, the term “party” refers provisions pursuant to either the Company or the Reinsurer, as appropriate. The terms used in this Article are defined by reference to Regulation Section 1,848-2(g)(8) 1.848-2 of the Income Tax Regulations issued in effective December 1992 29, 1992, under Section 848 of the Internal Revenue Code of 1986, as amended (the “Code”).amended:
B. a. The party Party with the net positive consideration for this Treaty Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Treaty Agreement without regard to the general deductions limitation of Section 848(c)(l) of the Code848(c)(1).
C. The parties shall b. Both Parties agree to exchange information regarding pertaining to the amount of net consideration paid under this Treaty in Agreement each year to ensure consistency. The parties also agree to exchange information which may , or as otherwise be required by the Internal Revenue Service.
D. c. The Company will submit a schedule to the Reinsurer by June 1 May of each year of with its calculation of the net consideration for the preceding year. Such schedule will be accompanied by a statement signed by an officer of the Company stating that the Company will report such net consideration in its tax return for the preceding calendar year. The Reinsurer may contest such calculation by providing an alternative calculation to the Company in writing within 30 thirty (30) days of the Reinsurer’s receipt of the Company’s calculation. If the Reinsurer does not so notify the CompanyCompany within the required timeframe, the Reinsurer will report the net consideration as determined by the Company in the Reinsurer’s tax return for the previous calendar year. .
d. If the Reinsurer contests the Company’s calculation of the net consideration, the parties Parties will act in good faith to reach an agreement as to the correct amount within 30 thirty (30) days of the date the Reinsurer submits its alternative calculation. If the Company and the Reinsurer reach an agreement on an amount of net consideration, each party shall Party will report such the agreed upon amount in their respective its tax returns return for the previous calendar year. If .
e. Both the parties still fail Company and the Reinsurer represent and warrant that they are subject to reach agreementUnited States taxation under either Subchapter L or Subpart F of Part III of Subchapter N of the Internal Revenue Code of 1986, the determination of net consideration shall be submitted to arbitrationas amended.
Appears in 1 contract
Samples: Reinsurance Agreement (Penn Mutual Variable Life Account I)
DAC TAX. A. Each 14.1 The parties to this Agreement agree to the following provisions pursuant to Section 1.848- 2(g)(8) of the Company and Income Tax Regulations effective December 29, 1992, under Section 848 of the Reinsurer agrees thatInternal Revenue Code of 1986, for each taxable year during the Term and the five-year period immediately following the Term, it will comply with the following provisions. As used below, the as amended:
(a) The term “'party” ' refers to either the Ceding Company or the Reinsurer, as appropriate. .
(b) The terms used in this Article are defined by reference to Regulation Section ) 1.848-2 of the Income Tax Regulations issued in 2, effective December 1992 under Section 848 of the Internal Revenue Code of 198629, as amended (the “Code”)1992.
B. (c) The party with the net positive consideration for this Treaty Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Treaty Agreement without regard to the general deductions limitation of Section 848(c)(l) of the Code848(c)(1).
C. The (d) Both parties shall agree to exchange information regarding pertaining to the amount of net consideration paid under this Treaty in Agreement each year to ensure consistency. The parties also agree to exchange information which may , or as otherwise be required by the Internal Revenue Service.
D. (e) The Ceding Company will submit a schedule to the Reinsurer by June April 1 of each year of with its calculation of the net consideration for the preceding calendar year. Such This schedule of calculations will be accompanied by a statement signed by an officer of the Ceding Company stating that the Ceding Company will report such net consideration in its tax return for the preceding calendar year. The Reinsurer may contest such calculation by providing an alternative calculation to the Ceding Company in writing within 30 thirty (30) days of the Reinsurer’s 's receipt of the Ceding Company’s 's calculation. If the Reinsurer does not so notify advise the CompanyCeding Company within the required timeframe, the Reinsurer will report the net consideration as determined by the Ceding Company in the Reinsurer’s 's tax return for the previous calendar year. .
(f) If the Reinsurer contests the Ceding Company’s 's calculation of the net consideration, the parties will act in good faith to reach an agreement as to the correct amount within 30 thirty (30) days of the date the Reinsurer submits its alternative calculation. If the Ceding Company and the Reinsurer reach an agreement on an amount of net consideration, each party shall will report such the agreed upon amount in their respective its tax returns return for the previous calendar year.
