Ceding Commissions definition

Ceding Commissions shall have the meaning specified in Schedule A — Part I.

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Ceding Commissions. Any amounts paid to the Cedents by MSRE to cover the Cedent’s acquisition costs and overhead expenses, taxes, licenses, and fees, including, when applicable, a fee representing a share of expected profits. Ceding Commissions are often expressed as a percentage of the gross reinsurance premium. “claims made basis” The method for determining whether coverage is or is not available for a specific claim under an Original Policy or a reinsurance agreement. Claim coverage under a claims made basis Original Policy provides that the insurance/reinsurance company is responsible for the payment of the claim during the period that the Original Policy is in effect, up to the limits of the Original Policy coverage, for the claims presented regardless of when the event occurred that caused the claim to be submitted by the Insured. The basis for paying claims generally is stated in the Original Policy. “claims occurrence basis” The method for determining whether coverage is or is not available for a specific claim under an Original Policy or a reinsurance agreement. Claim coverage under a claims occurrence basis Original Policy provides that, if a claim occurs during the period when the Original Policy is in force, the insurance/reinsurance company is responsible for the payment of the claim that occurs, up to the limits of the Original Policy coverage, regardless of when the claim is submitted by the Insured. The basis for paying claims generally is stated in the Original Policy.

Ceding Commissions means the aggregate of the ceding commissions provided for under the Indemnity Reinsurance Agreements.

Examples of Ceding Commissions in a sentence

• Retrocedant Ceding Commissions shall also include all underwriting fees and other costs and expenses paid by Retrocedant pursuant to the Underwriting Management Agreement between Retrocedant and Retrocessionaire, dated as of the date hereof, and all underwriting and other expenses incurred by Retrocedant on or after the Effective Date with respect to the liabilities transferred hereunder, as determined in accordance with Retrocedant's customary practices and procedures.

• The party asserting the right of offset may exercise such right any time whether the balances due are on account of Reinsurance Premiums, Ceding Commissions, Ultimate Net Losses or otherwise.

• If reinsurance premiums are returned by Retrocessionaire due to termination or cancellation of any Reinsured Contracts or Renewed Contracts, any payments made by Retrocessionaire to Retrocedent pursuant to this Article IV shall be taken into consideration in the calculation or recalculation of Ceding Commissions, Renewal Commissions or Profit-Sharing Commissions payable to the Retrocedent.

• Retrocedant Ceding Commissions shall also include all underwriting fees and other costs and expenses paid by Retrocedant pursuant to the Agency Agreement between Retrocedant and Platinum Re (UK) Limited, dated as of the date hereof, and all underwriting and other expenses incurred by Retrocedant on or after the Effective Date with respect to the liabilities transferred hereunder, as determined in accordance with Retrocedant's customary practices and procedures.

• The party asserting the right of offset may exercise such right any time whether the balances due are on account of Reinsurance Premiums, Ceding Commissions, Return Ceding Commissions, Ultimate Net Losses, Interest Credit or any other balances due or owed between the Company and the Reinsurers.

• The Ceding Company shall debit the Funds Withheld Account as of November 1st of the preceding Coverage Year for all Ceding Commissions.

• If the Company elects, and the Reinsurers consents, to terminate this Agreement on a cut-off basis, in accordance with Article 3, Term, then the Reinsurers shall return to the Company the respective unearned premium less previously paid Reinsurers' Margin and Ceding Commissions on such unearned premium.

• Notwithstanding any other provision of this Retrocession Agreement to the contrary, Ceding Commissions, Renewal Commissions and Profit-Sharing Commissions shall be paid by Retrocessionaire to Retrocedent only with respect to the premiums relating to the Reinsured Contracts for periods after the Effective Date that have been collected in cash by Retrocessionaire.

• Upon such termination, the Reinsurers shall incur no liability for losses occurring subsequent to the effective date of termination and the Reinsurers shall return to the Company the Reinsurers' portion of the unearned premium reserve for all inforce Policies less previously paid Ceding Commissions on such unearned premium reserve.

• To the extent any Premiums are collected directly by a Company, such Company shall so advise the Reinsurer and shall promptly remit them to the Reinsurer, net of any Ceding Commissions which shall be retained by such Company.

More Definitions of Ceding Commissions

Ceding Commissions means the ceding commissions allowed to Sellers under the terms of the Coinsurance Agreements, which shall consist of a total of $778,491,000 for the ALIAC Coinsurance Agreement and the ALIAC (NY) Coinsurance Agreement (such amount to be allocated between such agreements prior to their execution), a total of $89,034,000 for the Modified Coinsurance Agreement and NY Modified Coinsurance Agreement (such amount to be allocated between such agreements prior to their execution), and a total of $33,500,000 for the ▇▇▇▇ Coinsurance Agreement and the ▇▇▇▇ (NY) Coinsurance Agreement (such amount to be allocated between such agreements prior to their execution).

Ceding Commissions means the Ceding Commissions payable to HSB pursuant to Article VII of the Agreement.