Common use of REPORTS AND REMITTANCES Clause in Contracts

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. 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. Within forty five (45) 45 days after the inception of this Contract, the Company shall report and pay to the Reinsurer the Reinsurer’s quota share of the collected unearned premium for business in force at the inception of this Contract, less any ceding commission, as of the date of inception. 1. Within 45 days following the end of each calendar month during the term of this Agreementquarter, the Company shall provide furnish the Reinsurer with a report summarizing the following with regards to such month and on a cumulative basissummarizing: 1. a. reinsurance premium on Gross Net Written Premium Income collected for during the quarter; less b. the provisional ceding commission as provided for in the Ceding Commission Article; less c. ceded loss and Loss Adjustment Expense paid during the quarter; plus d. ceded Net Written Premiums received by line of business;subrogation, salvage, or other recoveries during the quarter; and e. the net balance due either party. 2. Net Premiums Earned and ceded The net Premiums Earned by line balance shall be paid within fifteen (15) days after receipt of business;the report. 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 with a quarterly statement showing the unearned premium reserves, and the reserves for outstanding losses including Loss Adjustment Expense. The Company shall also provide the Reinsurer with 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 C. Should the report on a collected basis. Should payment due from the Reinsurer amount recoverable under this Contract exceed $100,000 500,000 as respects any one loss, or 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 Companyimmediately. 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 twenty-four (24) hours prior to that date, provided the Reinsurer has a period of five working fifteen (15) days after receipt of said notice to make dispatch the payment. Cash loss amounts specifically remitted by the Reinsurer as set forth herein shall be credited to the next monthly quarterly account.

REPORTS AND REMITTANCES. A. Within forty five (45) 45 days after the inception of this Contract, the Company shall report and pay to the Reinsurer the Reinsurer’s quota share of the collected unearned premium for business in force at the inception of this Contract, less any ceding commission, as of the date of inception. 1. Within 45 days following the end of each calendar month during the term of this Agreementquarter, the Company shall provide furnish the Reinsurer with a report summarizing the following with regards to such month and on a cumulative basissummarizing: 1. a. reinsurance premium on Gross Net Written Premium Income collected for during the quarter; less b. the ceding commission as provided for in the Ceding Commission Article; less c. ceded loss and Loss Adjustment Expense paid during the quarter; plus d. ceded Net Written Premiums received by line of business;subrogation, salvage, or other recoveries during the quarter; and e. the net balance due either party. 2. Net Premiums Earned and ceded The net Premiums Earned by line balance shall be paid within fifteen (15) days after receipt of business;the report. 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 with a quarterly statement showing the unearned premium reserves, and the reserves for outstanding losses including Loss Adjustment Expense. The Company shall also provide the Reinsurer with 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 C. Should the report on a collected basis. Should payment due from the Reinsurer amount recoverable under this Contract exceed $100,000 500,000 as respects any one loss, or 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 Companyimmediately. 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 twenty-four (24) hours prior to that date, provided the Reinsurer has a period of five working fifteen (15) days after receipt of said notice to make dispatch the payment. Cash loss amounts specifically remitted by the Reinsurer as set forth herein shall be credited to the next monthly quarterly account.

