Common use of Payment of Premiums and Reporting Clause in Contracts

Payment of Premiums and Reporting. Reinsurance premiums are payable monthly and in advance. The Ceding Company will calculate the amount of reinsurance premium due and, within thirty (30) days after the end of the month, will send Munich Re, U.S. (Life) a report that contains the information in Exhibit F showing reinsurance premiums due for that period. If an amount is due Munich Re, U.S. (Life), the Ceding Company will remit that amount together with the report If an amount is due the Ceding Company, Munich Re, U.S. (Life) will remit such amount within twenty (20) days of receipt of the report. For automatic reinsurance submissions, if a Policy or Policies are not reported within five (5) years of the Policy issue date, such Policy or Policies are not eligible for reinsurance under this Agreement. However, upon request of the Ceding Company, Munich Re, U.S. (Life) shall consider reinsuring such Policy or Policies on an automatic basis under this Agreement subject to available capacity. Article 18, Errors and Omissions, shall not apply to this Section 7.2 after five (5) years from the Policy or Policies issue date. For purposes of this paragraph, the Ceding Company’s submission to Munich Re, U.S. (Life) of premium associated with a Policy or Policies constitutes sufficient notice and/or reporting by the Ceding Company of such Policy or Policies. Facultative reinsurance submissions are governed by the terms set forth in Article 4 of this Agreement.

Payment of Premiums and Reporting. Reinsurance premiums are payable monthly and in advance. The Ceding Company will calculate the amount of reinsurance premium due and, within thirty (30) days after the end of the month, will send Munich Re, U.S. (Life) a report that contains the information in Exhibit F showing reinsurance premiums due for that period. If an amount is due Munich Re, U.S. (Life), the Ceding Company will remit that amount together with the report report. If an amount is due the Ceding Company, Munich Re, U.S. (Life) will remit such amount within twenty (20) days of receipt of the report. For automatic reinsurance submissions, if a Policy or Policies are not reported within five (5) years of the Policy issue date, such Policy or Policies are not eligible for reinsurance under this Agreement. However, upon request of the Ceding Company, Munich Re, U.S. (Life) shall consider reinsuring such Policy or Policies on an automatic basis under this Agreement subject to available capacity. Article 18, Errors and Omissions, shall not apply to this Section 7.2 after five (5) years from the Policy or Policies issue date. For purposes of this paragraph, the Ceding Company’s submission to Munich Re, U.S. (Life) of premium associated with a Policy or Policies constitutes sufficient notice and/or reporting by the Ceding Company of such Policy or Policies. Facultative reinsurance submissions are governed by the terms set forth in Article 4 of this Agreement.