Experience Refund. 1. Except as provided in paragraph 3, below, North American Re shall pay the Company an experience refund equal to 40% of the adjusted profit, as defined in Exhibit C. 2. The refund shall be calculated monthly by North American Re and settled on a quarterly basis. 3. The experience refund provision shall terminate after this Reinsurance Agreement has been in effect for twenty (20) years.
Appears in 3 contracts
Sources: Reinsurance Agreement (Separate Account Va Q), Reinsurance Agreement (Separate Account Va W), Reinsurance Agreement (Separate Account Va-2l)