Common use of Sunset Clause in Contracts

Sunset. Seven (7) years after the expiration of this Contract (i.e., January 1, 2019), the Company shall advise the Reinsurer of any Loss Occurrences attaching to this Contract which have not been finally settled and which may result in a claim by the Company under this Contract. No liability shall attach hereunder for any claim or claims not reported to the Reinsurer within this 7-year period. If a loss arising out of a Loss Occurrence is reported during this period, all losses arising out of the same Loss Occurrence shall be deemed reported under this paragraph regardless of when notification of loss is provided. If the Notional Experience Account balance is positive and the Company does not commute this Contract on or before December 31, 2018, the Company shall pay to the Reinsurer in cash each January 1, beginning January 1, 2019, an annual charge equal 200 basis points times the then current balance in the Notional Experience Account.

Sunset. Seven (7) years after the expiration of this Contract (i.e., January 1, 20192022), the Company shall advise the Reinsurer of any Loss Occurrences attaching to this Contract which have not been finally settled and which may result in a claim by the Company under this Contract. No liability shall attach hereunder for any claim or claims not reported to the Reinsurer within this 7-year period. If a loss arising out of a Loss Occurrence is reported during this period, all losses arising out of the same Loss Occurrence shall be deemed reported under this paragraph regardless of when notification of loss is provided. If the Notional Experience Account balance is positive and the Company does not commute this Contract on or before December 31, 20182021, the Company shall pay to the Reinsurer in cash each January 1, beginning January 1, 20192022, an annual charge equal 200 basis points times the then current balance in the Notional Experience Account.. 00000000-12 (1-1-12)

Sunset. Seven (7) years after the expiration of this Contract (i.e., January 1, 20192018), the Company shall advise the Reinsurer of any Loss Occurrences attaching to this Contract which have not been finally settled and which may result in a claim by the Company under this Contract. No liability shall attach hereunder for any claim or claims not reported to the Reinsurer within this 7-year period. If a loss arising out of a Loss Occurrence is reported during this period, all losses arising out of the same Loss Occurrence shall be deemed reported under this paragraph regardless of when notification of loss is provided. If the Notional Experience Account balance is positive and the Company does not commute this Contract on or before December 31, 20182017, the Company shall pay to the Reinsurer in cash each January 1, beginning January 1, 20192018, an annual charge equal 200 basis points times the then current balance in the Notional Experience Account.