Quarterly Settlements a) Within sixty (60) days after the end of each Accounting Period, the Ceding Company will pay the Reinsurer the sum of: i) Reinsurance Premiums, determined in accordance with Article II, plus ii) the Fee Payments, determined in accordance with Article IV, plus iii) any Modified Coinsurance Reserve Adjustment payable to the Reinsurer, determined in accordance with Article VI, Paragraph 1), plus iv) any adjustments to the Reinsurer for Transfers Involving the Fixed Account determined in accordance with Article VII Paragraph 1).
b) Simultaneously, the Reinsurer will pay the Ceding Company the sum of: i) the amount of Benefit Payments, as described in Article V, plus ii) the Allowance for Commissions and Expenses, determined in accordance with Article III, plus iii) any Modified Coinsurance Reserve Adjustment payable to the Ceding Company, determined in accordance with Article VI, Paragraph 1), plus iv) any adjustments to the Ceding Company for Transfers Involving the Fixed Account, determined in accordance with Article VII Paragraph 2).
c) Simultaneously, the Ceding Company will transfer the increase in the CARVM Allowance of the Reinsured Policies to the Reinsurer. The Reinsurer will transfer an equal amount of mutually acceptable assets to the Ceding Company.
Quarterly Settlements. A. The Ceding Company will pay the Reinsurer the sum of:
(i) the Reinsurance Premiums determined in accordance with Article II paragraph 1, plus
(ii) Other Income as determined in accordance with Article II paragraphs 2 through 5, plus
(iii) the Commission Chargebacks determined in accordance with Article III, Paragraph 3, plus
(iv) any Modified Coinsurance Reserve Adjustment payable to the Reinsurer, determined in accordance with Article V
B. The Reinsurer will pay the Ceding Company the sum of:
(i) the Benefit Payments, as described in Article IV, plus
(ii) the Ceding Commission determined in accordance with Article III, Paragraph 1, plus
(iii) the Expense Allowance determined in accordance with Article III, Paragraph 2, plus
(iv) any Modified Coinsurance Reserve Adjustment payable to the Ceding Company, determined in accordance with Article V
Quarterly Settlements. A. Within forty five (45) days after the end of each Accounting Period, the Ceding Company will pay the Reinsurer the sum of:
(i) Reinsurance Premiums determined in accordance with Article II, plus
(ii) the Commission Chargeback determined in accordance with Article III, Xxxxxxxxx 0, xxxx
(xxx) xxx Modified Coinsurance Reserve Adjustment payable to the Reinsurer, determined in accordance with Article V, Paragraph 1.
B. Simultaneously, the Reinsurer will pay the Ceding Company the sum of:
(i) Benefit Payments, as described in Article IV, plus
(ii) the Commission and Expense Allowance determined in accordance with Article III, Xxxxxxxxx 0, xxxx
(xxx) xxx Modified Coinsurance Reserve Adjustment payable to the Ceding Company, determined in accordance with Article V, Paragraph 1.
Quarterly Settlements. A. Within twenty-five (25) days after the end of each Accounting Period, the Ceding Company will pay the Reinsurer the sum of:
(i) Reinsurance Premiums, determined in accordance with Article II, plus
(ii) any Modified Coinsurance Reserve Adjustment payable to the Reinsurer, determined in accordance with Article V, Paragraph I, plus
(iii) any Adjustment for Transfers Involving the Fixed Account payable to the Reinsurer, determined in accordance with Article VI, plus
(iv) any Adjustments for Annuity Benefits payable to the Reinsurer, determined in accordance with Article IV, paragraph 6.
B. Simultaneously, the Reinsurer will pay the Ceding Company the sum of:
(i) the amount of Benefit Payments, as described in Article IV, plus
(ii) the Allowance for Commissions and Expenses, determined in accordance with Article III, plus
(iii) any Modified Coinsurance Reserve Adjustment payable to the Ceding Company, determined in accordance with Article V, Paragraph I, plus
(iv) any Adjustment for Transfers Involving the Fixed Account payable to the Ceding Company, determined in accordance with Article VI.
Quarterly Settlements. A. The Ceding Company will pay the Reinsurer the sum of:
(i) the Reinsurance Premiums determined in accordance with Article 11, plus
(ii) the Commission Chargebacks determined in accordance with Article 111, Paragraph 4, plus
(iii) any Modified Coinsurance Reserve Adjustment payable to the Reinsurer, determined in accordance with Article V, plus
(iv) any Tax Reimbursement payable to Reinsurer, determined in accordance with Article 111, Paragraph 5.
B. The Reinsurer will pay the Ceding Company the sum of:
(i) the Benefit Payments, as described in Article IV, plus
(ii) the Ceding Commission determined in accordance with Article 111, Paragraph 1, plus
(iii) the Acquisition Expense determined in accordance with Article III, Paragraph 2, plus
(iv) the Expense Allowance determined in accordance with Article III, Paragraph 3, plus
(v) any Modified Coinsurance Reserve Adjustment payable to the Ceding Company, determined in accordance with Article V, plus
(vi) any Tax Reimbursement payable to Ceding Company, determined in accordance with Article III, Paragraph 5.
Quarterly Settlements. (a) At the end of each Accounting Period, the Ceding Company shall pay the Reinsurer the sum of:
(i) the Reinsurance Premium determined in accordance with Article II; and
(ii) any Modco Reserve Adjustment payable to the Reinsurer determined in accordance with Article IV
(b) Simultaneously, the Reinsurer shall pay the Ceding Company the sum of:
(i) the Net Benefit Payments, determined in accordance with Article V;
(ii) the Allowance determined in accordance with Article III; and
(iii) any Modco Reserve Adjustment payable to the Ceding Company determined in accordance with Article IV.
