Premium Accounting Sample Clauses

Premium Accounting. The Company will pay the Reinsurer premiums in accordance with the terms specified in Exhibit C. The method and requirements for reporting and remitting premiums are outlined in Exhibit F. The Reinsurer reserves the right to charge interest on overdue premiums. The interest will be calculated according to the terms and conditions specified in Exhibit C.

Premium Accounting. A. National Integrity Life shall forward to Connecticut General on or before the last calendar day of April, July, October, and January a quarterly statement as set forth in Schedule E. National Integrity Life shall also remit any premium due for the prior quarter along with an advance minimum premium for the current quarter, in accordance with Section (2) of Article V. B. The payment of the reinsurance premium by National Integrity Life shall be a condition precedent to any liability by Connecticut General under the terms and conditions of this Agreement. If the reinsurance premium payment is not paid by National Integrity Life in accordance with the preceding paragraph, Connecticut General shall have the right to terminate reinsurance under this Agreement. If Connecticut General elects to exercise its right of termination, Connecticut General shall provide written notice to NATIONAL INTEGRITY LIFE not less than thirty (30) calendar days prior to termination. If all reinsurance premiums in arrears, including any which may fall due within the thirty (30) day period, are not received by Connecticut General prior to the expiration date of such period, Connecticut General shall be relieved of all liability incurred after the termination date. Connecticut General may, at its option, reinstate the reinsurance at any time within sixty (60) calendar days following such termination if National Integrity Life makes payment of all reinsurance premiums due and payable up to the date of reinstatement and provides full disclosure of all claims incurred between the date of termination and the reinstatement date. If Connecticut General agrees to such reinstatement, it shall be liable for reinsurance on only those claims incurred by National Integrity Life between the termination date and reinstatement date that National Integrity Life discloses to Connecticut General. In the event that National Integrity Life is unaware of such claim, Connecticut General will nevertheless be liable for claims that are reported to National Integrity Life in the ninety day period following reinstatement. C. Connecticut General’s right to terminate reinsurance pursuant to this ARTICLE shall be without prejudice to its right to collect reinsurance premiums for the period that reinsurance was in force prior to the expiration of the thirty (30) calendar day notice. Pursuant to Article X of this Agreement, Connecticut General may set off against amounts due National Integrity Life the amount of...

Premium Accounting. A. If reinsurance premiums are not paid by the REMITTANCE DATE, interest in accordance with Article III, paragraph F will be assessed from the REMITTANCE DATE. B. On or before the REMITTANCE DATE, the CEDING COMPANY shall forward to the REINSURER its statement of account and data requirements as set forth in Schedule G together with its remittance for the MONTHLY REINSURANCE PREMIUM as shown therein as well as any premium adjustments from the prior period. C. If the amounts due cannot be determined by the REMITTANCE DATE, the CEDING COMPANY shall have ninety (90) days to determine the appropriate premium and remit with interest in accordance with Article III, paragraph F. D. For contracts active less than a full month in the month prior to the MONTHLY VALUATION DATE, the MONTHLY REINSURANCE PREMIUM attributable to those contracts shall be reduced proportionally. ▇▇▇▇▇▇▇ ▇▇▇▇▇ & ACE Tempest GMDB 10

Premium Accounting. A. If reinsurance premiums are not paid by the REMITTANCE DATE, interest in accordance with Article III, paragraph F will be assessed from the REMITTANCE DATE. B. On or before the REMITTANCE DATE, the CEDING COMPANY shall forward to the REINSURER its statement of account and data requirements as set forth in Schedule G together with its remittance for the MONTHLY REINSURANCE PREMIUM as shown therein as well as any premium adjustments from the prior period. C. If the amounts due cannot be determined by the REMITTANCE DATE, the CEDING COMPANY shall have ninety (90) days to determine the appropriate premium and remit with interest in accordance with Article III, paragraph ▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇ & ACE Tempest EEB 11

