Reinsurance Administration Sample Clauses
The Reinsurance Administration clause outlines the procedures and responsibilities for managing the administrative aspects of a reinsurance agreement. It typically covers tasks such as premium collection, claims processing, reporting requirements, and the exchange of relevant information between the ceding insurer and the reinsurer. By clearly defining these administrative duties, the clause ensures efficient coordination and reduces the risk of misunderstandings or disputes over operational matters in the reinsurance relationship.
Reinsurance Administration. A. Within thirty (30) days after the end of each calendar month, the Cedent shall take all reasonable and appropriate steps to furnish the Reinsurer with a seriatim electronic report, as detailed in Schedule C, for each Reinsured Contract, valued as of the last day of that month. On or before September 30, 2001, the Cedent shall provide the initial seriatim electronic report, which shall cover the period from the Effective Date hereof through August 31, 2001; provided, however, that the initial seriatim electronic report may omit Funding Vehicle Values by MorningStar designation. The Cedent shall provide complete seriatim electronic data, as required herein, on or before April 30, 2002. Failure to provide this information as required shall constitute a material breach within the scope of Article XX, Paragraph G.
B. Additionally, within thirty (30) days after the end of each calendar month the Cedent shall furnish the Reinsurer with a separate Summary Statement containing the following:
1. Reinsurance Premiums due to the Reinsurer summarized separately for each premium class by GMDB, EPB, and Income Program, as shown in Exhibit II;
2. benefit claim recoverables due to the Cedent in total and, if applicable, broken down by VNAR, SCNAR, and EEMNAR and Income Program; and
3. the month end date for the period covered by the Summary Statement.
C. If the net balance is due to the Reinsurer, the Cedent shall remit the amount due with the Summary Statement, but no later than thirty (30) days after the month end date for the period covered by the Summary Statement. If the net balance is due to the Cedent, the Reinsurer shall remit the amount due to the Cedent within ten (10) days after receipt of the Summary Statement.
D. The payment of Reinsurance Premiums is a condition precedent to the liability of the Reinsurer under this Agreement. In the event that the Cedent does not pay the Reinsurance Premiums in a timely manner, as defined below, the Reinsurer may exercise the following rights:
1. The Reinsurer shall charge interest if Reinsurance Premiums are not paid within thirty (30) days of the due date, as defined in Paragraph C of this Article. The interest rate charged shall be based on the ninety-(90) day federal Treasury ▇▇▇▇, as published in The Wall Street Journal on the first business day in the month following the due date of the Reinsurance Premiums, plus one hundred (100) basis points. The method of calculation shall be simple interest (360-day year).
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Reinsurance Administration. THE COMPANY shall perform all duties with respect to the administration of the reinsurance under this Agreement on the portion of the policies reinsured under this Agreement.
Reinsurance Administration. A. Reinsurance shall be ceded using a bordereau format in accordance with the suggested reporting details for Non-Universal Life products as indicated in Exhibit C of the basic Agreement.
Reinsurance Administration. 1. Within thirty (30) days of the end of each calendar month, the Company will furnish Swiss Re Life & Health a separate electronic report for each Guaranteed Minimum Death Benefit design specified in Exhibit A, valued as of the last day of that month. Each report will indicate for all inforce annuities reinsured hereunder:
a) Annuitant’s name, sex, date of birth, issue age and social security number
b) Owner’s name, sex, date of birth, issue age and social security number
c) Contract number
d) Contract issue date
e) Contract form number
f) Tax status (tax-qualified vs. non-qualified)
g) Current contract value in total and by separate account
h) Cumulative net considerations
i) Current Minimum Guaranteed Death Benefit
j) Current contract death benefit
k) Current contract mortality risk amount
2. Additionally, within thirty (30) days of the end of each calendar month, the Company will furnish Swiss Re Life & Health with a separate seriatim termination report, indicating the following:
a) Termination by death, including cause of death
b) Termination by lapse
c) Termination by annuitization
3. Additionally, within thirty (30) days of the end of each calendar month, the Company will furnish Swiss Re Life & Health a separate paper report summarizing the following data:
a) Reinsurance premiums due Swiss Re Life & Health
b) Death claim reimbursements due the Company
c) Total number of contracts reinsured
d) Total current contract value
e) Total cumulative net considerations
f) Total current Guaranteed Minimum Death Benefit
g) Total current death benefit
h) Total current mortality risk amount
4. Within 30 days of the end of each quarter, the Company will furnish Swiss Re Life & Health a separate paper report detailing the experience refund calculations as set forth in Exhibit C.
