Premiums and Commissions. (a) In consideration of the Reinsurer’s obligations under this Agreement, the following payments shall be made:
Premiums and Commissions. In consideration of the parties’ obligations under this Agreement, the following payments shall be made:
Premiums and Commissions. The Reinsured shall pay to the Reinsurer its share of the premium after first deducting a ceding commission and other costs allowed by the Reinsurer (the commission and other costs collectively, the "ceding commission"), as such premium and commission are set forth in the Reinsurance Memorandum for each particular risk reinsured under this Agreement. If obligations covered by a Policy are refunded in advance of maturity and a credit is allowed to the premium charged for insuring the refunding obligations, the Reinsurer shall receive its pro rata share of such credit and shall refund its pro rata share of any unearned premium debited to the refunded obligations net of the ceding commission applicable thereto, provided that the Reinsurer is offered the same pro rata share of the refunding transaction.
Premiums and Commissions. (a) It is expressly agreed and understood that all premiums collected by Producer are trust funds and property of the Company and that Producer is acting as fiduciary under this Agreement. Such funds shall not be used by Producer for any personal or business purpose whatsoever and shall be held until remitted or disbursed in accordance with the terms of the Agreement. The keeping of an account by Company on its books as a creditor and debtor account or as a declaration of account is understood to be memo of business transacted and shall not be held to waive assertion of fiduciary relationship as to premiums collected by Producer.
Premiums and Commissions. The premiums payable to the Reinsurer shall be calculated at the original gross rates charged by the Company. As of December 31, 2003 the Company will cede to the Reinsurer and the Reinsurer will accept 100% of the unearned premium and associated ultimate net liability on the business covered by Article I above. The Reinsurer shall allow the Company a commission on the net premiums ceded (being gross written premiums less cancellations and return premiums) equal to all expenses associated with the production and maintenance of the business, plus one half (1/2) of one (1) percent of the net written premium of business covered under the Agreement.
Premiums and Commissions. 3.1 Producer, upon receipt of any payments from an Insured or proposed Insured, shall immediately remit such premiums to Manager. Producer shall be allowed a commission on such premiums as set forth in Addendum No. 1, attached hereto. The commission may be changed from time to time in a manner as provided elsewhere in this Agreement.
Premiums and Commissions. In consideration of the respective obligations of Southern Mutual and Donegal Mutual under this Agreement, Donegal Mutual and Southern Mutual shall make the following respective payments:
Premiums and Commissions. Premiums shall be payable on the terms and conditions of this Agreement and any Endorsements attached hereto and made a part hereof.
Premiums and Commissions. The existing clause shall be deleted in its entirety and replaced with the following: "As premium for the reinsurance provided hereunder, the Retrocedant shall retrocede to the Retrocessionaire fifty-five percent (55%) of the Gross Net premium ceded to the Retrocedant under the Reinsurance Contracts. The Retrocessionnaire shall pay a ceding commission equal to the sum of (1) applicable ceding and other commissions, (2) brokerage, (3) taxes, and (4) other expenses associated with underwriting the Reinsurance Contracts. Other expenses associated with underwriting shall be limited to a maximum of 10 percent (10%) of the Gross Net Premium ceded to the Retrocedant under the Reinsurance Contracts. Gross Net Premium is defined as the total sum of all premiums associated with Reinsurance Contracts ceded to the Retrocedant, less: (1) return premiums, and (2) ceded reinsurance premium."
Premiums and Commissions