REPORTS AND REMITTANCES. A. The Company shall furnish the Reinsurer with all necessary data respecting premiums and losses for as long as one of the parties hereto has a claim against the other arising from this Agreement. B. Within forty five (45) 45 days following after the end close of each calendar month during month, the term Company shall submit an account to the Reinsurer summarizing Subject Earned Premium underwritten and produced through the Commercial Property and Personal Lines Departments, and the reinsurance premium due as respects Property Business under Exhibits A and B and Casualty Business under Exhibit A. Such reinsurance premium shall be remitted within 45 days after the close of each calendar month. The reinsurance premium for Casualty Business under Exhibit B shall be paid in advance at January 1 of each year. C. Payment by the Reinsurer of its portion of loss and Loss Adjustment Expenses paid by the Company shall be made by the Reinsurer to the Company within 15 days after proof of payment is received by the Reinsurer. D. As respects Property Business covered under this Agreement, the Company shall provide furnish the following to the Reinsurer with a report summarizing respect to occurrences designated as catastrophes by the following with regards to such month and on a cumulative basisProperty Claim Services: 1. Net Written Premium and ceded Net Written Premiums received by line Prompt preliminary estimate of businessamount recoverable from the Reinsurer; 2. Net Premiums Earned Within 30 days after the close of each quarter the amount of losses and ceded net Premiums Earned Loss Adjustment Expenses paid, less all recoveries, including salvage and subrogation, at the end of each quarter segregated by line Line of businessBusiness; 3. Ceding commission due on ceded Net Written Premium received; 4. Net ceded Loss Within 30 days after the close of each quarter the amount of losses and Loss Adjustment Expenses paid outstanding at the end of each quarter segregated by line 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 statementsBusiness. 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. Within forty five (45) 30 days following after the end of each calendar month during the term of this Agreementmonth, the Company shall provide the following information to the Reinsurer with a report summarizing reports being provided at the following with regards to such month and on a cumulative basis:insurance Policy level: Effective: July 1, 2008 DOC: August 21, 2008 1. ceded Gross Net Written Earned Premium and ceded Net Written Premiums received by line of businessIncome for the month; 2. Net Premiums Earned and ceded net Premiums Earned by line of businessthe ceding commission as provided for in this Contract; 3. Ceding commission due on ceded Net Written Premium receivedpaid loss and Loss Adjustment Expense during the month; 4. Net ceded Loss subrogation or other recoveries during the month; 5. ceded outstanding losses and Loss Adjustment Expenses paid by line of business; and 5Expense. Salvage recovered plus net salvage recovered by line of business. In addition, the The Company shall furnish remit the Reinsurer such other information as may be required by the Reinsurer for completion positive balance 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 45 days after the end of each month. Negative balances shall be remitted within by the Reinsurer as promptly as possible after receipt of the Company’s report but in no event later than 15 days after receipt of the report on a collected basis. Company’s report. B. Should payment due from the Reinsurer exceed amount recoverable under this Contract equal $100,000 250,000 (being 50.0% of $500,000) as respects any one Loss Occurrenceloss, 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 Companyimmediately. 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 dispatch the payment. Cash loss amounts specifically remitted by the Reinsurer as set forth herein shall be credited to the next monthly account. C. The Company shall also provide the Reinsurer with such other information as may be required by the Reinsurer for completion of its NAIC annual statements.

REPORTS AND REMITTANCES. A. Within forty five (45) 30 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 additionmonth, the Company shall furnish the Reinsurer with a report summarizing: 1. Gross Net Written Premium Income during the month; 2. reinsurance premium on Gross Net Written Premium Income collected during the month; 3. the provisional ceding commission on (2) above; 4. ceded loss paid during the month; and 5. ceded subrogation, salvage, or other recoveries during the month. If the balance of (2) less (3) less (4) plus (5) above is positive for any month, the Company shall remit the amount due within 50 days after the close of the month. If said balance is negative, the Reinsurer shall remit the amount due within 15 days after receipt of the account. B. This account will also bear a notation advising of the outstanding case loss reserves, and the unearned premium reserve at the end of the month, and showing such reserves separately for business assumed from Old American. Should loss attributable to a Catastrophe Loss Occurrence be involved, the account shall bear a notation showing the PCS number(s) and the applicable paid and outstanding loss. C. As promptly as possible after December 31, 2011, the Company shall report to the Reinsurer the unearned premium for subject business in force as of December 31, 2011. Simultaneously with the Reinsurer’s return of the ceded unearned premium, less provisional ceding commission thereon, in accordance with the Premium Article, the Company shall pay to the Reinsurer its increased quota share percentage of such unearned premium (in accordance with paragraph A(2) of the Retention and Limit Article), less the provisional ceding commission thereon. Such payment shall take place within five business days after the Company’s receipt of the returned ceded unearned premium from the reinsurer under its Automobile Liability Quota Share Reinsurance Contract, effective January 1, 2011 through December 31, 2011. D. An accounting reconciliation between collected Gross Net Written Premium Income and actual Gross Net Written Premium Income shall be performed by the Company within 90 days after expiration of this Contract, and any difference shall be remitted to the Reinsurer with the report. E. In addition to the above, the Company shall advise the Reinsurer promptly of all losses that, in the opinion of the Company, may result in a claim of at least $100,000 and of all subsequent developments thereto that may materially affect the position of the Reinsurer. F. The Company shall also provide the Reinsurer with 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 will provide the Reinsurer with 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. Within forty five sixty (4560) 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 additionquarter, the Company shall furnish to the Reinsurer a bordereau indicating, as respects each policy declared hereunder the name of the Insured, the policy number, term, limit of liability and original premium, plus any additional or return premiums as respects each cession and the reinsurance premiums thereon. C. The Company shall render a quarterly account within sixty (60) days after the end of each calendar quarter summarizing the following information relating to reinsurance covered under this Agreement during the said calendar quarter: 1. Statement of premiums; 2. Statement of losses and loss expenses paid and salvages recovered; 3. Account Current summarizing premiums, commissions, losses and loss expenses paid and salvages recovered; and the balance if any, due the Reinsurer as indicated by the aforesaid Account Current, shall be remitted by the Company to the Reinsurer along with the monthly account. Any balance due to the Company shall be remitted by the Reinsurer within fifteen (15) days upon receipt of the monthly account. D. The Company shall promptly report to the Reinsurer any individual loss wherein the Reinsurer's share of such other information loss is $100,000 or more. At the request of the Company, the Reinsurer shall reimburse the Company, as may be required soon as possible but not later than 60 days after proof of payment by the Company is received by the Reinsurer for completion the Reinsurer's share of its financial statements. B. Amounts due by either party any such loss, provided that the Reinsurer 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 entitled, at its option, to offset the amount of such loss against any balance or balances past due. Cash calls 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 during the period shall be deducted 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 accountreport.