(g) Both the Ceding Company and the Reinsurer represent and warrant that they are subject to United States taxation under either Subchapter L or Subpart F of Part III of Subchapter N of the Internal Revenue Code of 1986, as amended. If the parties still fail to reach agreement, the determination of net consideration shall be submitted to arbitration.IDSL-NY VUL4/LP Select Treaty 24
Appears in 1 contract
Samples: Reinsurance Agreement (Ids Life of New York Account 8)
DAC TAX. A. Each 14.1 The parties to this Agreement agree to the following provisions pursuant to Section 1.848-2(g)(8) of the Company and Income Tax Regulations effective December 29, 1992, under Section 848 of the Reinsurer agrees thatInternal Revenue Code of 1986, for each taxable year during the Term and the five-year period immediately following the Term, it will comply with the following provisions. As used below, the as amended:
(a) The term “`party” ' refers to either the Ceding Company or the Reinsurer, as appropriate. .
(b) The terms used in this Article are defined by reference to Regulation Section ) 1.848-2 of the Income Tax Regulations issued in 2, effective December 1992 under Section 848 of the Internal Revenue Code of 198629, as amended (the “Code”)1992.
B. (c) The party with the net positive consideration for this Treaty Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Treaty Agreement without regard to the general deductions limitation of Section 848(c)(l) of the Code848(c)(1).
C. The (d) Both parties shall agree to exchange information regarding pertaining to the amount of net consideration paid under this Treaty in Agreement each year to ensure consistency. The parties also agree to exchange information which may , or as otherwise be required by the Internal Revenue Service.
D. (e) The Ceding Company will submit a schedule to the Reinsurer by June April 1 of each year of with its calculation of the net consideration for the preceding calendar year. Such This schedule of calculations will be accompanied by a statement signed by an officer of the Ceding Company stating that the Ceding Company will report such net consideration in its tax return for the preceding calendar year. The Reinsurer may contest such calculation by providing an alternative calculation to the Ceding Company in writing within 30 thirty (30) days of the Reinsurer’s 's receipt of the Ceding Company’s 's calculation. If the Reinsurer does not so notify the CompanyCeding Company within the required timeframe, the Reinsurer will report the net consideration as determined by the Ceding Company in the Reinsurer’s 's tax return for the previous calendar year. .
(f) If the Reinsurer contests the Ceding Company’s 's calculation of the net consideration, the parties will act in good faith to reach an agreement as to the correct amount within 30 thirty (30) days of the date the Reinsurer submits its alternative calculation. If the Ceding Company and the Reinsurer reach an agreement on an amount of net consideration, each party shall will report such the agreed upon amount in their respective its tax returns return for the previous calendar year. If the parties still fail to reach agreement, the determination of net consideration shall be submitted to arbitration.
Appears in 1 contract
Samples: Automatic Yrt Reinsurance Agreement (Ids Life Variable Life Separate Account)
DAC TAX. A. Each of the The Company and the Reinsurer agrees that, for each taxable year during the Term and the five-year period immediately following the Term, it will comply with the following provisions. As used below, the term “party” refers Life Re hereby agree to either the Company or the Reinsurer, as appropriate. The terms used in this Article are defined by reference make an election pursuant to Regulation Section ) 1.848-2 2(g)(8) of the Income Tax Regulations issued in December 1992 1992, under Section 848 of the Internal Revenue Code of 1986, as amended amended. This election shall be effective for 1993 and for all subsequent taxable years for which this Agreement remains in effect. The Company and Life Re also agree to the following:
(a) The term "party" will refer to either the “Code”)Company of Life Re as appropriate.
B. (b) The terms use in this Article are defined by reference to Regulation Section 1.848-2 in effect December 1992.
(c) The party with the net positive consideration for this Treaty Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Treaty Agreement without regard to the general deductions limitation of Section 848(c)(l) of the Code848(c)(1).
C. The (d) Both parties shall agree to exchange information regarding pertaining to the amount of net consideration paid under this Treaty in Agreement each year to ensure consistency. The parties also agree to exchange information which may consistency or is otherwise be required by the Internal Revenue Service.
