Underwriting Year definition
Underwriting Year means a calendar year during the Term or that portion of a calendar year which is included in the Term where the Term incepts and/or terminates during a calendar year.
Underwriting Year as used in this Agreement shall mean those Policies with an inception, renewal or anniversary date during each 12- month period commencing with each January 1, and all premium attributable to, and all loss arising out of such Policies from such inception, renewal or anniversary date until expiration, cancellation, or next anniversary, whichever occurs first, will be ascribed to the Underwriting Year.
Underwriting Year means the calendar year.
Examples of Underwriting Year in a sentence
As soon as practicable after the end of each Underwriting Year, the Company shall determine the actual Operating Expense Ratio for such Underwriting Year, and the parties shall true up the differential between the aggregate amount paid based on the allowance rate and the amount due based on the actual Operating Expense Ratio.
Profit Commissions shall be due and payable no later than March 15 following the end of each Underwriting Year (or calendar year subsequent to the Term).
For the first Underwriting Year, such allowance shall be equal to 2.33% of Net Written Premiums, and for each subsequent Underwriting Year the allowance applied to Net Written Premiums shall be equal to the [***] of (A) [***] (on a [***]) for the [***] to (B) [***] for the [***] ("[***]").
The Parties shall, where required by either FIHL or MGU Holdco, participate in the formulation of the Group Underwriting Strategy and Group Annual Plan in respect of each Underwriting Year.
For the avoidance of doubt, all premiums on all Policies attaching during such period and the loss liability on those Policies shall be included for purposes of any calculation hereunder related to any Underwriting Year.
More Definitions of Underwriting Year
Underwriting Year as used herein shall mean those Policies with inception, renewal or anniversary date during each 12-month period commencing with each April 1 and all premium attributable to, and all loss arising out of such Policies from such inception, renewal or anniversary date until expiration, cancellation, or next anniversary, whichever occurs first, will be ascribed to the Underwriting Year.
Underwriting Year means the Calendar Year beginning January 1, 1997 and ending December 31, 1997.
Underwriting Year as used herein shall mean the period from July 1, 1997 through June 30, 1998, and each subsequent 12-month period shall be a separate underwriting year. All premiums and losses from policies allocated to an underwriting year shall be credited or charged, respectively, to such underwriting year, regardless of the date said premiums earn or such losses occur. It is understood that a policy will be allocated to the underwriting year which is in effect as of:
1. As respects all new policies, the effective date of such policies;
2. As respects renewals of one year or less term policies, the renewal date of such policies;
3. As respects continuous or greater than one year term policies, the premium anniversary date of such policies. Notwithstanding the foregoing, it is understood that policies in force on July 1, 1997, shall be allocated to the first underwriting year hereunder. Policies shall remain in the same underwriting year, as originally allocated, until the next renewal date or premium anniversary date, at which time such policies shall be reallocated to the underwriting year in effect of such date as provided in subparagraphs 2 and 3 above.
Underwriting Year as used herein shall mean the period from January 1, 2004 through June 30, 2004 for the first underwriting year, July 1, 2004 through December 31, 2004 for the second underwriting year and each subsequent 12-month period shall be a separate underwriting year. However, if this Contract is terminated, the final underwriting year shall be from the beginning of the current underwriting year through the effective date of termination. All premiums and losses from policies allocated to an underwriting year shall be credited or charged, respectively, to such underwriting year, regardless of the date said premiums earn or such losses occur. It is understood that a policy will be allocated to the underwriting year which is in effect as of:
1. As respects all new policies, the effective date of such policies;
2. As respects renewals of one year or less term policies, the renewal date of such policies;
3. As respects continuous or greater than one year term policies, the premium anniversary date of such policies. Such policies shall remain in the same underwriting year, as originally allocated, until the next renewal date or premium anniversary date, at which time such policies shall be reallocated to the underwriting year in effect as of such date as provided in subparagraphs 2 and 3 above.
Underwriting Year as used herein shall mean the period from April 1, 2007 until December 31, 2007, both days inclusive, and each subsequent 12-month period shall be a separate underwriting year. However, if this Contract is terminated, the final underwriting year shall be from the beginning of the then current underwriting year through the effective date of termination. All premiums and losses from policies allocated to an underwriting year shall be credited or charged, respectively, to such underwriting year, regardless of the date said premiums earn or such losses occur. It is understood that a policy will be allocated to the underwriting year which is in effect as of:
1. As respects all new policies, the effective date of such policies;
2. As respects renewals of one year or less term policies, the renewal date of such policies. Such policies shall remain in the same underwriting year, as originally allocated, until the next renewal date, at which time such policies shall be reallocated to the underwriting year in effect as of such date as provided in subparagraph 2 above. The term of any policy issued with respect to business covered hereunder shall not exceed 12 months.
Underwriting Year as used herein shall mean the period from January 1, 2004 through December 31, 2004, and each 12-month period thereafter, unless this Contract is terminated, in which event the final underwriting year shall be from the beginning of the then current underwriting year through the effective date of termination. All premiums and all claims or losses from both new and renewal policies incepting during a given underwriting year shall be allocated, credited or charged, respectively, to such underwriting year, regardless of the date said premiums earn or such claims are made or losses occur (subject to the “cutoff” provisions of paragraph F above). Any extended reporting period provided under a subject policy shall be deemed to incept during the same underwriting year as the subject policy.
Underwriting Year as used herein shall mean the period October 1, 2003 to September 30, 2004, both days inclusive, and each subsequent 12- month period (or portion thereof) shall be a separate underwriting year. All premiums and losses from policies allocated to an underwriting year shall be credited or charged, respectively, to such underwriting year, regardless of the date said premiums earn or such losses occur. It is understood that a policy will be allocated to the underwriting year, which is in effect as of:
1. As respects all new policies, the effective date of such policies;
2. As respects renewals of one year or less term policies, the renewal date of such policies. Such policies shall remain in the same underwriting year, as originally allocated, until the next renewal date or premium anniversary date, at which time such policies shall be reallocated to the underwriting year in effect as of such date as provided in subparagraphs 2 above. The term of any policy issued with respect to business covered hereunder shall not exceed 12 months.