Reinsurance Premiums. A. The total Reinsurance Premium for the business ceded hereunder is the sum of the GMDB Reinsurance Premium, the EPB Reinsurance Premium and the GMIB Reinsurance Premium, each of which is defined separately in this article.
B. The Reinsurance Premium rates and structure described above are subject to change in accordance with the criteria described in Article XV. GMDB AND EPB ------------
C. The total GMDB Reinsurance Premium for the business ceded hereunder is the sum of the GMDB Reinsurance Premium and the EPB Reinsurance Premium, each of which is defined separately in this article. GMDB CESSION PREMIUM --------------------
D. The GMDB Reinsurance Premium is expressed in terms of basis points and is defined in Exhibit II.
E. The Cedent shall calculate, for each premium class, the Reinsurer's Percentage of the greater of the average aggregate GMDB value and the average aggregate account value for the reporting month. This value shall be applied to the GMDB Cession Premium rates per premium class on a 1/12th basis. EPB CESSION PREMIUM -------------------
F. The EPB Reinsurance Premium is an asset-based premium rate, expressed in terms of basis points, and is defined in Exhibit II.
G. The Cedent shall calculate, for each premium class, the Reinsurer's Percentage of the average aggregate account value for the reporting month. This value shall be applied to the annualized EPB reinsurance premium rates per premium class on a 1/12th basis. The total EPB Cession Premium due for the month is the sum of the premiums calculated for each premium class. SPOUSAL CONTINUANCES --------------------
H. Spousal continuances will be covered under this Agreement to the extent that the surviving spouse satisfies the issue age restrictions and benefit limitations, as described in Schedule A, at time of continuance, and shall be deemed to be terminations followed by subsequent new issues for purposes of calculating Reinsurance Premiums. The new reinsurance premium rate applied shall be based off the attained age of the surviving spouse at the time of election of spousal continuance. After the termination of this Agreement for new cessions, a spousal continuation of a Reinsured Contract may be ceded to this Agreement in accordance with the procedure set forth in Article I, Paragraph D. GMIB ----
I. The GMIB cession premium ("GMIB Reinsurance Premium") is an asset-based premium rate, expressed in terms of basis points, as set forth in Exhibit II, and shall be calculated on an ag...
Reinsurance Premiums. After the effective date of this Agreement, the Monthly Premium due the Reinsurer by the Reinsured with respect to each insurance contract reinsured is specified in Schedule B or any amendments thereto.
Reinsurance Premiums. 4 ARTICLE V.................................................................. 4
Reinsurance Premiums. A. Computation Premiums for reinsurance under this Agreement will be computed as described in Exhibit I.
B. Premium Accounting
Reinsurance Premiums. A. Life Premiums
i) Until further notice, reinsurance premiums shall be developed as described in the Exhibit B attached to this Memorandum Addendum. North American Re guarantees that premium rates for a given attained age, rating, and duration shall not exceed the higher of the rate shown in the attached schedule (Exhibit B) for that age, rating, and duration or the one year term rate on the appropriate multiple of the applicable 1980 CSO table at the maximum statutory valuation rate approved in New York state.
ii) Reinsurance premiums are annual premiums payable at the end of the month in which they become due.
Reinsurance Premiums. Reinsurance premiums will be based on the Reinsurance Risk Amount. The reinsurance premiums per $1000 of Reinsurance Risk Amount are shown in Schedule B.
Reinsurance Premiums. Life Premiums
Reinsurance Premiums. The quarterly premiums for reinsurance subject to the terms and conditions of this Agreement shall be determined by application of the rates set forth in Schedule D to the amount of reinsurance coverage provided for each annuity insured by NATIONAL INTEGRITY LIFE, subject to the following:
1. The reinsurance premiums shall be based on the annuitant’s age at the end of each quarter. If the contract is jointly owned, the reinsurance premiums shall be based on the age of the younger annuitant. NATIONAL INTEGRITY LIFE shall determine the annuitant’s age at the time it prepares the quarterly exposure data submission for the variable annuity guaranteed death benefit, as set forth in Schedule E, attached hereto.
2. The Age Adjusted Aggregate Contract Value is the sum of the contract values in all of NATIONAL INTEGRITY LIFE’s variable annuities subject to this Agreement, minus contract values for certificate holders who are ATTAINED AGE 85 OR OLDER and minus contract values attributable to amounts in excess of the maximum purchase amounts listed in Schedule A. The Age Adjusted Aggregate Contract Values times one fourth (1/4) of the minimum premium rate will be remitted to Connecticut General in advance for the current quarter, at the time of settlement for the prior quarter.
3. For attained ages less than 65, the premium over each calendar year will be at least equivalent to the Age Adjusted Aggregate Contract Values times 3.0 BASIS POINTS (.0003), subject to the funds set forth in Schedule B.
4. For attained ages less than 65, the maximum premium over each calendar year will be no more than the Age Adjusted Aggregate Contract Values times 10. BASIS POINTS (.0010), subject to the funds set forth in Schedule B.
5. For attained ages 65 and over, the annual premium rate is 16.4 BASIS POINTS (.00164) times the Age Adjusted Aggregate Contract Values, subject to the funds set forth in Schedule B.
Reinsurance Premiums. A. Computation Reinsurance Premiums under this Agreement shall be calculated as described in Exhibit I.
B. Timing Reinsurance Premiums are payable each month of coverage for reinsured risks in force at the end of the preceding month. For newly reinsured risks with a reinsurance effective date during the current month, the Reinsurance Premium for the first month of coverage will be payable in the next following monthly statement.
Reinsurance Premiums. The monthly premiums for reinsurance subject to the terms and conditions of this Agreement shall be calculated as the average of the reinsurance premiums using the Net Amount at Risk as of the end of the prior month and the reinsurance premium using the Net Amount at Risk as of the end of the current month by applying the YRT rates set forth in Schedule D, subject to the following:
A. The reinsurance premiums shall be based on the older of contract owner and annuitant at the time the Net Amount at Risk is calculated. Ceding Company shall determine the age at the time it prepares the monthly exposure data submission for the variable annuity guaranteed death benefit, as set forth in Schedule E, attached hereto.
B. The premium for each calendar month will be at least equivalent to the Monthly Average Contract Value times the minimum premium rate as shown in paragraphs D and E below. The Monthly Average Contract Value is the average of the contract values at the end of the current calendar month and the end of the prior calendar month. The Monthly Contract Value times the minimum premium rate will be remitted to Reinsurer in advance for the current month, at the time of settlement for the prior month.
C. The premium for each calendar month will be no more than the monthly Average Contract Value times the maximum premium rate as shown in paragraphs D and E below. Basis points (bps) shown below are monthly.
D. [Premium rate schedules]