D. (e) The Company will submit a schedule to the Reinsurer Life Re by June May 1 of each year of its calculation of the net consideration for the preceding calendar year. Such This schedule of calculations will be accompanied by a statement signed by an officer of the Company stating that the Company will report such net consideration in its tax return for the preceding calendar year. The Reinsurer .
(f) Life Re may contest such calculation by providing an alternative calculation to the Company in writing within 30 thirty (30) days of the Reinsurer’s Life Re's receipt of the Company’s 's calculation. If the Reinsurer Life Re does not so notify the Company, the Reinsurer Life Re will report the net consideration as determined by the Company in the Reinsurer’s Life Re's tax return for the previous calendar year. .
(g) If the Reinsurer Life Re contests the Company’s 's calculation of the net consideration, the parties will act in good faith to reach an agreement as to the correct amount within 30 thirty (30) days of the date the Reinsurer Life Re submits its alternative calculation. If the Company and the Reinsurer Life Re reach agreement on an amount of net consideration, each party shall report such amount in their respective tax returns for the previous calendar year. If the parties still fail to reach agreement, the determination of net consideration shall be submitted to arbitration.
Appears in 1 contract
DAC TAX. A. Each 14.1 The parties to this Agreement agree to the following provisions pursuant to Section 1.848- 2(g)(8) of the Company and Income Tax Regulations effective December 29, 1992, under Section 848 of the Reinsurer agrees thatInternal Revenue Code of 1986, for each taxable year during the Term and the five-year period immediately following the Term, it will comply with the following provisions. As used below, the as amended:
(a) The term “'party” ' refers to either the Ceding Company or the Reinsurer, as appropriate. .
(b) The terms used in this Article are defined by reference to Regulation Section ) 1.848-2 of the Income Tax Regulations issued in 2, effective December 1992 under Section 848 of the Internal Revenue Code of 198629, as amended (the “Code”)1992.
B. (c) The party with the net positive consideration for this Treaty Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Treaty Agreement without regard to the general deductions limitation of Section 848(c)(l) of the Code848(c)(1).
C. The (d) Both parties shall agree to exchange information regarding pertaining to the amount of net consideration paid under this Treaty in Agreement each year to ensure consistency. The parties also agree to exchange information which may , or as otherwise be required by the Internal Revenue Service.
D. (e) The Ceding Company will submit a schedule to the Reinsurer by June April 1 of each year of with its calculation of the net consideration for the preceding calendar year. Such This schedule of calculations will be accompanied by a statement signed by an officer of the Ceding Company stating that the Ceding Company will report such net consideration in its tax return for the preceding calendar year. The Reinsurer may contest such calculation by providing an alternative calculation to the Ceding Company in writing within 30 thirty (30) days of the Reinsurer’s 's receipt of the Ceding Company’s 's calculation. If the Reinsurer does not so notify advise the CompanyCeding Company within the required timeframe, the Reinsurer will report the net consideration as determined by the Ceding Company in the Reinsurer’s 's tax return for the previous calendar year. .
(f) If the Reinsurer contests the Ceding Company’s 's calculation of the net consideration, the parties will act in good faith to reach an agreement as to the correct amount within 30 thirty (30) days of the date the Reinsurer submits its alternative calculation. If the Ceding Company and the Reinsurer reach an agreement on an amount of net consideration, each party shall will report such the agreed upon amount in their respective its tax returns return for the previous calendar year.
(g) Both the Ceding Company and the Reinsurer represent and warrant that they are subject to United States taxation under either Subchapter L or Subpart F of Part III of Subchapter N of the Internal Revenue Code of 1986, as amended. If the parties still fail to reach agreement, the determination of net consideration shall be submitted to arbitration.IDSL VUL4/LP Select Treaty 25
Appears in 1 contract
Samples: Reinsurance Agreement (Ids Life Variable Life Separate Account)
DAC TAX. A. Each Treasury Regulation Section 1.848-2(g)(8) Election The CEDING COMPANY and the REINSURER hereby agree to the following pursuant to Section 1.848-2(g)(8) of the Company Income Tax Regulations issued December 29, 1992, under Section 848 of the Internal Revenue Code 1986, as amended. This election shall be effective for the year this Agreement becomes effective and the Reinsurer agrees that, all subsequent taxable years for each taxable year during the Term and the five-year period immediately following the Term, it which this Agreement remains in effect.
