Non-Payment of Premiums. The payment of reinsurance premiums is a condition precedent to the liability of the Reinsurer for reinsurance covered by this Agreement. In the event that reinsurance premiums are not paid within 60 days of the Due Date stated in Exhibit F, the Reinsurer will have the right to terminate the reinsurance under all policies having reinsurance premiums in arrears. If the Reinsurer elects to exercise its right of termination, it will give the Company 15 days written notice of its intention to terminate said reinsurance. If all reinsurance premiums in arrears, including any which may become in arrears during the 15 day period, are not paid before the expiration of said period, the Reinsurer will be relieved of all liability under those policies as of the last date for which premiums have been paid for each policy. This right to terminate reinsurance will not prejudice the Reinsurer's right to collect premiums for the period during which reinsurance was in force prior to the expiration of the 15 days notice. The Company is still obligated to pay such overdue premiums. The Company will not force termination under the provisions of this Article solely to avoid the recapture requirements of this Agreement or to transfer the Reinsured Policies to another reinsurer.
Non-Payment of Premiums. The Reinsurer may terminate its liability for any Reinsured Policy for which the premiums have not been paid within 60 days after the Due Date stated in Exhibit F, by giving the Company 15 days written notice of such termination. Notwithstanding such termination, the Company is still obligated to pay the overdue premiums, plus interest to the date of payment. The Company will not force termination under the provisions of this Article solely to avoid the recapture requirements or to transfer the Reinsured Policies to another reinsurer.
Non-Payment of Premiums. If we do not receive payment of the monthly Premium by the Premium due date, or within the Grace Period, coverage will be terminated for all Members for whom Premium payment has not been received, on the last day of the month for which the Premium was received. See Section VI. PREMIUMS, COPAYMENTS, COINSURANCE, DEDUCTIBLES A ND OTHER EXPENSES for a description of the Grace Period that applies to your coverage, and associated notices we must provide to you if you do not pay your Premiums.
Non-Payment of Premiums. The Reinsurer may terminate its liability for any reinsurance for which the reinsurance premiums have not been paid within sixty (60) days after billing, by giving thirty (30) days written notice by registered mail of such action to the Company. The Reinsurer reserves the right to charge interest on any balances remaining unpaid within sixty (60) days of the due date and/or when premiums for new business are not paid within one hundred and twenty (120) days of the issue date of the policy. Interest incurred will be calculated using the “3-month” US Treasury Xxxx rate reported for the last working date of the calendar month in the Wall Street Journal or a comparable publication.
Non-Payment of Premiums. The payment of reinsurance premiums is a condition to the liability of the Reinsurer for reinsurance provided by this Agreement. If reinsurance premiums are not paid within 60 days of the due date, the Reinsurer may terminate reinsurance for all Reinsured Policies having reinsurance premiums in arrears. If the Reinsurer elects to terminate any Reinsured Policies after such 60 day period, it will then give the Company at least 45 days’ prior written notice, to be sent via overnight delivery from a major carrier (Federal Express, USPS, UPS, DHL, etc.) of its intention to terminate such reinsurance. If all reinsurance premiums in arrears, including any which may become in arrears during such 45 day notice period, are not paid before the end of the notice period, the Reinsurer’s obligations for those Reinsured Policies will be limited to obligations relating to events arising on or before the last date for which reinsurance premiums have been paid in full for each Reinsured Policy. If reinsurance is terminated according to this Article, the appropriate amount of benefit reserves to be held in respect of the reinsured amounts being terminated will be paid by the party with the positive balance, determined as of the effective date of termination, based on U.S. generally accepted accounting principles (“GAAP”) consistent with FASB Accounting Standard Codification Topic 944, Financial Services–Insurance computed using the Reinsurer’s original pricing assumptions without provision for adverse deviation, less any amount of unamortized deferred acquisition cost assets related thereto and excluding any provisions for adverse deviations or similar deficiency or special reserves net of outstanding balances. The Reinsurer’s right to terminate reinsurance will not prejudice its right to collect premiums, and applicable interest as specified in Exhibit C, for the period reinsurance was in force, through and including the 45 day notice period. The Company may not force termination through the non-payment of reinsurance premiums to avoid the Agreement’s requirements or to transfer the Reinsured Policies to another party. I486326US-14 (02-21-2014) (QT #06655US13)
Non-Payment of Premiums. The Reinsurer may terminate its liability for any reinsurance on a Covered Policy for which the reinsurance premiums have not been paid within sixty (60) days after the Due Date set forth in Exhibit F, by giving thirty (30) days written notice of such action to the Company. The Reinsurer’s right to terminate under this paragraph shall cease if the Company pays the unpaid reinsurance premiums within such thirty (30) day notice period. The Reinsurer reserves the right to charge interest on any balances remaining unpaid sixty (60) days after the Due Date and/or when premiums for newly issued Covered Policies remain unpaid after one hundred and twenty (120) days from the issue date of the Covered Policy. Interest incurred will be calculated using the “3-month” U.S. Treasury Xxxx rate reported for the last working date of the calendar month in the Wall Street Journal or, if the Wall Street Journal is no longer published, a comparable publication. The Reinsurer’s right to terminate reinsurance for non-payment of premium shall not prejudice its right to collect premiums for the period the reinsurance was in force. During the period premiums are outstanding, the Reinsurer may offset the amount of any premiums in arrears against amounts owed to the Company hereunder.
