REPORTS AND REMITTANCES. A. The Company shall provide to the Reinsurer a monthly report no later than thirty (30) calendar days following the end of each month. Said report shall provide a summary of the gross ceded premium and paid losses for the month that just ended (and in the aggregate during the term of this Contract).
B. The Company shall also provide the Reinsurer with the Monthly Servicing Report (as that term is defined in the Policy) no later than sixty (60) calendar days following the end of each month.
C. The Company shall pay to the Reinsurer, as promptly as possible, all amounts due the Reinsurer it receives from the Insured under the Policy (including without limitation, any premium, optional policy cancellation fee and amounts paid under Section VII thereof (Loss Adjustments; Application of Current Period Deal Modification Loss Amount)); provided, however, in no event later than five (5) business days after the Company receives any such amount under the Policy.
D. Should payment become due from the Reinsurer hereunder, the Company shall give the Reinsurer notice of its intention to make payment on a certain date, and the Reinsurer agrees to remit such payment within ten (10) business days upon receipt of the Notice of Claim from the Insured as provided under the terms of the Policy. The Company authorizes that such payment by the Reinsurer shall be made directly to the Insured through .
REPORTS AND REMITTANCES. The Company (or Arch Underwriters Ltd. on behalf of the Company) shall notify the Reinsurer in writing as soon as possible but in any event no later than 30 days from the earlier of the inception date or date of binding of any Policy of the material terms of such Policy. Within 15 days of such notice, the Reinsurer shall notify the Company of confirmation that it elects a Ceding Percentage of 50% or that it elects a Ceding Percentage lower than 50%, but no lower than 15%, in respect to such Policy ("Cession Notice"); provided, however, that in respect of Programs, the Company will provide notice and the Reinsurer's election of a Ceded Percentage will apply to all Policies that are part of such Program; provided further that where there is a Side-by-Side Policy, the Ceded Percentage may be between zero and 50% as determined by Reinsurer in the Cession Notice, except that if the participation of the Reinsurer Affiliate on the Side-by-Side Policy is less than 15% of the sum of the participations of the Reinsurer Affiliate and the Company, the Ceded Percentage shall be no less than 15 - 85A/C where A is the percentage participation of the Reinsurer Affiliate on the Side-by-Side Policy and C is the percentage participation of the Company. If the Reinsurer does not notify the Company within 5 days that it elects a Ceding Percentage lower than 50%, as set forth above, the Ceding Percentage shall be 50%. In addition, within 75 days of the end of each calendar quarter, the Company shall provide the Reinsurer with a report, segregated by Underwriting Year of the following in respect of the Policies:
(a) Policies written during the quarter;
(b) Gross Written Premiums and Net Written Premiums, in each case less cancellations and return premiums;
(c) Gross Written Premiums and Net Written Premiums collected by the Company;
(d) Operating Expenses (including an itemization of each constitutent element);
(e) Origination Expenses for Policies (including an itemization of each constituent element);
(f) The ceding fee as provided hereunder;
(g) Paid Loss, Loss Adjustment Expense and Extra Contractual Obligations;
(h) Outstanding Loss, Loss Adjustment Expense and Extra Contractual Obligations;
(i) Subrogation, salvage or other recoveries;
(j) Any applicable premium or other similar taxes; and
(k) Inuring Reinsurance procured during the quarter. Any balance due to the Company shall be remitted by the Reinsurer within 30 days ofreceipt of the quarterly report. Should payment du...
REPORTS AND REMITTANCES. A. The Company will provide the Reinsurer within forty-five (45) days at the end of each quarter, all necessary data respecting premiums and losses, including reserves thereon, as at dates and on forms mutually acceptable to the Company and the Reinsurer.
B. Payments of deposit premium and annual adjustments shall be made in accordance with the provisions of the Premium Article.
C. Payment by the Reinsurer of its portion of loss and loss expenses paid by the Company will be made by the Reinsurer to the Company as soon as possible, but not later than sixty (60) days after proof of payment by the Company is received by the Reinsurer.