A. The term "party" will comply with the following provisions. As used below, the term “party” refers refer to either the Company CEDING COMPANY or the Reinsurer, REINSURER as appropriate. .
B. The terms used in this Article are defined by reference to Regulation Treasury Regulations Section ) 1.848-2 in effect as of the Income Tax Regulations issued in December 1992 under Section 848 of the Internal Revenue Code of 198629, as amended (the “Code”)1992.
B. C. The party with the net positive consideration for this Treaty Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Treaty Agreement without regard to the general deductions deduction limitation of IRC Section 848(c)(l) of the Code848(c)(1).
C. The D. Both parties shall agree to exchange information regarding pertaining to the amount of net consideration paid under this Treaty in Agreement each year to ensure consistency. The parties also agree to exchange information information, which may be otherwise be required by the Internal Revenue ServiceIRS.
D. E. The Company CEDING COMPANY will submit to the REINSURER by April 1st of each year, a schedule to the Reinsurer by June 1 of each year of its calculation of the net consideration for the preceding calendar year. Such This schedule will be accompanied by a statement signed by an officer of the Company CEDING COMPANY stating that the Company CEDING COMPANY will report such net consideration in its tax return for the preceding calendar year. .
F. The Reinsurer REINSURER may contest such calculation by providing an alternative alternate calculation to the Company CEDING COMPANY in writing within 30 thirty (30) days of the Reinsurer’s REINSURER's receipt of the Company’s CEDING COMPANY's calculation. If the Reinsurer REINSURER does not so notify the CompanyCEDING COMPANY, the Reinsurer REINSURER will report the net consideration as determined by the Company CEDING COMPANY in the Reinsurer’s REINSURER's tax return for the previous calendar year. .
G. If the Reinsurer REINSURER contests the Company’s CEDING COMPANY's calculation of the net consideration, the parties will act in good faith to reach an agreement as to the correct amount within 30 thirty (30) days of the date the Reinsurer REINSURER submits its alternative alternate calculation. If the Company REINSURER and the Reinsurer CEDING COMPANY reach agreement on an amount of net consideration, each party shall report such amount in their respective tax returns for the previous calendar year. If the parties still fail to reach agreement-------------------------------------------------------------------------------- GE Life and Annuity Assurance Co., the determination of net consideration shall be submitted to arbitration.Agreement No. Page 25 Effective February 15, 2002
Appears in 1 contract
Samples: Automatic Coinsurance Agreement (Ge Life & Annuity Assurance Co Iv)
DAC TAX. A. Each of the The Company and the Reinsurer agrees that, for each taxable year during the Term and the five-year period immediately following the Term, it will comply with hereby agree to the following provisionspursuant to Section 1.8482(g)(8) of the Income Tax Regulations issued December 29, 1992, under Section 848 of the Internal Revenue Code of 1986, as amended. As used below, the This election shall be effective for all taxable years for which this Agreement remains in effect.
1. The term “"party” refers " will refer to either the Company or the Reinsurer, as appropriate.
2. The terms used in this Article are defined by reference to Regulation Section ) 1.848-2 in effect as of the Income Tax Regulations issued in December 1992 under Section 848 of the Internal Revenue Code of 198629, as amended (the “Code”)1992.
B. 3. The party with the net positive consideration for this Treaty Agreement for each taxable year will capitalize specified policy acquisition expenses expense with respect to this Treaty Agreement without regard to the general deductions limitation of Section 848(c)(l) of the Code848 (c)(1).
C. 4. The parties shall Company and the Reinsurer agree to exchange information regarding pertaining to the amount of the net consideration paid under this Treaty in Agreement each year to ensure consistency. The parties also agree to exchange information which may consistency or as otherwise be required by the Internal Revenue Service.
D. 5. The Company Reinsurer will submit a schedule to the Reinsurer Company by June 1 of each year of its calculation of the net consideration for the preceding calendar year. Such This schedule of calculations will be accompanied by a statement state- ment signed by an officer of the Company Reinsurer stating that the Company Reinsurer will report such net consideration in its tax return for the preceding calendar year.
