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Anexo I Cláusulas de comisiones

Document Citado por Relacionados
Vincent
AutorMaría Concepción Hill Prados
Cargo del AutorProfesora Titular de Derecho Mercantil

Sliding-Scale Commission

(a) The REINSURED shall receive a commission on the premiums ceded to the REINSURER in the accounts for each annual period of this Agreement calculated at a rate determined in accordance with the following scale: ... per cent where the loss ratio is ... per cent or above increasing by ... per cent for each ... per cent decrease in the loss ratio up to a m·ximum of... per cent where the loss ratio is less than ... per cent the loss ratio being the percentage which the Incurred Loss bears to the Earned Premium.

Incurred loss shall be all paid losses and loss expenses included in the accounts for the current year including cash losses paid by the REINSURER during the current year and not brought into account, plus the outstanding loss reserve as at the end of the current year less the outstanding loss reserve as at the end of the previous year.

Earned premium shall be all premiums included in the accounts for the current year, plus the previous year's unearned premium reserve less the current year's unearned premium reserve calculated at the percentage shown in the Schedule.

(b) For the first annual period the calculation will not include a previous year's unearned premium reserve or outstanding loss reserve.

(c) Any premiums and loss recoveries under reinsurances which inure to the benefit of this Agreement shall be included in the calculation.

(d) The REINSURED will debit the REINSURER in the accounts during each year with a provisional commission of... per cent.

(e) The final account for each annual period shall be rendered to the REINSURER together with a statement of the annual commission adjustment calculation and this final account shall include the amount due to either party in respect of annual commission taking into consideration provisional commission payments already made.

(f) Upon termination of this Agreement no adjustment of the commission will be made in respect of the annual period ending at that date until all liability of the REINSURER has ceased and a final statement shall then be rendered.

Profit Commission: three year average basis

(a) The REINSURER shall pay to the REINSURED a profit commission on a three years average basis as stated in the Schedule calculated on the profit arising from all business ceded under this Agreement and included in the accounts for each annual period of this Agreement in accordance with the following formula:

Income

  1. Release of preceding year's Unearned Premium Reserve.

  2. Release of the Outstanding Loss Reserve as at the end of the preceding year.

  3. Premium included in the accounts for the current year. Ìtems 1 and 2 will not apply to the first...

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