Reports and Settlements Clause Samples
The "Reports and Settlements" clause establishes the obligations of parties to provide regular statements or reports detailing relevant transactions, activities, or financial information, and to settle any amounts due based on those reports. Typically, this clause outlines the frequency and format of reporting, the process for reviewing and reconciling reported figures, and the timeline for making payments or adjustments. Its core function is to ensure transparency and accuracy in financial dealings between parties, thereby reducing disputes and facilitating timely settlements.
Reports and Settlements. (a) From and after the date hereof, Maiden Re shall deliver to the Retrocessionaire, within thirty (30) calendar days after the end of each calendar quarter, a report (each a "Ouarterl v Repo,t") with respect to the Subject Business, containing the information reasonably required by the Retrocessionaire. The first such Quarterly Report shall be with respect to the period between the Effective Time through the end of the first such calendar qua1ter after the Execution Date. Maiden Re shall provide to the Retrocess ionaire such other periodic accounting and other reports with respect to the Subject Bus iness as the Rerrocessionaire may reasonably require. Maiden Re's obligations to provide information and reports to Retrocessionaire are contingent on Maiden Re receiving a ll necessary information and reports from All and Original Cedents, as applicable.
(b) From and atier the date hereof: Maiden Re shall provide to the Retrocessionaire copies of all accounting reports received by Maiden Re from All pursuant to the Existing Quota Share Agreement, within two (2) Business Days of receipt of such reports. All undisputed amounts as shown thereon as due from Maiden Re (but only with respect to Covered Losses reinsured hereunder) shall be settled by the direct payment by the Retrocessionaire to An of such amounts (but only with respect to Covered Losses reinsured hereunder) within the due date specified in the Existing Quota Share Agreement (including in the event of insolvency of Maiden Re); provided however that nothing in this provision shall limit in 10
(c) Notwithstanding anything to the contrary in Section 4.1 (b), the Parties agree that Commuted Covered Losses shall count towards the Retention as and when such losses are paid or settled by All or its Affiliales, and lo the extent any Commuted Covered Losses are paid or settled by All or its Affiliates after the Retention has been reached, the Retrocessionaire shall pay the amount of any such Commuted Covered Losses directly to Maiden Re and not AIi. For the avoidance of doubt, Commuted Covered Losses shall not exceed $312,785,677, and all Commuted Covered Lossc.s paid by the Rctrocessionaire shall count towards the Aggregate Limit. ARTICLE V
Reports and Settlements. (a) The Reinsurer shall provide to the Company periodic accounting and other reports with respect to the LBL Contracts as specified in the Administrative Services Agreement. Other than with respect to the Post-Underwriting Conversion Policies, settlement with respect to amounts owed hereunder by the Reinsurer to the Company and by the Company to the Reinsurer shall be performed through the direct payment by the Reinsurer of Reinsured Risks and direct receipt by the Reinsurer of Recoveries on an ongoing basis in its capacity as Administrator under the Administrative Services Agreement.
(i) Except as otherwise specifically provided herein, all amounts due to be paid to the Company and the Reinsurer under this Agreement with regards to the Post-Underwriting Period Conversion Policies shall be determined on a net basis, as of the last day of each Monthly Accounting Period. Each net amount due with respect to each Monthly Accounting Period (the “Monthly Settlement”) shall be paid by the Reinsurer to the Company, or by the Reinsurer to the Company, as applicable, no later than fifteen (15) days after delivery of the Monthly Report.
(ii) Within fifteen (15) days of the end of each Monthly Accounting Period, the Company shall supply the Reinsurer with a report in the form of Schedule C which shall set forth the Recoveries with respect to the Post-Underwriting Period Conversion Policies collected during the prior Monthly Accounting Period and the General Account Liabilities paid during the prior Monthly Accounting Period (the “Monthly Report”).
(iii) If the actual data required for the Monthly Report cannot be supplied with the appropriate report, the Company shall produce best estimates and shall provide amended reports based on actual data no more than ten (10) days after the actual data becomes available and the Parties will settle any additional amounts due within five (5) days thereafter.
Reports and Settlements. A. The Company shall provide the Reinsurer with all necessary data respecting premiums and losses, including reserves thereon, on forms mutually acceptable to the Company and the Reinsurer.
B. Within 30 days following the end of each calendar quarter, the Company shall provide the Reinsurer with a detailed report showing the cumulative amount of each of the following, segregated by Covered Underwriting Year until all Ultimate Net Losses recoverable hereunder have been settled:
Reports and Settlements. A. The Ceding Companies shall prepare and deliver a report with the information listed in paragraph B below, substantially in the form of Exhibit B attached hereto, with such accounting and journal entries and details (1) as may be necessary and customary to enable the Reinsurer to determine the amounts owed hereunder, as the case may be, and (2) as may be required to permit the Reinsurer to prepare, make and file necessary or required financial and statistical reports and financial statements or otherwise comply with Applicable Law (the “Quarterly Report”) with respect to the Subject Business.
B. Within sixty (60) calendar days following the end of each Reporting Period, the Ceding Companies shall deliver the Quarterly Report to the Reinsurer specifying the balance due from the Reinsurer in respect of the Subject Business. Each Quarterly Report shall include, without limitation, the amount of the following on a quarterly and cumulative basis, as at the close of the applicable Reporting Period:
1. amounts paid (when such payment is recognized in the Ceding Companies’ accounting systems) in respect of the Ultimate Net Loss;
Reports and Settlements. Any amount due as a Funding Requirement pursuant to Section 1 shall be paid by the Company on the date specified by Fairfax or its designee, which date shall in all events be no later than 15 days after the end of the month in which such amount first becomes due. Fairfax or its designee shall provide Company with a written statement of each such amount not less frequently than monthly.