Common use of SELF ADMINISTRATION Clause in Contracts

SELF ADMINISTRATION. A. The CEDING COMPANY will administer the records for the reinsurance ceded to [name of reinsurance company] under this agreement. The CEDING COMPANY will furnish monthly statements to [name of reinsurance company] which contain at least the following information: 1. A list of all premiums due for the current month, identifying each policy and explaining the reasons for each premium payment. 2. Premium subtotals adequate for [name of reinsurance company] to use for its premium accounting. 3. A list of new business, terminations and changes for the current month. For new business and changes, the CEDING COMPANY must identify the reinsurance agreement and provide information adequate for [name of reinsurance company] to establish reserves, check retention limits and check premium calculations. 4. Totals for inforce, new business, changes and each type of termination, as of the end of the month. "Totals" refer to the number of policies reinsured, amount at risk reinsured and annualized reinsurance premiums. In addition, the CEDING COMPANY must provide [name of reinsurance company] with an inforce listing of reinsured business at least once a year. This inforce listing must contain information adequate for [name of reinsurance company] to audit its inforce records.