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.
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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/ Xxx X. Xxxxxx Dated 22 June 1999 --------------------- ---------------- On behalf of LaSalle Re Limited, Xxxxxxxx, Bermuda. [LOGO]
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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, the Company may withhold any Retail Profit, Commission or Credit.

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

  • 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.

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

  • As a reminder, within the DD file, RX75 (Result for Profit Commission) should continue to be reported as THE TOTAL COMMISSIONABLE RESULT BEFORE THE APPLICATION OF ANY DEFICITS BROUGHT FORWARD.

  • 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 of any Profit Commission by the Reinsurers shall constitute full and final release from all further loss development.

  • The Company entered into a Profit Commission Agreement with its affiliate MAPFRE Pan American Insurance Company (MAPFRE PANAM) where it should pay to MAPFRE PANAM a commission of 55% of any profit resulting from the business assumed from it.


More Definitions of Profit Commission

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.
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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;
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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.
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Profit Commission shall have the meaning specified in Section 6.4(c).
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Profit Commission is defined in Section 3.3(a).
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Related to Profit Commission

  • Tax Commission means the Oklahoma Tax Commission;

  • Planning Commission means the Planning Commission of the City.

  • Election Commission means the Election Commission appointed by the President under article 324;

  • Joint Commission means the accrediting body whose standards are referred to in these Bylaws.

  • Railways Commission means the Western Australian Government Railways Commission established pursuant to the Government Railways Xxx 0000;

  • Diocesan Schools Commission means the education service provided by the diocese, which may also be known, or referred to, as the Diocesan Education Service.

  • Central Commission means the Central Electricity Regulatory Commission referred to in sub-section (1) of section 76 of the Act;

  • Selling Commission means three percent (3.0%) of the gross proceeds of Shares sold pursuant to this Agreement, or as otherwise agreed between the Company and the Agent with respect to any Shares sold pursuant to this Agreement.

  • Annual income means all amounts, monetary or not, which:

  • Gross compensation means every form of remuneration payable for a given period to an individual for services provided including salaries, commissions, vacation pay, severance pay, bonuses, and any board, rent, housing, lodging, payments in kind, and any similar benefit received from the individual's employer.

  • the Commission means the Charity Commission for England and Wales;

  • Sales Commissions means any and all commissions payable to underwriters, dealer managers or other broker-dealers in connection with the sale of Stock, including, without limitation, commissions payable to the Dealer Manager.

  • Annual Earnings means your gross annual income from your Employer, not including shift differential, in effect just prior to the date of loss. It includes your total income before taxes. It is prior to any deductions made for pre-tax contributions to a qualified deferred compensation plan, Section 125 plan or flexible spending account. It does not include income received from commissions, bonuses, overtime pay or any other extra compensation or income received from sources other than your Employer.

  • City Commission means the legislative body of the City of Miami.

  • Gross income means the same as it does for income tax purposes, even if the income is not actually taxable, such as interest on tax-free bonds. Examples include: compensation for services, income from business, gains from property dealings, interest, rents, dividends, pensions, IRA distributions, social security, distributive share of partnership gross income, and alimony, but not child support.

  • Moderate income housing means housing affordable,

  • Plan for moderate income housing means a written document adopted by

  • Incentive Compensation Plans means annual incentive compensation plans and long‑term incentive compensation plans of the Company, which long‑term incentive compensation plans may include plans offering stock options, restricted stock and other long‑term incentive compensation.

  • Housing commission means a housing commission or housing authority as defined under section 3 of the housing cooperation law, 1937 PA 293, MCL 125.603.

  • Ceding Commission means [REDACTED]. ]

  • Selling Commissions means any and all commissions payable to underwriters, dealer managers or other broker-dealers in connection with the sale of Shares, including, without limitation, commissions payable to the Dealer Manager.

  • Gross earnings means all monies earned by the Employee under the terms of this Collective Agreement.

  • Incentive Pay means an annual amount equal to the aggregate annual bonus, in addition to Base Pay, made or to be made in regard to services rendered in any calendar year or performance period pursuant to any bonus plan of the Company.

  • Annual payroll means the total amount of wages subject to contributions during a twelve-month period ending with the last day of the second calendar quarter of any calendar year.

  • Redevelopment Commission means the Fishers Redevelopment Commission.

  • Tax Commissioner means the tax commissioner appointed under section 121.03 of the Revised Code.