Premium Accounting. 10 6.1 Premiums 6.2 Payment of Premiums 6.3 Overpayment of Premiums 6.4 Delayed Payment 6.5 Underpayment of Premiums 6.6 Failure to Pay Premiums 6.7 Premium Rate Guarantee ARTICLE 7 - REDUCTIONS, TERMINATIONS AND CHANGES.......................... 13 7.1 Reductions and Terminations 7.2 Increases 7.3 Risk Classification Changes 7.4 Reinstatement 7.5 Nonforfeiture Benefits

Premium Accounting. Reinsurer will be entitled to receive one hundred percent (100%) of all premiums and other amounts with respect to the Reinsured Policies (“Premiums”) that are received at or after the Effective Time, including, without limitation, amounts received in payment of Premiums Receivable as of the Effective Time, and all such Premiums will be the sole property of Reinsurer. Reinsurer will be authorized to endorse for payment to Reinsurer all checks, drafts and money orders payable to Ceding Company as payment of Premiums that are received at or after the Effective Time. Ceding Company hereby assigns to Reinsurer, as of the Effective Time, all of its rights and privileges to draft or debit the accounts of any Policyholders for Premiums, including existing pre-authorized bank draft or electronic fund transfer arrangements between Ceding Company and such Policyholders. Ceding Company will promptly (but in no event later then five (5) business days following Ceding Company’s receipt thereof) endorse and remit, and hereby assigns to Reinsurer, any Premiums received at or after the Effective Time. All Premiums received before the Effective Time will be retained by Ceding Company.

Premium Accounting. A. On or before the REMITTANCE DATE, CEDING COMPANY shall forward to REINSURER a statement of account and data requirements as set forth in Schedule F together with its remittance of the MONTHLY REINSURANCE PREMIUM as shown therein, as well as any premium adjustments from the prior period. B. If the MONTHLY REINSURANCE PREMIUM is not paid by CEDING COMPANY on or before the REMITTANCE DATE, interest calculated in accordance with Article III, paragraph F will be assessed from the REMITTANCE DATE until the date such unpaid MONTHLY REINSURANCE PREMIUM is paid in full to REINSURER. C. If any MONTHLY REINSURANCE PREMIUM amounts due hereunder cannot be determined by the REMITTANCE DATE, CEDING COMPANY shall have 30 days to determine the appropriate MONTHLY REINSURANCE PREMIUM amount and remit such amount to REINSURER with interest, from the REMITTANCE DATE to the date of payment, calculated in accordance with Article III, paragraph F.

Premium Accounting. Ceding Company shall forward to Reinsurer within 30 days of the end of the reporting period a monthly statement substantially similar to that set forth in Schedule E. Reinsurance premiums submitted by Ceding Company shall be net of claims incurred. If a balance is due Reinsurer, Ceding Company shall remit any balance due for the prior month along with an advance premium for the current month, in accordance with Article V.

Premium Accounting. The Agent and the Company shall comply with the following accounting procedures: A. Itemized statements of money due shall be prepared monthly by the Company. B. The balance shown in the statement due the Company, or due the Agent shall be payable not later than 45 days after the end of the account month for which such statement was prepared. C. The omission of any item(s) from a monthly statement shall not affect the responsibility of either party to account for and pay all amounts due the other, nor shall it prejudice the rights of either party to collect all such amounts due from the other. Any extension of time granted to an insured by the Agent for the payment of premium due on any policy issued by the Company shall be done at the sole responsibility of the Agent, who shall be accountable to the Company in accordance with the provisions contained in this Agreement. D. All premiums collected or received by the Agent shall be held by the Agent in trust for the Company until paid to the Company. E. The Agent agrees to be accountable for the payment of the earned premium on each binder given or executed by the Agent. F. Additional exposures which may develop premium through audits, inspections, and/or reporting form policies shall be immediately endorsed onto the policy. At the request of Agent, the Company will assume responsibility for the collection of audited premiums and retrospective additional premiums which the Agent has been unable to collect despite a demonstrable effort to do so. Agent must make such request of the Company within 45 days of the premium billing date and no commission will be paid on premiums collected by Company.