Common use of Non-Payment of Premiums Clause in Contracts

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 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 publicationpublication plus %.