Common use of ACCOUNTS AND LOSS SETTLEMENTS Clause in Contracts

ACCOUNTS AND LOSS SETTLEMENTS. A. Accounts - Within 30 (thirty) days following the Company's receipt from State National of the quarterly report due the Company pursuant to Article 12, Accounts, Remittances and Loss Settlements of the State National Quota Share Reinsurance Agreement, the Company shall report to the Reinsurer, for each Business Segment reinsured hereunder, the amount of: 1. Reinsurance Premium, per Article 7, Reinsurance Premium; 2. Ceded Ultimate Net Loss and Loss Adjustment Expenses paid; 3. Ceded Ultimate Net Loss and Loss Adjustment Expenses outstanding (including IBNR); Reports shall continue until final settlement of all ceded Ultimate Net Loss and Loss Adjustment Expenses hereunder. Notwithstanding the above, the Company shall advise the Reinsurer promptly of all Ultimate Net Losses, which, in the opinion of the Company, may result in a claim hereunder and of all subsequent developments thereto which, in the opinion of the Company, may materially affect the position of the Reinsurer. Inadvertent omission or oversight in dispatching such advises shall in no way affect the liability of the Reinsurer. However, the Company shall notify the Reinsurer of such omission or oversight promptly upon its discovery.