6. The Reinsurer Company may contest such calculation by providing an alternative calculation to the Company Reinsurer in writing within 30 days of the Reinsurer’s Company's receipt of the Company’s Reinsurer's calculation. If the Reinsurer Company does not so notify the CompanyReinsurer, the Reinsurer Company will report the net consideration as determined by the Company Reinsurer in the Reinsurer’s Company's tax return for the previous calendar year.
7. If the Reinsurer Company contests the Company’s Reinsurer's calculation of the net consideration, the parties will act in good faith to reach an agreement as to the correct amount within 30 thirty (30) days of the date the Reinsurer Company submits its alternative calculation. If the Company and the Reinsurer reach agreement on an amount of net consideration, each party shall report such amount in their respective tax returns for the previous calendar year. If the parties still fail to reach agreement, the determination of net consideration shall be submitted to arbitration.GENERAL & COLOGNE LIFE RE OF AMERICA
Appears in 1 contract
DAC TAX. A. Each 14.1 The parties to this Agreement agree to the following provisions pursuant to Section 1.848- 2(g)(8) of the Company and Income Tax Regulations effective December 29, 1992, under Section 848 of the Reinsurer agrees thatInternal Revenue Code of 1986, for each taxable year during the Term and the five-year period immediately following the Term, it will comply with the following provisions. As used below, the as amended:
(a) The term “`party” ' refers to either the Ceding Company or the Reinsurer, as appropriate. .
(b) The terms used in this Article are defined by reference to Regulation Section ) 1.848-2 of the Income Tax Regulations issued in 2, effective December 1992 under Section 848 of the Internal Revenue Code of 198629, as amended (the “Code”)1992.
B. (c) The party with the net positive consideration for this Treaty Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Treaty Agreement without regard to the general deductions limitation of Section 848(c)(l) of the Code848(c)(1).
C. The (d) Both parties shall agree to exchange information regarding pertaining to the amount of net consideration paid under this Treaty in Agreement each year to ensure consistency. The parties also agree to exchange information which may , or as otherwise be required by the Internal Revenue Service.
D. (e) The Ceding Company will submit a schedule to the Reinsurer by June April 1 of each year of with its calculation of the net consideration for the preceding calendar year. Such This schedule of calculations will be accompanied by a statement signed by an officer of the Ceding Company stating that the Ceding Company will report such net consideration in its tax return for the preceding calendar year. The Reinsurer may contest such calculation by providing an alternative calculation to the Ceding Company in writing within 30 thirty (30) days of the Reinsurer’s 's receipt of the Ceding Company’s 's calculation. If the Reinsurer does not so notify advise the CompanyCeding Company within the required timeframe, the Reinsurer will report the net consideration as determined by the Ceding Company in the Reinsurer’s 's tax return for the previous calendar year. .
(f) If the Reinsurer contests the Ceding Company’s 's calculation of the net consideration, the parties will act in good faith to reach an agreement as to the correct amount within 30 thirty (30) days of the date the Reinsurer submits its alternative calculation. If the Ceding Company and the Reinsurer reach an agreement on an amount of net consideration, each party shall will report such the agreed upon amount in their respective its tax returns return for the previous calendar year.
(g) Both the Ceding Company and the Reinsurer represent and warrant that they are subject to United States taxation under either Subchapter L or Subpart F of Part III of Subchapter N of the Internal Revenue Code of 1986, as amended. If the parties still fail to reach agreement, the determination of net consideration shall be submitted to arbitration.IDSL-NY VUL4/LP Select Treaty 24
Appears in 1 contract
Samples: Reinsurance Agreement (Ids Life of New York Account 8)
DAC TAX. A. Each of the Company and the Reinsurer agrees that, for each taxable year during the Term and the five-year period immediately following the Term, it will comply with The parties to this Agreement agree to the following provisions. As used below, the term “party” refers provisions pursuant to either the Company or the Reinsurer, as appropriate. The terms used in this Article are defined by reference to Regulation Section ) 1.848-2 2(g)(8) of the Income Tax Regulations issued in December 1992 under Section 848 of the Internal Revenue Code of 1986, as amended (the “Code”)):
A. The terms “Net Positive Consideration,” “Specified Policy Acquisition Expenses” and “General Deductions Limitation” used in this Article are defined by reference to Regulation Section 1.848-2 and Code Section 848.
