PREMIUM AND COMMISSION. For business effective prior to 2002, however, excluding business in-force on December 31st, 2001: The Company will pay the Reinsurer a premium equal to the pro rata share of premium applicable on all policies ceded and the Reinsurer shall allow the company a minimum and provisional ceding commission of 18% on such premium. The ceding commission slides 1 for 1 for each 1.0% decrease in the Loss Ratio below 79% up to a maximum ceding commission of 31% at a 66% loss ratio. This calculation shall be from January 1st, 2000 to date for all business ceded effective in all calendar quarters including the in-force business from December 31st, 2000. For business in-force on December 31st, 2001 and with effective dates in 2002: The Company will pay the Reinsurer a premium equal to the pro rata share of premium applicable on all policies ceded. This would be the sum of new written premiums in the quarter plus or minus the change in unearned premium ceded at the beginning of the quarter as the result of a change in the percent ceded. The Reinsurer shall allow the company a minimum and provisional ceding commission of 18% on such premium. The ceding commission slides 1 for 1 for each 1.0% decrease in the Loss Ratio below 78.625% up to a maximum ceding commission of 31% at a 65.625 loss ratio. This calculation shall be from January 1st, 2002 to date of calculation. The first payment, if any, shall be made within 75 days of March 31st 2003. Subsequent payments due either party shall be made within 75 days of March 31st of all years subsequent to 2003 until all liabilities are finalized.
PREMIUM AND COMMISSION. 7.01 It is understood that the General Agent shall pay, and the Reinsurer shall guarantee, the Company directly a fee within forty-five (45) days following the end of each month (to the Company's designated agent, T.
A. Insurance Group, Ltd. ("TBA"), as a ceding fee), 19% of Net Premiums, and in addition guarantees the amount of assessments and state premium taxes as provided in this Article X. (The ceding fee amount shall be computed on a calendar year basis based on premium written in each annual period ended December 31st.) Notwithstanding anything else contained herein to the contrary, regardless of the amount of Net Premiums, the minimum ceding fee due the Company shall be $37,500 for each six-month period, plus the aforementioned assessments and state premium taxes. (This minimum ceding fee applicable to each successive six-month period shall not be affected by the amounts of Net Premiums written in other six-month periods and shall not be reduced by reason of payments in excess of the minimum in other periods. The minimum ceding fee for each period shall be paid within sixty (60) days of the end of each period. For these purposes, a policy's entire premium shall be applied to the period in which the policy is written.) "Net Premiums" shall mean the gross premiums (including policy fees) charged on all original and renewal Policies written on behalf of the Company, less return premiums.
PREMIUM AND COMMISSION. 8.01 In consideration of the acceptance by the Reinsurer of one hundred percent (100%) of the Company's liability on insurance business reinsured hereunder, the Reinsurer is entitled to one hundred percent (100%) of the Net Premiums (as hereinafter defined) received by the General Agent or the Reinsurer on Policies reinsured less (i) the ceding fee allowed the Company pursuant to Section 8.02 hereof, (ii) the commission paid to the General Agent and (iii) premium taxes on Policies subject to reinsurance hereunder. "Net Premiums" shall mean the gross premiums (excluding policy fees) charged on all original and renewal Policies written on behalf of the Company, less return premiums. Such amounts as provided in Section 5.09 of the General Agency Agreement (as hereinafter defined) shall be paid to the Reinsurer or received from the Reinsurer by the General Agent on behalf of the Company. "Net Policy Fees" shall mean gross policy fees, if any, charged on all original and renewal Policies written on behalf of the Company, less return policy fees.
PREMIUM AND COMMISSION. For business effective prior to 2002. The Company will pay the Reinsurer a premium equal to the pro rata share of premium applicable on all policies ceded and the Reinsurer shall allow the company a minimum and provisional ceding commission of 18% on such premium. The ceding commission slides 1 for 1 for each 1.0% decrease in the Loss Ratio below 79% up to a maximum ceding commission of 31% at a 66% loss ratio. This calculation shall be from January 1st, 2001 to date for all business ceded effective in all calendar quarters including business effective in 2002 plus the in-force business. For business effective in 2002. The Company will pay the Reinsurer a premium equal to the pro rata share of premium applicable on all policies ceded. The Reinsurer shall allow the company a minimum and provisional ceding commission of 18% on such premium. The ceding commission slides 1 for 1 for each 1.0% decrease in the Loss Ratio below 78.625% up to a maximum ceding commission of 31% at a 65.625 loss ratio. This calculation shall be from January 1st, 2002 to date of calculation. The first payment, if any shall be made within 90 days of March 31, 2004. Subsequent payments due either party shall be made within 90 days of March 31 of all years subsequent to 2004 until all liabilities are finalized.
