Common use of Notification and Reporting Requirements Clause in Contracts

Notification and Reporting Requirements. 6.01 As a condition precedent to the Reinsurer’s obligation to pay claims under this Agreement, the Ceding Company shall provide data and reports required under this Agreement in a timely and complete manner and as provided by this Agreement. Within thirty (30) days following the close of each month, the Ceding Company shall provide the Reinsurer with transaction file reports and in-force file reports. The Ceding Company shall further provide reserve valuation reports on a quarterly basis. 6.02 The Ceding Company shall utilize electronic media for reporting purposes and shall consult with the Reinsurer to determine a mutually-acceptable format. Any subsequent changes to the reporting format are subject to approval by the Reinsurer prior to implementation. Each report shall include completed data fields as provided by Exhibit III. 6.03 When reinsurance is reduced or changed, the Ceding Company shall notify the Reinsurer on the transaction file report. 6.04 The Ceding Company shall provide the Reinsurer with thirty (30) days prior written notice of any changes to plan codes for business reinsured under this Agreement. 6.05 The Ceding Company will provide the Reinsurer with all such information that the Reinsurer requires to evaluate changes to existing reinsured plans. If the Ceding Company fails to give prior written notice of such changes, the Reinsurer may, at its sole option i) accept the change with no change to reinsurance premium rates or other reinsurance terms; ii) accept the change with a change to reinsurance premium rates and/or other reinsurance terms; iii) exclude such change from coverage under this agreement;

Notification and Reporting Requirements. 6.01 As a condition precedent to the Reinsurer’s 's obligation to pay claims under this Agreement, the Ceding Company shall provide data and reports required under this Agreement in a timely and complete manner and as provided by this Agreement. Within thirty (30) [*] days following the close of each month, the Ceding Company shall provide the Reinsurer with transaction file reports and in-force file reports. The Ceding Company shall further provide reserve valuation reports on a quarterly basis. 6.02 The Ceding Company shall utilize electronic media for reporting purposes and shall consult with the Reinsurer to determine a mutually-acceptable format. Any subsequent changes to the reporting format are subject to approval by the Reinsurer prior to implementation. Each report shall include completed data fields as provided by Exhibit III. 6.03 When reinsurance is reduced or changed, the Ceding Company shall notify the Reinsurer on the transaction file report. 6.04 The Ceding Company shall provide the Reinsurer with thirty (30) days prior written notice of any changes to plan codes for business reinsured under this Agreement. 6.05 The Ceding Company will provide the Reinsurer with all such information that the Reinsurer requires to evaluate new products and changes to existing reinsured plans. If the Ceding Company fails to give prior written notice of such changes, the Reinsurer may, at its sole option i) accept the change with no change to reinsurance premium rates or other reinsurance terms; ii) accept the change with a change to reinsurance premium rates and/or other reinsurance terms; iii) exclude such change from coverage under this agreement;; iv) terminate this agreement for new business effective of the date of such change. 6.06 The Ceding Company shall report all conversions under this Agreement as two transactions on the same transaction file report: 1) terminating the original transaction under the original reinsurance treaty code identifier and original Ceding Company plan code; and 2) issuing the new policy under a new reinsurance treaty code identifier and a new Ceding Company plan code. Both transactions shall include at least the following fields: original reinsurance treaty number, original issue date, and original issue age. The termination transaction should also include the original reinsurance treaty number and original Ceding Company plan code.