B. The party with the net positive consideration Net Positive Consideration for this Treaty Agreement for each taxable year will capitalize specified policy acquisition expenses Specified Policy Acquisition Expenses with respect to this Treaty Agreement without regard to the general deductions limitation General Deductions Limitation of Code Section 848(c)(l) of the Code848(c)(1).
C. The Both parties shall agree to exchange information regarding pertaining to the amount of net consideration paid under this Treaty in Agreement each year to ensure consistency. The parties also agree to exchange information which may year, or as otherwise be required by the Internal Revenue Service., to ensure consistency. The method and timing of the exchange of such information shall be as follows:
D. 1. The Company will submit a schedule to the Reinsurer by June 1 May 1st of each year of with its calculation of net consideration the Net Positive Consideration for the preceding calendar year. Such This schedule of calculations will be accompanied by a statement signed by an officer of the Company stating that the Company will report such net consideration Net Positive Consideration in its income tax return for the preceding calendar year. The Reinsurer may contest protest such calculation by providing an alternative calculation to the Company in writing within 30 thirty (30) days of the Reinsurer’s receipt of the Company’s calculation. If the Reinsurer does not so notify the CompanyCompany within the required timeframe, the Reinsurer will report the net consideration Net Positive Consideration as determined by the Company in the Reinsurer’s income tax return for the previous preceding calendar year.
2. If the Reinsurer contests the Company’s calculation of the net considerationNet Positive Consideration, the parties will act in good faith to reach an agreement as to the correct amount within 30 thirty (30) days of the date the Reinsurer submits its alternative calculation. If the Company and the Reinsurer parties reach an agreement on an the amount of net considerationNet Positive Consideration, each party shall will report such the agreed upon amount in their respective its income tax returns return for the previous preceding calendar year. If the parties still fail are unable to reach agreementan agreement on the amount of Net Positive Consideration, then the determination of net consideration dispute shall be submitted resolved pursuant to arbitrationARTICLE XIII of this Agreement.
D. Both the Company and the Reinsurer represent and warrant that they are subject to United States taxation under either Subchapter L of Chapter 1 of the Code or Subpart F of Part III of Subchapter N of Chapter 1 of the Code.
Appears in 1 contract
DAC TAX. A. Each of the The Company and the Reinsurer agrees that, for each taxable year during the Term and the five-year period immediately following the Term, it will comply with hereby agree to the following provisionspursuant to Section 1.848-2(g)(8) of the Income Tax Regulations issued December 29, 1992, under Section 848 of the Internal Revenue Code of 1986, as amended. As used below, the This election shall be effective for all taxable years for which this Agreement remains in effect.
A. The term “"party” refers " will refer to either the Company or the Reinsurer, as appropriate. .
B. The terms used in this Article are defined by reference to Regulation Section ) 1.848-2 in effect as of the Income Tax Regulations issued in December 1992 under Section 848 of the Internal Revenue Code of 198629, as amended (the “Code”)1992.
B. C. The party with the net positive consideration for this Treaty Agreement for each taxable year will capitalize specified policy acquisition expenses expense with respect to this Treaty Agreement without regard to the general deductions limitation of Section 848(c)(l) of the Code848 (c)(1).
C. D. The parties shall Company and the Reinsurer agree to exchange information regarding pertaining to the amount of the net consideration paid under this Treaty in Agreement each year to ensure consistency. The parties also agree to exchange information which may consistency or as otherwise be required by the Internal Revenue Service.
D. E. The Company will submit a schedule to the Reinsurer by June 1 of each year of its calculation of the net consideration for the preceding calendar year. Such This schedule of calculations will be accompanied by a statement signed by an officer of the Company stating that the Company will report such net consideration in its tax return for the preceding calendar year. .
F. The Reinsurer may contest such calculation by providing an alternative calculation to the Company in writing within 30 thirty (30) days of the Reinsurer’s 's receipt of the Company’s 's calculation. If the Reinsurer does not so notify the Company, the Reinsurer will report the net consideration as determined by the Company in the Reinsurer’s 's tax return for the previous calendar year. .
