Common use of Reinsurer Reporting Clause in Contracts

Reinsurer Reporting. (a) The Reinsurer shall deliver to the Ceding Company: (i) within five (5) Business Days of the filing of the Reinsurer’s audited annual financial statements with the Cayman Islands Monetary Authority (“CIMA”) but no later than June 20 of each year, a copy of such annual financial statements; (ii) within fifteen (15) Business Days following the end of each calendar quarter a calculation of its Leverage Measure, and (iii) within five (5) Business Days following the filing of the Reinsurer’s unaudited quarterly financial statements with CIMA but no later than sixty (60) calendar days following the end of each calendar quarter, a copy of such unaudited quarterly financial statements. (b) Upon request, the Reinsurer will, within a reasonable timeframe, provide the Ceding Company with any additional information related to the Reinsured Policies available to the Reinsurer and not reasonably available to the Ceding Company which the Ceding Company reasonably requires in order to complete its financial statements or is otherwise required to comply with regulatory requirements (if any). The Ceding Company will identify and communicate any such

Appears in 1 contract

Samples: Funds Withheld Coinsurance and Modified Coinsurance Agreement (Midwest Holding Inc.)

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Reinsurer Reporting. (a) The Reinsurer shall deliver to the Ceding Company: (i) within five (5) Business Days of the filing of the Reinsurer’s audited annual financial statements with the Cayman Islands Monetary Authority (“CIMA”) Barbados Financial Services Commission but no later than June 20 of each year, a copy of such annual financial statements; statements; (ii) within fifteen (15) Business Days following the end of each calendar quarter a calculation of its Leverage MeasureACL RBC Ratio, and (iii) within five (5) Business Days following the filing of the Reinsurer’s unaudited quarterly financial statements with CIMA the Barbados Financial Services Commission but no later than sixty (60) calendar days following the end of each calendar quarter, a copy of such unaudited quarterly financial statements. (b) Upon request, the Reinsurer will, within a reasonable timeframe, provide the Ceding Company with any additional information related to the Reinsured Policies available to the Reinsurer and not reasonably available to the Ceding Company which the Ceding Company reasonably requires in order to complete its financial statements or is otherwise required to comply with regulatory requirements (if any). The Ceding Company will identify and communicate any suchsuch requests to the Reinsurer sufficiently in advance of any required deadlines such that the applicable information and timing for the provision thereof can be mutually agreed by the parties.

Appears in 1 contract

Samples: Funds Withheld Coinsurance and Modified Coinsurance Agreement (Midwest Holding Inc.)

Reinsurer Reporting. (a) The Reinsurer shall deliver to the Ceding Company: (i) within five (5) Business Days of the filing of the Reinsurer’s audited annual financial statements with the Cayman Islands Monetary Authority ​ Vermont Department of Financial Regulation (“CIMAVT DFR”) but no later than June 20 of each year, a copy of such annual financial statements; statements; (ii) within fifteen (15) Business Days following the end of each calendar quarter a calculation of its Leverage Measure, and (iii) within five (5) Business Days following the filing of the Reinsurer’s unaudited quarterly financial statements with CIMA VT DFR but no later than sixty (60) calendar days following the end of each calendar quarter, a copy of such unaudited quarterly financial statements. (b) Upon request, the Reinsurer will, within a reasonable timeframe, provide the Ceding Company with any additional information related to the Reinsured Policies available to the Reinsurer and not reasonably available to the Ceding Company which the Ceding Company reasonably requires in order to complete its financial statements or is otherwise required to comply with regulatory requirements (if any). The Ceding Company will identify and communicate any suchsuch requests to the Reinsurer sufficiently in advance of any required deadlines such that the applicable information and timing for the provision thereof can be mutually agreed by the parties. ​

Appears in 1 contract

Samples: Master Letter Agreement (Midwest Holding Inc.)

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Reinsurer Reporting. (a) The Reinsurer shall deliver to the Ceding Company: (i) within five (5) Business Days of the filing of the Reinsurer’s audited annual financial statements with the Cayman Islands Monetary Authority (“CIMA”) but no later than June 20 of each year, a copy of such annual financial statements; (ii) within fifteen (15) Business Days following the end of each calendar quarter a calculation of its Leverage Measure, and (iii) within five (5) Business Days following the filing of the Reinsurer’s unaudited quarterly financial statements with CIMA but no later than sixty (60) calendar days following the end of each calendar quarter, a copy of such unaudited quarterly financial statements. (b) Upon request, the Reinsurer will, within a reasonable timeframe, provide the Ceding Company with any additional information related to the Reinsured Policies available to the Reinsurer and not reasonably available to the Ceding Company which the Ceding Company reasonably requires in order to complete its financial statements or is otherwise required to comply with regulatory requirements (if any). The Ceding Company will identify and communicate any suchsuch requests to the Reinsurer sufficiently in advance of any required deadlines such that the applicable information and timing for the provision thereof can be mutually agreed by the parties.

Appears in 1 contract

Samples: Funds Withheld Coinsurance and Modified Coinsurance Agreement (Midwest Holding Inc.)

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