Net Retained Line definition

Net Retained Line means, with respect to each Bond, the amount of liability with respect to such Bond that the Company retains net for its own account after any reinsurance, other than the reinsurance provided for in this Agreement and other than amounts payable to the Company from the Lureco Trust Account.

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Net Retained Line means the amount of liability which the Company maintains per reinsurance program after deduction of liability ceded, if any, to any general or specific retrocessions to protect the Company and its quota share reinsurers (including, without limitation, the Reinsurer). The term "reinsurance program" shall be defined as:

Net Retained Line means the amount of liability which the Company maintains per reinsurance program after deduction of liability ceded, if any, to any general or specific retrocessions to protect the Company and its quota share reinsurers (including, without limitation, the Reinsurer), provided, however, that in respect of the Contracts listed on Schedule No. 1 hereto, the Company's Net Retained Line shall be net of the full amount of any aggregate deductibles under such Contracts and such aggregate deductibles shall not be impaired by any losses incurred prior to October 1, 1999. Schedule No. 1 attached to this Amendment is hereby incorporated in and made part of the Agreement. This Amendment shall be retroactively effective to October 1, 1999 and all losses ceded under the Quota Share Agreement shall be recalculated to reflect this Amendment.

Examples of Net Retained Line in a sentence

• To the extent any risk or obligation is assumed by the Reinsurer pursuant to Section 3.2 hereof, the portion of such risk or obligation, when ascertained, shall be payable on demand of the Company at the same time as the Company shall pay its Net Retained Line, with reasonable provision for verification before payment, and the reinsurance shall be payable by the Reinsurer, on the basis of the liability of the Company on the Bonds, without diminution because of the insolvency of the Company.

• Final participations by the Company that are equal to or less than the Company's authorized Net Retained Line require no cession hereunder to the Reinsurer.

• Commencing with the effective date of this Agreement, the Company shall offer to cede to the Reinsurer the quota share ("Quota Share") set forth on the Quota Share Endorsement attached hereto of the Company's Net Retained Line on all Contracts coming within the scope of this Agreement.

• When Company authorizations are accepted, whether in part or in full, that portion in excess of the Company's Net Retained Line (as outlined above) shall be ceded to the Reinsurer, and each such Contract cession shall be deemed a Contract ceded to, and in force under, this Agreement.

• Commencing with the effective date of this Agreement, the Company shall inform the Reinsurer when the Company believes that it has the opportunity to offer Contract cessions to the Reinsurer in excess of the Company's Net Retained Line (as hereinafter defined).

• Specifically, the Company will first determine its Net Retained Line and increase its authorization per acceptance up to three hundred percent (300%) of the Company's Net Retained Line to allow for a cession to this Agreement subject to the understanding that said cessions to the Reinsurer shall never be greater than $500,000 per reinsurance program, unless specifically approved by the President or Board of Directors of the Reinsurer.

More Definitions of Net Retained Line

Net Retained Line means the amount of liability which the Company maintains per reinsurance program after deduction of liability ceded, if any, to any general or specific retrocessions. The Company may purchase specific and/or catastrophe reinsurance with respect to its Net Retained Lines and it is agreed that such reinsurance will not violate in any way the terms and conditions of this Agreement. The Company may recommend the purchase of retrocessional coverage for the common account of the Company and the Reinsurer with respect to the business ceded hereunder when the Company deems such purchase appropriate, and if such retrocessional coverage is accepted by the Reinsurer the Company may charge the Reinsurer its proportionate share of the cost thereof. The term "reinsurance program" as used hereunder shall be deemed to apply to a reinsured company or a group of related reinsured companies, as the case may be, for each class of Treaty business, separately to each of the two types of Treaty reinsurance referred to under (1) and (2) and to one or more than one reinsured company or one or more than one group of related reinsured companies, as the case may be, for Facultative business as referred to under (3) as follows:

Net Retained Line means that portion of any Net Loss and Allocated Loss Expense that PIC has retained net for its own account after application of all facultative reinsurance and after deduction of all net salvage and other recoveries actually [TOWERS ▇▇▇▇▇▇ REINSURANCE LOGO]

Net Retained Line means that portion of any Net Loss that PIC has retained net for its own account under a Certificate after application of all facultative reinsurance and after deduction of all net salvage and subrogation recoveries actually made. All subrogation recoveries, or payments recovered or received subsequent to a Loss settlement under this Contract shall be applied as if recovered or received prior to payment or settlement, and all necessary adjustments shall be made by the parties to this Contract. Nothing in this definition, however, shall be construed to mean that Net Loss is not recoverable from CUMIS until the ultimate Net Loss of PIC has been absolutely ascertained.

Net Retained Line means the portion of the Reinsurance Entities’ liabilities on, under or in respect of the Subject Business that is net of amounts actually collected by the Reinsurance Entities under Existing Ceded Reinsurance Agreements.