Quarterly Settlements. (a) The first Quarterly Accounting Period under this Agreement shall commence on the Effective Date and end on the last day of the Quarterly Accounting Period in which this Agreement is executed. With respect to the Quarterly Accounting Period during which the applicable termination effective date occurs, the Quarterly Accounting Period shall commence on the beginning of the Quarterly Accounting Period in which the applicable termination effective date occurs and end on such termination date.
(b) The net balance payable under this Agreement for each Quarterly Accounting Period shall be calculated in accordance with Schedule C hereto and shall be payable as follows (the “Quarterly Net Settlement”):
(i) If the Quarterly Net Settlement is positive, the Ceding Company shall pay that amount to the Reinsurer; and
(ii) If the Quarterly Net Settlement is negative, the Reinsurer shall pay the absolute value of that amount to the Ceding Company.
(c) Not later than twenty one (21) calendar days after the end of each Quarterly Accounting Period, the Ceding Company will submit to the Reinsurer a report containing the information identified on Schedule F hereto. All Weekly Net Settlement amounts paid during any Quarterly Accounting Period shall be reflected in the Quarterly Accounting Report with respect to such Quarterly Accounting Period and taken into account in determining the Quarterly Net Settlement with respect to such Quarterly Accounting Period. The Ceding Company shall provide or make available to the Reinsurer such additional documentation as may be necessary to support the items reported.
(d) Payment of the Quarterly Net Settlement shall be due within thirty (30) calendar days following the date on which such report is delivered to the Reinsurer.
Quarterly Settlements. Based upon the Quarterly Accounting Reports, including Schedules C, E and F, settlement payment shall be made to the Company or the Reinsurer, as the case may be, within 45 calendar days from the end of such quarter. If such reports or schedules are not finalized within this time frame, a reasonable estimated payment shall be made followed by an adjustment payment. The Quarterly Settlement payment shall represent settlement, net of any interim reimbursements or other related settlement payments, of all amounts due during that quarter and any mutually agreed upon adjustments to prior periods. The quarterly calculation of this payment shall be substantially in the form of Schedule E with any positive amounts listed on Line 24 of such Schedule being payable from the Reinsurer to the Company and any negative amounts being payable from the Company to the Reinsurer. For the purpose of calculating interest on delayed payments relating to this quarterly settlement payment, the parties agree that the due date is the 15th day (unless such 15th day falls on a day other than a Business Day, in which case the due date is the Business Day immediately preceding such 15th day) of the middle month of the settlement quarter unless otherwise mutually agreed.
Quarterly Settlements. A. Within fifteen (15) days after the end of each Accounting Period, the Ceding Company will pay the Reinsurer the sum of: (i) the Reinsurance Premiums determined in accordance with Article II, Paragraph 2, plus (ii) any Modified Coinsurance Reserve Adjustment payable to the Reinsurer determined in accordance with Article V, Paragraph 2, plus (iii) any Funds Withheld payable to the Reinsurer during the current Accounting Period in accordance with the terms of the Accounts Receivable Agreement determined in accordance with Article II, Paragraph 3, item (ii).
B. Simultaneously, the Reinsurer will pay the Ceding Company the sum of: (i) the amount of Benefit Payments paid during the Accounting Period as described in Article IV, plus (ii) Allowances for Commissions and Expenses determined in accordance with Article III, Paragraph 7, plus (iii) Allowances for Death Benefit Guarantee determined in accordance with Article III, Paragraph 8, plus (iv) any Modified Coinsurance Reserve Adjustment payable to the Ceding Company determined in accordance with Article V, Paragraph 2, plus (v) any Experience Refund determined in accordance with Article IX.
Quarterly Settlements. A. The Ceding Company will withhold on behalf of the Reinsurer an amount equal to the Experience Refund Account determined in accordance with Article VII, Paragraph 3 (herein referred to as the "Amount Withheld by Ceding Company"). The Amount Withheld by Ceding Company will be credited to the Reinsurer and will be considered as an amount held on behalf of the Reinsurer. The Reinsurer will consider such amount as a receivable and subject to future adjustments as provided below. Within fifteen (15) days after the end of each Accounting Period, the Ceding Company will adjust the Amount Withheld by Ceding Company, as described above, by an amount calculated as follows:
(i) the Experience Refund Account, determined in accordance with Article VII, Paragraph 3, at the end of the current Accounting Period, less
(ii) the Experience Refund Account, determined in accordance with Article VII, Paragraph 3, at the beginning of the current Accounting Period. If the amount calculated above is positive, then the Amount Withheld by Ceding Company will be increased by such amount. If the amount calculated above is negative, then the Amount Withheld by Ceding Company will be decreased by such amount.
B. Within fifteen (15) days after the end of each Accounting Period, the Ceding Company will pay the Reinsurer the sum of:
(i) the Reinsurance Premiums determined in accordance with Article II, plus
(ii) any Modified Coinsurance Reserve Adjustment payable to the Reinsurer determined in accordance with Article V, Paragraph 1, plus
(iii) the amount of any reduction in the Amount Withheld by Ceding Company, as described in A. above.
C. Simultaneously, the Reinsurer will pay the Ceding Company the sum of:
(i) the amount of Benefit Payments, as described in Article IV, plus
(ii) the Commission and Expense Allowance determined in accordance with Article III, plus
(iii) any Modified Coinsurance Reserve Adjustment payable to the Ceding Company determined in accordance with Article V, Paragraph 1, plus
(iv) any Experience Refund determined in accordance with Article VII, plus
(v) the amount of any increase in the Amount Withheld by Ceding Company, as described in A. above.