G. If the Reinsurer contests the Company’s 's calculation of the net consideration, the parties will act in good faith to reach an agreement as to the correct amount within 30 thirty (30) days of the date the Reinsurer submits its alternative calculation. If the Company Reinsurer and the Reinsurer Company reach agreement on an amount of net consideration, each party shall report such amount in their respective tax returns for the previous calendar year. If the parties still fail to reach agreement, the determination of net consideration shall be submitted to arbitration.
Appears in 1 contract
DAC TAX. A. Each DAC TAX The parties to this Agreement agree to the following provisions pursuant to Section 1.848-2(g)(8) of the Company and Income Tax Regulations effective December 29, 1992, under Section 848 of the Reinsurer agrees thatInternal Revenue Code of 1986, for each taxable year during the Term and the five-year period immediately following the Term, it will comply with the following provisions. As used below, the as amended:
a. The term “`party” ' refers to either the Ceding Company or the Reinsurer, as appropriate. .
b. The terms used in this Article are defined by reference to Regulation Section ) 1.848-2 of the Income Tax Regulations issued in 2, effective December 1992 under Section 848 of the Internal Revenue Code of 198629, as amended (the “Code”)1992.
B. c. The party with the net positive consideration for this Treaty Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Treaty Agreement without regard to the general deductions limitation of Section 848(c)(l) of the Code848(c)(1).
C. The d. Both parties shall agree to exchange information regarding pertaining to the amount of net consideration paid under this Treaty in Agreement each year to ensure consistency. The parties also agree to exchange information which may , or as otherwise be required by the Internal Revenue Service.
D. e. The Ceding Company will submit a schedule to the Reinsurer by June April 1 of each year of with its calculation of the net consideration for the preceding year. Such calendar year in the form attached in Exhibit F. This schedule of calculations will be accompanied by a statement signed by an officer of the Ceding Company stating that the Ceding Company will report such net consideration in its tax return for the preceding calendar year. The Reinsurer may contest such calculation by providing an alternative calculation to the Ceding Company in writing within 30 45 days of the Reinsurer’s 's receipt of the Ceding Company’s 's calculation. If the Reinsurer does not so notify the CompanyCeding Company within the required timeframe, the Reinsurer will report the net consideration as determined by the Ceding Company in the Reinsurer’s 's tax return for the previous calendar year. .
f. If the Reinsurer contests the Ceding Company’s 's calculation of the net consideration, the parties will act in good faith to reach an agreement as to the correct amount within 30 thirty (30) days of the date the Reinsurer submits its alternative calculation. If the Ceding Company and the Reinsurer reach an agreement on an amount of net consideration, each party shall will report such the agreed upon amount in their respective its tax returns return for the previous calendar year. If .
g. Both the parties still fail Ceding Company and the Reinsurer represent and warrant that they are subject to reach agreementUnited States taxation under either Subchapter L or Subpart F of Part III of Subchapter N of the Internal Revenue Code of 1986, the determination of net consideration shall be submitted to arbitrationas amended.
Appears in 1 contract
Samples: Automatic Reinsurance Agreement (First American Capital Corp /Ks)
DAC TAX. A. Each 14.1 The parties to this Agreement agree to the following provisions pursuant to Section 1.848-2(g)(8) of the Company and Income Tax Regulations effective December 29, 1992, under Section 848 of the Reinsurer agrees thatInternal Revenue Code of 1986, for each taxable year during the Term and the five-year period immediately following the Term, it will comply with the following provisions. As used below, the as amended:
(a) The term “`party” ' refers to either the Ceding Company or the Reinsurer, as appropriate. .
(b) The terms used in this Article are defined by reference to Regulation Section ) 1.848-2 of the Income Tax Regulations issued in 2, effective December 1992 under Section 848 of the Internal Revenue Code of 198629, as amended (the “Code”)1992.
B. (c) The party with the net positive consideration for this Treaty Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Treaty Agreement without regard to the general deductions limitation of Section 848(c)(l) of the Code848(c)(1).