REPORTS AND REMITTANCES. A. Within forty five (45) days following the end of each calendar month during the term of this Agreement, the Company shall provide the Reinsurer with a report summarizing the following with regards to such month and on a cumulative basis:
1. Net Written Premium and ceded Net Written Premiums received by line of business;
2. Net Premiums Earned and ceded net Premiums Earned by line of business;
3. Ceding commission due on ceded Net Written Premium received;
4. Net ceded Loss and Loss Adjustment Expenses paid by line of business; and
5. Salvage recovered plus net salvage recovered by line of business. In addition, the Company shall furnish the Reinsurer such other information as may be required by the Reinsurer for completion of its financial statements.
B. Amounts due by either party shall be (1) ceded Net Written Premiums received less (2) ceding commission on ceded Net Written Premiums received less (3) ceded Loss and Loss Adjustment Expenses paid plus (4) net salvage recovered, and shall be remitted within 15 days of the report on a collected basis. Should payment due from the Reinsurer exceed $100,000 as respects any one Loss Occurrence, the Company may give the Reinsurer notice of payment made or its intention to make payment on a certain date. If the Company has paid the loss, payment shall be made by the Reinsurer immediately after receipt of notice from the Company. If the Company intends to pay the loss by a certain date and has submitted a satisfactory proof of loss or similar document, payment shall be due from the Reinsurer 24 hours prior to that date, provided the Reinsurer has a period of five working days after receipt of said notice to make the payment. Cash amounts specifically remitted by the Reinsurer as set forth herein shall be credited to the next monthly account.
REPORTS AND REMITTANCES. A. The Company shall provide to the Reinsurer a monthly report no later than thirty (30) calendar days following the end of each month. Said report shall provide a summary of the gross ceded premium and paid losses for the month that just ended (and in the aggregate during the term of this Contract).
B. The Company shall also provide the Reinsurer with the Monthly Servicing Report (as that term is defined in the Policy) no later than sixty (60) calendar days following the end of each month.
C. The premium due the Reinsurer shall be remitted by the Company as promptly as possible; provided, however, in no event later than five (5) business days after the Company receives the premium under the Policy.
D. Should payment become due from the Reinsurer hereunder, the Company shall give the Reinsurer notice of its intention to make payment on a certain date, and the Reinsurer agrees to remit such payment within ten (10) business days upon receipt of the Notice of Claim from the Insured as provided under the terms of the Policy. The Company authorizes that such payment by the Reinsurer shall be made directly to the Insured through
REPORTS AND REMITTANCES. A. As promptly as possible after the effective date of this Contract, the Company shall remit the Reinsurer's share of the unearned premium (less provisional commission thereon) applicable to subject business in force at the effective date of this Contract.
B. Within 30 days after the end of each month, the Company shall report to the Reinsurer:
1. Ceded net written premium during the month;
2. Provisional commission on (1) above;
3. Ceded losses and loss adjustment expense paid during the month (net of any recoveries during the month under the "cash call" provisions of the Claims and Loss Adjustment Expense Article);
4. The Reinsurer's share of salvage and subrogation;
5. Premium (including reinstatement premium) for reinsurance which inures to the benefit of this Contract;
6. Recoveries from reinsurance which inures to the benefit of this Contract;
7. Ceded unearned premiums and ceded outstanding loss and loss adjustment expense reserves (including incurred but not reported loss reserves as established by the Company) as of the end of the month. The positive balance of (1) less (2) less (3) plus (4) less (5) plus (6) shall be remitted by the Company within 60 days after the end of the month of account. Any balance shown to be due the Company shall be remitted by the Reinsurer as promptly as possible (not exceeding 15 days, however) after receipt and verification of the Company's report. Furthermore, as respects subparagraph 3 above, the Company shall identify losses and loss adjustment expense by PCS catastrophe number, where applicable.
REPORTS AND REMITTANCES. Within 30 days after the close of each quarter, the Company will furnish the Reinsurers with a report consistent with the sample Cession Statement attached to this Agreement as Attachment A. The report will summarize the gross written premium received by the Company, premium ceded less return premium, reinsurance cost, losses paid, loss expense paid, monies recovered, the net balance due either party and such other information as may be required by the Reinsurers for completion of their National Association of Insurance Commissioners interim and/or annual statements. The net balance will be paid within 15 days of the report being sent.