PREMIUM AND COMMISSION. The Company will pay the Reinsurer a premium equal to the pro rata share of premium applicable on all policies ceded and the Reinsurer shall allow the Company a minimum and provisional ceding commission of 18% on such premium. The ceding commission slides 1 for 1 for each 1.0% decrease in the Loss Ratio below 79% up to a maximum ceding commission of 31% at a 66% loss ratio. This calculation shall be from inception to date for all business ceded effective in all calendar quarters plus the in-force business. ARITCLE VII COMMUTATION ----------- ----------- The Company may request and the Reinsurer shall grant a commutation of all liabilities to be effective at the end of any calendar quarter. The Reinsurer shall pay the Company the outstanding case reserves plus an amount for incurred but not reported losses as mutually agreed. In the event mutual agreement cannot be reached, the Reinsurer may appoint an independent actuary to establish the incurred but not reported losses. The Company shall notify the Reinsurer of such request within 60 days of the close of the calendar quarter. In such event the Company shall pay the positive Funds Withheld Balance to the Reinsurer and the Company shall release the Reinsurer of any and all liabilities.
PREMIUM AND COMMISSION. In respect of all option contracts effected on the Client's Instructions, the Client will pay the Company, within the time period notified by the Company, Premium, the Company's commission and any other charges, and applicable levies imposed by the SEHK or the relevant Exchange, Market or Clearing House, as have been notified to the Client; and the Company may deduct such Premium, commissions, charges and levies from any Account.
PREMIUM AND COMMISSION. The Premiums due the Reinsurer for the Reinsurance hereunder shall be calculated in accordance with the Schedule(s).
PREMIUM AND COMMISSION. The Company will pay the Reinsurer a premium equal to the pro rata share of premium applicable on all policies ceded. The Reinsurer shall allow the Company a minimum and provisional ceding commissions of 18% on such premium. The actual ceding commission shall be the combined sum of Section A and Section B as specified below subject to a minimum of 18% and a maximum of 31% of the combined sum of ceded premiums. The actual commission shall be the commission ratio times the ceded premium determined as follows:
Section A: 97.000% minus actual loss ratio equals commission ratio Section B: 96.625% minus actual loss ratio equals commission ratio The above ratio shall be carried to three decimal places. The adjustment, if any on Section A shall be done quarterly with a debit or credit to the Funds Withheld Balance. The first adjustment and payment for Section B shall be made within 90 days of March 31, 2004. Subsequent adjustments and payments shall be made within 90 days of all years subsequent to 2004 until all liabilities are finalized. In the event the Section A or Section B commission ratio is less than 18% and the combined commission ratio is in excess of 18% the amount that would otherwise be debited to the Funds Withheld Balance shall be paid to the Reinsurer.
PREMIUM AND COMMISSION. A. Subject to adjustment as displayed in Article VIII (E), the Company shall cede thirty five percent (35.0%) of its Gross Net Unearned Premium at the inception of this Agreement plus thirty five percent (35.0%) of its Gross Net Written Premium in respect of new and renewal Policies accepted during the Term of this Agreement.
B. The Reinsurer shall allow the Company to deduct a ceding commission of forty six percent (46%) of the Company’s Gross Ceded Premium.
PREMIUM AND COMMISSION. Premium and Commission due from the Reinsurer for the Reinsurance hereunder shall be calculated in accordance with the following schedule. Gross Premiums Written shown are estimates for the beginning of the Agreement period.
1. Gross Premiums Written $* LESS
2. Excess Premium $* EQUALS
3. Subject Premium $* LESS
4. Taxes, Board, Bureaus and Residual Market Charges; and FET adjustable - see note # 1 $*
5. Claims Service Fees Adjustable in Accordance With Article VIII; and $*
6. Profit and Adminis- tration; adjustable [redacted pending $* confidentiality request with SEC]
7. Sub-total (4,5,6) $* EQUALS
8. Gross Ceded Premium (line 3 less line 7) $*
9. Net Ceded Premium (Line 8 less line 10) $*
10. Loss Escrow Fund $* *Redacted pending confidentiality request with SEC Note: #l) Taxes, Boards & Bureaus, Federal Excise Tax, and Residual Market Loadings will be adjusted per the terms of the Large Risk Rating Plan Endorsement located on policyn # RMCA 5273031.