C. The (d) Both parties shall agree to exchange information regarding pertaining to the amount of net consideration paid under this Treaty in Agreement each year to ensure consistency. The parties also agree to exchange information which may , or as otherwise be required by the Internal Revenue Service.
D. (e) The Ceding Company will submit a schedule to the Reinsurer by June April 1 of each year of with its calculation of the net consideration for the preceding calendar year. Such This schedule of calculations will be accompanied by a statement signed by an officer of the Ceding Company stating that the Ceding Company will report such net consideration in its tax return for the preceding calendar year. The Reinsurer may contest such calculation by providing an alternative calculation to the Ceding Company in writing within 30 thirty (30) days of the Reinsurer’s 's receipt of the Ceding Company’s 's calculation. If the Reinsurer does not so notify advise the CompanyCeding Company within the required timeframe, the Reinsurer will report the net consideration as determined by the Ceding Company in the Reinsurer’s 's tax return for the previous calendar year. .
(f) If the Reinsurer contests the Ceding Company’s 's calculation of the net consideration, the parties will act in good faith to reach an agreement as to the correct amount within 30 thirty (30) days of the date the Reinsurer submits its alternative calculation. If the Ceding Company and the Reinsurer reach an agreement on an amount of net consideration, each party shall will report such the agreed upon amount in their respective its tax returns return for the previous calendar year.
(g) Both the Ceding Company and the Reinsurer represent and warrant that they are subject to United States taxation under either Subchapter L or Subpart F of Part III of Subchapter N of the Internal Revenue Code of 1986, as amended. If the parties still fail to reach agreement, the determination of net consideration shall be submitted to arbitration.IDSL-NY VUL4/LP Select Treaty 24
Appears in 1 contract
Samples: Reinsurance Agreement (Ids Life of New York Account 8)
DAC TAX. A. Each The parties to this Agreement agree to the following provisions pursuant to Section 1.848-2(g)(8) of the Company and Income Tax Regulations effective December 29,1992, under Section 848 of the Reinsurer agrees thatInternal Revenue Code of 1986, for each taxable year during the Term and the five-year period immediately following the Term, it will comply with the following provisions. As used below, the as amended:
a. The term “party” refers to either the Company or the Reinsurer, as appropriate. .
b. The terms used in In this Article are defined by reference to Regulation Section ) 1.848-2 of the Income Tax Regulations issued in 2, effective December 1992 under Section 848 of the Internal Revenue Code of 198629, as amended (the “Code”)1992.
B. c. The party with the net positive consideration for this Treaty Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Treaty Agreement without regard to the general deductions limitation of Section 848(c)(l) of the Code848(c)(1).
C. The d. Both parties shall agree to exchange information regarding pertaining to the amount of net consideration paid under this Treaty in Agreement each year to ensure consistency. The parties also agree to exchange information which may , or as otherwise be required by the Internal Revenue Service.
D. e. The Company will submit a schedule of calculations to the Reinsurer by June 1 May of each year of with its calculation of the net consideration for the preceding year. Such schedule will be accompanied by a statement signed by an officer of the Company stating that the Company will report such net consideration in its tax return for the preceding calendar year. The Reinsurer may contest such calculation by providing an alternative calculation to the Company in writing within 30 thirty (30) days of the Reinsurer’s receipt of the Company’s calculation. If the Reinsurer does not so notify the CompanyCompany within the required timeframe, the Reinsurer will report the net consideration as determined by the Company in the Reinsurer’s tax return for the previous calendar year. .
f. If the Reinsurer contests the Company’s calculation of the net consideration, the parties will act in good faith to reach an agreement as to the correct amount within 30 thirty (30) days of the date the Reinsurer submits its alternative calculation. If the Company and the Reinsurer reach an agreement on an amount of net consideration, each party shall will report such the agreed upon amount in their respective its tax returns return for the previous calendar year. If .
g. Both the parties still fail Company and the Reinsurer represent and warrant that they are subject to reach agreementUnited States taxation under either Subchapter L or Subpart F of Part III of Subchapter N of the Internal Revenue Code of 1986, the determination of net consideration shall be submitted to arbitrationas amended.
Appears in 1 contract
Samples: Reinsurance Agreement (COLI VUL-4 Series Account of First Great-West Life & Annuity Insurance CO)