5. If the net balance is due Swiss Re Life & Health, the amount due shall be remitted with the report statement. If the net balance is due the Company, Swiss Re Life & Health shall remit the amount to the Company within ten (10) days of the receipt of the report.
Reinsurance Administration. 7 Article VII.
Reinsurance Administration. The methods for placing reinsurance into effect, for paying reinsurance premiums, and for notifying Lincoln of Policy lapses, reinstatements, reductions, Continuations, increases in the Reinsurance Amount and of other changes affecting reinsurance are specified in the Administration Schedule.
Reinsurance Administration. Within 30 days of the end of each calendar quarter, the Company will furnish Swiss Re America a separate electronic report for each GMDB design and tax status combination specified in Exhibit A, valued as of the last day of that calendar quarter. Each report will indicate for all inforce annuities reinsured hereunder:
Reinsurance Administration. Reinsurer shall have a continuing obligation during the term of this Quota Share Reinsurance Agreement to fund the Bank Accounts (as such term is defined in the Administrative Services Agreement) in an amount sufficient to satisfy all Reinsured Liabilities as such liabilities become due. Notwithstanding any other provisions of this Quota Share Reinsurance Agreement to the contrary, Cedent shall have no responsibility whatsoever to provide funds to satisfy the Reinsured Liabilities or fund the Bank Accounts.
Reinsurance Administration. A. Reinsurance shall be ceded using an individual cession basis. Reinsurance premiums shall be paid annually, but if a reinsurance policy is terminated or reduced in accordance with the provisions of this Agreement, the North American Re shall refund to the Company the unearned portion of the reinsurance premium.
B. Promptly at the beginning of each calendar month the North American Re shall send to the Company a statement of premiums for all outstanding new reinsurance upon which confirmation of reinsurance has been received by the North American Re and renewal premiums for all renewal reinsurances falling due within such month. The statement shall also include any adjustments in reinsurance premiums. The Company shall verify the statement and return it to the North American Re within a reasonable time together with a remittance covering the amount due.
Reinsurance Administration. 1. Within 30 days of the end of each calendar month, the Company will furnish North American Re an electronic report for the reinsurance account. The report will indicate for all inforce annuities reinsured hereunder:
a) Annuitant’s name, sex, date of birth and social security number
b) Owner’s name, sex, date of birth and social security number
c) Contract number
d) Contract date
e) Contract form number
f) Current contract value
g) Current contract ratchet value (contract value as of every seventh contract anniversary)
h) Cumulative net considerations (compounded to date of valuation)
i) Current contract death benefit
j) Current contract cash surrender value
k) Current contract mortality risk amount
2. Additionally, within 30 days of the end of each calendar month, the Company will furnish North American Re two separate paper reports for tax qualified and non-tax qualified annuities comprising the reinsurance account summarizing the following data:
a) Reinsurance premiums due North American Re
b) Death claim reimbursements due the Company
c) Total number of contracts reinsured
d) Total current contract value
e) Total cumultative net considerations (compounded to date of valuation)
f) Total current ratchet value
g) Total current death benefit
h) Total current cash surrender value
i) Total current mortality risk amount
3. Within 30 days of the end of each quarter, the Company will furnish North American Re a separate paper report detailing the experience refund calculations as set forth in Exhibit C.
4. If the net balance is due North American Re, the amount due shall be remitted with the report statement. If the net balance is due the Company, North American Re shall remit the amount to the Company within 10 days of the receipt of the report.