Profit Commission definition

Profit Commission has the meaning set forth in ‎ Section 2(b) of the Fee Schedule.

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Profit Commission has the meaning ascribed in Section 5.01.

Profit Commission means a payment equal to 25% of the profits generated on the Renewed Business (for the three calendar years taken as a whole) to the extent that the Renewed Business generates a "combined ratio" of less than 90 % (thus 25 % of the amount below a 90 % combined ratio). The combined ratio shall be the ratio of all losses (including paid losses, case Reserves and Reserves for IBNR), allocated and unallocated loss adjustment expenses, internal underwriting expenses, commissions, brokerage and retrocessional costs over the premiums earned on the Renewed Business. The Purchaser shall provide a final detailed calculation of the combined ratio for the Renewed Business as of December 31, 2005. The Profit Commission, if any, shall become due for payment and be paid in full on June 1, 2006. The Company shall have the right to audit Purchaser's calculation of the final Profit Commission as calculated as of December 31, 2005.

Examples of Profit Commission in a sentence

• If an Experience Refund or Profit Commission is payable under this Agreement, the conditions and formula are as shown in Schedule IV.

• To ensure compliance with any applicable tax requirement, CM may withhold any Retail Profit, Commission or Credit.

• If any calculation of Profit Commission determines that AUL was overpaid in prior years, the amount of any such overpayment shall be a deduction from Profit Commissions for other Underwriting Years due from the Company to AUL in the Profit Commission Report.

• The Parties shall promptly make all necessary financial adjustments between them with respect to the Maximum Combined Ratio, Profit Commission, and the Reinsurer’s Margin necessitated by any such Premium Adjustments in a manner consistent with the terms herein.

• Payment to the Reinsured of the Profit Commission shall be made in accordance with ARTICLE XIII.

• Any business resulting from any such inconsistent action shall be Excepted Business and, in addition to other rights available to AUL, any underwriting results arising from any breach of this Section 2.02(b) will, at AUL’s option, exercised within 5 Business Days of the later of the date such business is bound and the date on which AUL discovers or is notified that such business was bound, be excluded from the determination of the Profit Commission.

• If (II) is greater than (I) for any quarter, the Underwriting Fee shall be zero for such quarter, and the amount of such excess shall be deducted from the Run-Off Fee, if any, due for such quarter or from Profit Commission, if any, if such quarter is the final quarter in the year.

• For the avoidance of doubt, attached hereto as Schedule 1 is an example calculation of the Profit Commission based on hypothetical numbers.

• In such event, within 45 Business Days of Commutation the Reinsurer shall pay the Company a Profit Commission equal to the Experience Account Balance as of the end of the prior month, if positive.

• In such event within 45 Business Days of such cancellation, the Reinsurer shall pay the Company a Profit Commission equal to the positive Experience Account Balance, as of the end of the prior month, if any.

More Definitions of Profit Commission

Profit Commission. The Reinsurers shall pay the Reassured a provisional Profit Commission of 20.00% calculated on the net profit expected, under this Agreement in respect of the reduction of 25.00% in the 1999 Underwriting Year of Account. Such profit commission being calculated in accordance with the formula previously agreed. Any further adjustment to the calculation of the provisional profit commission statement will be made 24 months after the inception of the 1999 Underwriting Year of Account and annually thereafter. All other terms and conditions remain unaltered. On behalf of CNA Reinsurance Company Limited, London, England. Signed /s/ ▇▇▇ ▇. ▇▇▇▇▇▇ Dated 22 June 1999 --------------------- ---------------- On behalf of LaSalle Re Limited, ▇▇▇▇▇▇▇▇, Bermuda. [LOGO]

Profit Commission has the meaning set out in paragraph 1.5 of schedule 3 to the First Pool Members Agreement as regards the First and Second Periods and has the meaning set out in paragraph 3.2 of schedule 3 to the Second Pool Members Agreement as regards the Third Period; Proceedings means any civil, criminal, arbitration, administrative or other proceeding;

Profit Commission. On each Profit Commission Date, a Profit Commission shall be paid by the Reinsurer to the Company in an amount equal to 90% of the Notional Account Balance at such Profit Commission Date, to the extent such balance is positive. The Company shall give the Reinsurer prompt written notice of each occurrence of a Ratio Improvement Trigger.

Profit Commission is defined in Section 3.3(a).

Profit Commission shall have the meaning specified in Section 6.4(c).