REPORTS AND REMITTANCES. A. Within 45 days after the end of each month, the Company shall report to the Reinsurer:
1. Ceded written premiums for the month;
2. Ceding commission on (1) above;
3. Ceded losses and loss adjustment expenses paid during the month;
4. Ceded unearned premiums as of the end of the month;
5. The ceded reserves for losses and loss adjustment expenses outstanding at the end of the month. The positive balance of (1) less (2) less (3) shall be remitted by the Company with its report. Any balance shown to be due the Company shall be remitted by the Reinsurer to the Company as promptly as possible after receipt and verification of the Company's report.
B. Quarterly, the Company shall furnish the Reinsurer with such information as the Reinsurer may require to complete its Annual Convention Statement.
REPORTS AND REMITTANCES. (a) The Parties shall conduct monthly settlements based upon monthly bordereaux to be provided by or on behalf of the Reinsurer evidencing the amount due or to be due in a form, and containing such detail, as is agreed to by the Parties. The Company shall provide reasonable assistance to the Reinsurer in connection with the preparation of the monthly bordereaux and other reports required hereunder, including, without limitation, the preparation by the Company of such monthly bordereaux and reports through the period ended April 30, 2013. Such settlements shall take into account and fully settle any profit commission, return commission, loss corridor payment, or other similar premium or commission adjustments payable to or by the Company pursuant to the terms of any Insurance Contract or any agent or broker contract that relates to the Insurance Contracts, which adjustments, whether positive or negative, shall be credited to or charged against the Reinsurer, as the case may be. Each Party shall pay or credit in cash or its equivalent to the other all net amounts for which it may be liable under the terms and conditions of this Agreement within thirty (30) days after receipt of each monthly bordereau.
(b) The Company and the Reinsurer shall furnish each other with such records, reports and information with respect to the Losses, Claims, Inuring Reinsurance, Unearned Premium Reserve, and the reinsurance contemplated hereby as may be reasonably required by the other Party to comply with any internal reporting requirements or reporting requirements of any governmental authority or to prepare and complete such Party’s quarterly and annual financial statements. In addition, the Reinsurer shall provide the Company with (i) monthly reports within thirty (30) days following the end of each month and in such form as agreed by the Parties, (A) identifying all Claims in excess of fifty thousand ($50,000) dollars or involving consequential, exemplary, punitive or similar extra contractual damages, or any loss in excess of the limits arising under or covered by any Existing Contract or Fronted Contract, and (B) identifying all adjustments to Premiums or Ceding Commissions, including any adjustments to third-party commissions or brokerage payments pursuant to the underlying terms of the Insurance Contracts or any agent or brokers contracts related thereto, and (ii) such additional information as may be reasonably requested by the Company with respect to any such reports.
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REPORTS AND REMITTANCES. The Company shall pay to the Subscribing Reinsurer a minimum and deposit premium of $10,500,000 remitted in semi-annual installments of $5,250,000 on January 1 and July 1, 2008. In the event this Contract is terminated prior to January 1, 2009, the minimum premium shall be prorated and no deposit premium installments shall be due after the effective date of termination. The Company shall submit finalized accounts to the Subscribing Reinsurer on February 15, 2009 summarizing the actual subject earned premium for the January 1, 2008 through December 31, 2008 coverage period. If such developed premium is greater than the minimum and deposit premium stipulated herein the additional premium shall be paid to/from the Subscribing Reinsurer within 15 days of February 15, 2009. The term Subject Earned premium shall mean the premiums earned by the Company or the Legal Entities, on classes of business covered under this Contract, times the rates below. No deduction shall be made for dividends declared, paid or credited to policyholders of the Company or the Legal Entities. ASLOB Percentage Fire 100 % Allied Lines 100 % Homeowners 60 % Farmowners 60 % Effective: January 1, 2008 2008 Property Catastrophe Excess of Loss Contract — $800m x $50m ASLOB Percentage Commercial Multiple Peril (Property) 100 % Inland Marine 100 % *Auto Physical Damage (Private Passenger and Commercial) 0 % Burglary & Theft 100 % * Auto Physical Damage is not included in the premium base, however coverage is provided within the terms and conditions of the Contract. Estimated Subject Earned Premium: $1,450,854,200
