REINSURING CLAUSE. Subject to the terms and conditions of this Agreement, the Company hereby cedes and the Reinsurer hereby reinsures on a coinsurance basis as of the Effective Time, 100% (the “Reinsurer’s Share”) of all Reinsured Liabilities.
REINSURING CLAUSE. A. The Reinsurer hereby agrees to pay the Reinsured 100% of the annual Net Underwriting Loss incurred on the subject portfolio underwritten by the Reinsured as business under the FAA (“Business”), in excess of the Net Premium Retained by the Reinsured.
REINSURING CLAUSE. Page 1 ARTICLE 3 Obligatory Agreement...................................................Page 2 ARTICLE 4 Definitions............................................................Page 2 ARTICLE 5 Consideration..........................................................Page 3 ARTICLE 6 Administration.........................................................Page 4 ARTICLE 7 Term...................................................................Page 5 ARTICLE 8 Reinsurance Follows Original Policies..................................Page 5
REINSURING CLAUSE. The amount owed the Company for any accounting period shall be the excess, if any, of Benefits less Reinsurance Premiums, and the amount owed the Reinsurer for any accounting period shall be the excess, if any, of Reinsurance Premiums over Benefits. If such amounts cannot be determined at such date on an exact basis, such payments may be determined on an estimated basis and any final adjustments are to be made within twenty (20) Business Days after the end of the Accounting Period.
REINSURING CLAUSE. The Reinsurer shall be liable to pay 90% of the Ultimate Net Aggregate Losses together with all other obligations which arise out of the business which is covered by this Agreement.
REINSURING CLAUSE. A. The Reinsurer hereby agrees to pay the Reinsured, in cash, an amount equal to 100% of any losses paid by the Reinsured on the subject portfolio, upon presentation of supporting documentation by the Reinsured. The calculation of losses shall include all reasonable costs and adjustment expenses paid by the Reinsured arising from the handling of claims, other than the overhead (including, without limitation, salaries of employees and office expenses) of the Reinsured.
B. The Reinsurer will have the option of authorising the Reinsured to deduct amounts due under the above Article 4A from premium funds due to the Reinsurer, but in any event, the Reinsurer agrees to fund the paid losses either by “offset” or direct payment as soon as supporting documentation is received.
C. The Reinsured undertakes to provide up-dated paid loss information on a monthly basis, no later than 30 days after the end of each month.
REINSURING CLAUSE. The REINSURER agrees to indemnify the COMPANY in accordance with the terms and conditions of this AGREEMENT for liability which the COMPANY has become legally obligated to pay and which is covered under its policies, as hereinafter defined, categorized as Casualty Business and specifically classified in the COMPANY’s Annual Statement as:
REINSURING CLAUSE. A. Except as provided in paragraphs B and C below with respect to New York and New Jersey business, Reinsurer shall be liable to pay 100% of the Ultimate Net Aggregate Losses together with all other obligations which arise out of Reassured's Business, including, without limitation, all obligations relating to or arising out of any insolvency pool, guaranty fund, FAIR plan, wind pool, auto facility, hurricane catastrophe fund or other similar plan or fund.
B. 1) Reassured will be responsible, and Reinsurer will not assume, for all New York assigned risk assessments and assignments generated by Reassured's Business written prior to January 1, 2003. Reinsurer will be responsible for and will assume all New York assigned risk assessments and assignments based on Reassured's Business written pursuant to Article 11 hereof on or after January 1, 2003.
REINSURING CLAUSE. The Reinsurer hereby agrees to indemnify the Principal Reinsured for the share as set out in the Schedule of that part of the Reinsureds' aggregate ultimate net loss in respect of the policies forming part of the Operations written on or prior to 30 June 2001, which exceeds the amount of the deductible for the aggregate ultimate net loss during the period of this Reinsurance Agreement, as set out in the Schedule. The sum recoverable under this Reinsurance Agreement shall be up to but not exceeding the amount of cover for the aggregate ultimate net loss during the period of this Reinsurance Agreement as set out in the Schedule. Additional cover details as described in the attached Schedule.
REINSURING CLAUSE. Despite the use of the word "paid," "payable" or "incurred" elsewhere in this Agreement, nothing shall be owed or paid either party, except as determined by this section of this Article. The "cash flow" shall be the algebraic excess of Reinsurance Premiums over Reinsurance Benefits. If negative, such shall be paid to the Company. If positive such shall be payable to the Reinsurer, and applied as described in Paragraph 2. If such amounts cannot be determined at such date on an exact basis, such payments may be determined on an estimated basis and any final adjustments are to be made within six (6) weeks after the end of the Accounting Period. The Initial Reinsurance Premium is due on the Effective Date. If positive it is payable to the Reinsurer, as described in the following paragraph, and if negative it is paid to the Company. The Terminal Reinsurance Premium is due on the Termination Date. If positive it is paid to the Reinsurer, and if negative it is paid to the Company.
