Insurance Risk Sharing Business definition

Insurance Risk Sharing Business means various risk sharing arrangements such as (i) pooling or sharing of premiums and losses between CPIC or Tower on the one hand and other insurance companies on the other hand based upon their respective percentage allocations or (ii) appointing other third party insurance companies as Program Underwriting Agents with such third party insurance companies assuming through reinsurance a portion of the business they produce as Program Underwriting Agents. Manager must obtain specific written consent from Company to write any type of insurance risk sharing business.
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Examples of Insurance Risk Sharing Business in a sentence

  • The ceding commission may be adjusted every six (6) months on each six (6) month anniversary of the Effective Date based on the Net Loss Ratio of the Specialty Program Business and Insurance Risk Sharing Business ceded hereunder from the Effective Date.

  • This Agreement applies to all in-force, new and renewal Policies, except as hereinafter excluded, written and classified by the Company as Fire and Allied Perils, Commercial Multiple Peril, Homeowners Multiple Peril and Liability, Workers’ Compensation, Inland Marine and Automobile Liability and Physical Damage and Umbrella, with an inception date effective during the term of this Agreement and which are classified by the Company as Specialty Program Business and Insurance Risk Sharing Business.

  • However, in the event that regulatory authorities do not approve an intercompany transaction containing these ceding commissions, the pariticipating companies shall use their best good faith effort to structure the transaction for the Participating Companies in order that the sum of the Net Loss Ratio plus ceding commission percentage equals 93% for the Specialty Program Business and Insurance Risk Sharing Business.

  • The parties entered into the Agreement effective as of April 1, 2006, whereby the Reinsurer agreed to reinsure Specialty Program Business and Insurance Risk Sharing Business written by the Company subject to the terms and conditions as set forth in the Agreement.

  • Net Loss Ratio Ceding Commission 64.33% or higher 31.0 % 64 31.3 63 32.2 62 33.1 61 34.0 60 34.9 59 35.8 58.78 or lower 36.0 The ceding commissions for both the Traditional Program Business and the Specialty Program Business and Insurance Risk Sharing Business shall be adjusted on each sixth month anniversary of the effective date of the reinsurance agreement.

  • The Specialty Program Business and Insurance Risk Sharing Business Quota Share Reinsurance Agreement will be terminated when the Specialty Program Business Pooling Agreement, as described below, becomes effective.

  • The parties entered into the Agreement effective April 5, 2006, pursuant to which the Reinsurer has agreed to reinsure the Specialty Program Business and Insurance Risk Sharing Business written by the Company, on the terms and subject to the conditions set forth in the Agreement.

  • CPM and Tower agree to share equally in profits and losses realized from providing insurance company services to CPM’s or CPIC’s clients in connection with CPM’s or CPIC’s management of the Specialty Program Business and Insurance Risk Sharing Business.

  • CPM and TICNY agree to share equally in profits and losses realized from providing insurance company services to CPM’s or CPIC’s clients in connection with CPM’s or CPIC’s management of the Specialty Program Business and Insurance Risk Sharing Business and Traditional Program Business.

  • CPM and TICNY agree to share equally in profits and losses realized from providing insurance company services to CPM’s or CPIC’s clients in connection with management of the Specialty Program Business and Insurance Risk Sharing Business and Traditional Program Business.

Related to Insurance Risk Sharing Business

  • insurance business means one or more aspects of the business of selling, issuing or underwriting insurance or reinsurance.

  • life insurance business means the business of providing or undertaking to provide policy benefits under life policies;

  • long-term insurance business means the business of providing or undertaking to provide policy benefits under long-term policies, but does not include -

  • Insurance Companies means the companies with whom the Insurance Policies are held.

  • Insurance group means the persons that comprise an insurance holding company system.

  • Separate Business means each of the activities of the Licensee connected

  • banking business means the business of accepting deposits withdrawable or repayable on demand or after a fixed period or after notice and the employment of those deposits, in whole or in part, by lending or any other means for the account and at the risk of the person accepting the deposits;

  • Company Insurance Policies has the meaning set forth in Section 4.15.

  • Real Estate Business means homebuilding, housing construction, real estate development or construction and related real estate activities, including the provision of mortgage financing or title insurance.

  • home business means a business, service or profession carried out in a dwelling or on land around a dwelling by an occupier of the dwelling which —

  • Health-care-insurance receivable means an interest in or claim under a policy of insurance which is a right to payment of a monetary obligation for health-care goods or services provided.

  • D&O Liability Insurance Policies means all insurance policies (including any “tail policy”) of any of the Debtors for liability of any current or former directors, managers, officers, and members.

  • Insurance Contracts means the insurance or annuity policies and contracts, together with all binders, slips, certificates, endorsements and riders thereto, issued or entered into by any Insurance Company prior to the Closing.

  • Workers’ Compensation As required by any applicable law or regulation. Employer's Liability Insurance: must be provided in amounts not less than listed below: Minimum limits: $500,000 each accident for bodily injury by accident $500,000 policy limit for bodily injury by disease $500,000 each employee for bodily injury by disease

  • group insurance means insurance, other than creditor’s group insurance and family insurance, whereby the lives of a number of persons are insured severally under a single contract between an insurer and an employer or other person; (“assurance collective”)

  • Reinsurance means the activity consisting in accepting risks ceded by an insurance undertaking or by another reinsurance undertaking or, in the case of the association of underwriters known as Lloyd's, the activity consisting in accepting risks, ceded by any member of Lloyd's, by an insurance or reinsurance undertaking other than the association of underwriters known as Lloyd's;

  • Doing business means engaging in any activity, whether legal or illegal, that is conducted

  • Insurance Policies has the meaning set forth in Section 3.16.

  • Insurance producer means a person required to be licensed under the laws of this state to sell, solicit or negotiate insurance, including annuities.

  • Insurance means comprehensive insurance of the vehicle(s)/equipment and shall include insurance of the crew.

  • Environmental Damage means any injury or damage to persons, living organisms or property (including offence to man’s senses) or any pollution or impairment of the environment resulting from the discharge, emission, escape or migration of any substance, energy, noise or vibration;

  • Environmental Problem Property A Mortgaged Property or REO Property that is in violation of any environmental law, rule or regulation.

  • hazardous properties means radioactive, toxic or explosive properties.