REPORTS AND REMITTANCES. A. Within forty five (45) The Company shall furnish the Reinsurer with monthly reports for ceded premiums written and ceded losses paid, which shall be settled net by the Company within 60 days following of the end close of each calendar month during that month. Notation of the term of this Agreement, unearned premium reserve and outstanding loss reserve shall be included with the monthly report. Amounts due to the Company shall provide be paid by the Reinsurer with a report summarizing within 30 days of receipt of the report. Monthly reports shall include the following with regards to such month information, and on a cumulative basisshall be prepared separately for each Contract year: 1. Ceded Original Gross Net Written Premium Premium, itemized by Policy including Policy period, limit and ceded Net Written Premiums received by line of businessnamed insured; 2. Ceded Unearned Original Gross Net Premiums Earned and ceded net Premiums Earned by line of businessWritten Premium – reported on a quarterly basis; 3. Ceding commission due on ceded Net Written Premium receivedCommission; 4. Net ceded Loss Ceded Paid Losses and Loss Adjustment Expenses paid adjustment Expense itemized by line of business; andloss; 5. Salvage recovered plus net salvage recovered Ceded Outstanding Losses itemized by line loss; If the balance of businessitem 2 less 3 less 4 is owed to the Reinsurer, the Company shall remit payment with the account. In additionShould the balance be owed to the Company, the Reinsurer shall pay such amount within 15 days of receipt of the account. Annually, the Company shall furnish the Reinsurer with such other information as may be required by the Reinsurer for completion of may require to complete its financial statementsAnnual Convention Statement. B. Amounts due by either party The Company shall be (1) ceded Net Written Premiums received less (2) ceding commission provide individual loss reports as soon as practicable 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 all claims where the Company has paid the lossestablished gross case reserves, payment including those for loss expense, equal to or greater than $100,000. Furthermore, complete details shall be made by provided on all claims which meet any of the Reinsurer immediately after receipt following conditions: Brain injuries resulting in impairment of notice from the Company. If the Company intends to pay the physical functions; Spinal injuries resulting in partial or total paralysis of upper or lower extremities; Amputations or permanent loss by a certain date of use of upper or lower extremities; Severe burn cases; Fatalities; and has submitted a satisfactory proof Loss of loss sight 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 accounthearing.

REPORTS AND REMITTANCES. A. Within forty five (45) 30 days following after the end of each calendar month during the term of this Agreementmonth, the Company shall provide the following information to the Reinsurer with a report summarizing reports being provided at the following with regards to such month and on a cumulative basisinsurance Policy level: 1. Net Written ceded Gross Earned Premium and ceded Net Written Premiums received by line of businessIncome for the month; 2. Net Premiums Earned and ceded net Premiums Earned by line of businessthe ceding commission as provided for in this Contract; 3. Ceding commission due on ceded Net Written Premium receivedpaid loss and Loss Adjustment Expense during the month; 4. Net ceded Loss subrogation or other recoveries during the month; 5. ceded outstanding losses and Loss Adjustment Expenses paid by line of business; and 5Expense. Salvage recovered plus net salvage recovered by line of business. In addition, the The Company shall furnish remit the Reinsurer such other information as may be required by the Reinsurer for completion positive balance 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 45 days after the end of each month. Negative balances shall be remitted within by the Reinsurer as promptly as possible after receipt of the Company’s report but in no event later than 15 days after receipt of the report on a collected basis. Company’s report. B. Should payment due from the Reinsurer exceed amount recoverable under this Contract equal $100,000 250,000 (being 36.76% of $680,000, which is the Reinsurer’s maximum limit of each and every Loss Occurrence) or more as respects any one Loss Occurrenceloss, 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 within three (3) working days of the Reinsurer’s receipt of notice from the Companyof payment. 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 dispatch the payment. Cash loss amounts specifically remitted by the Reinsurer as set forth herein shall be credited to the next monthly account. C. The Company shall also provide the Reinsurer with such other information as may be required by the Reinsurer, at the insurance Policy level, for completion of its NAIC annual statements or as may be required to assure and confirm compliance with the terms of this Contract, including but not limited to Policy effective and expiration date, insured Policyholder State, class codes, experience modification factors and the like. Effective: January 1, 2009 Document Draft Date: February 10, 2009 Ullico Casualty Tracking No.: DRAFT Contract with Firm Order Terms