Non-Payment of Premiums. Except for the initial Premium(s), there is a grace period beginning on the Premium Due Date within which overdue Premiums can be paid without loss of coverage. The grace period begins on the Premium Due Date. SAMPLE If Premiums are not received by the Premium Due Date, CareFirst BlueChoice will notify the Subscriber in writing of the overdue Premiums. If CareFirst BlueChoice receives payment of all amounts listed on the notice prior to the end of the thirty-one (31) day grace period, coverage will continue without interruption. If CareFirst BlueChoice does not receive full payment prior to the end of the grace period, the Subscriber's and any Member’s coverage will terminate effective as of midnight on the last day of the grace period, and CareFirst BlueChoice will not charge additional Premium for the time coverage continued in force under the grace period.
Non-Payment of Premiums. If Premiums are not received by the Premium Due Date and CareFirst BlueChoice does not receive a notice directly from the Group of the Group’s intention to terminate the [In-Network] Group Contract, CareFirst BlueChoice will notify the Group in writing of the overdue Premiums. If CareFirst BlueChoice receives payment of all amounts listed on the notice prior to the end of the Grace Period, coverage will continue without interruption. If CareFirst BlueChoice does not receive full payment prior to the end of the Grace Period, CareFirst BlueChoice will, upon notice to the Group, terminate the [In- Network] Group Contract, effective as of 11:59 p.m. Eastern Time on the last day of the Grace Period. Members will be liable for the cost of any benefit provided or paid by CareFirst BlueChoice for services received after the effective date of termination subject to the extension of benefits provision. The Group will be liable for all Premiums or other outstanding charges incurred up to and including the date of termination.
Non-Payment of Premiums. The Reinsurer may terminate its liability for any reinsurance for which the reinsurance premiums have not been paid within sixty (60) days after billing, by giving thirty (30) days written notice by registered mail of such action to the Company. The Reinsurer reserves the right to charge interest on any balances remaining unpaid within sixty (60) days of the due date and/or when premiums for new business are not paid within one hundred and twenty (120) days of the issue date of the policy. Interest incurred will be calculated using the “3-month” US Treasury Xxxx rate reported for the last working date of the calendar month in the Wall Street Journal or a comparable publication. The Reinsurer’s right to terminate reinsurance for non-payment of premium shall not prejudice its right to collect premiums for the period the reinsurance was in force. During the period premiums are outstanding, the Reinsurer may offset the amount of any premiums in arrears against amounts owed to the Company. The Company shall not force termination under the provisions of this paragraph solely to avoid the recapture requirements or to transfer to another reinsurer the block of business reinsured under this Agreement.
Non-Payment of Premiums. In the event that the Company fails to pay a Reinsurance Premium within fifteen (15) days of the date such premium is due, the Reinsurer shall notify the Company in writing via registered or certified mail of the overdue premium. In the event that the Company does not remit the overdue premium to the Reinsurer within thirty (30) days of receiving such notification from the Reinsurer, the Reinsurer shall have the right to immediately cancel this Agreement by mailing the Company a written notice of cancellation, and the Reinsurer’s remaining liability, notwithstanding any provision to the contrary contained herein, shall be immediately reduced to an amount equal to the greater of zero ($0) and the Profit Share Amount. The mailing of the Reinsurer’s cancellation notice shall be sufficient notice and the effective date of cancellation shall be the date the notice of cancellation was posted (the “Cancellation Date”).
