Common use of Payment of Reinsurance Proceeds Clause in Contracts

Payment of Reinsurance Proceeds. The Reinsurer shall pay the Ceding Company the Reinsured Net Amount at Risk, defined in Schedule B, on claims for which it is liable under this Agreement. The due date for such payment is the date fifteen (15) business days after the date that the Reinsurer has received the Proofs and all outstanding documents and all issues have been resolved. The Reinsurer shall also reimburse the Ceding Company for its proportionate share of non-routine claims expenses (defined below in Section G) and any interest paid by the Ceding Company on such claims, such proportion based on the relationship of the Reinsured Net Amount at Risk to the Total Net Amount at Risk of the coverage, as defined in Schedule B. Interest paid by the Ceding Company on such claims shall be in accordance with the policy provisions and applicable state requirements. Payment of reinsurance proceeds will be made to the Ceding Company in a single sum, regardless of the Ceding Company's mode of settlement with the payee under the policy.

Payment of Reinsurance Proceeds. The Reinsurer shall pay the Ceding Company the Reinsured Net Amount at Risk, defined in Schedule B, reinsurance proceeds on claims for which it is liable liable, on claims made under policies eligible for reinsurance under this Agreement. The due date for such payment is the date fifteen thirty (1530) business days after the date that the Reinsurer has received the Proofs and all outstanding documents and all issues have been resolvedother information reasonably requested by the Reinsurer. The Reinsurer shall also reimburse the Ceding Company for its proportionate share of non-routine claims expenses (defined below in Section G) and any interest paid by the Ceding Company on such claims, such proportion based on the relationship Reinsurer's proportionate share of the Reinsured Net Amount at Risk to the Total Net Amount at Risk of the coverage, as defined in Schedule B. Interest paid by the Ceding Company on such claims shall be in accordance with the policy provisions and applicable state requirements. Payment of reinsurance proceeds will be made to the Ceding Company in a single sum, regardless of the Ceding Company's mode of settlement with the payee under the policy.