LAYER TWO SUNSET PROVISION. The maximum amount of Reinsurer's Layer Two liability under the Agreement shall not exceed the amount of the Company's ceded payments and/or reserves for Layer Two losses on the Business Covered recorded in its December 31, 2001 financial statements and reported to the Reinsurer by certified or registered mail on or before February 15, 2002. The Company may elect to permanently waive in writing all or a portion of its Layer Two recoveries from the Reinsurer at any time.
Appears in 2 contracts
Sources: Adverse Development Agreement of Reinsurance (OneBeacon Insurance Group, Ltd.), Adverse Development Agreement of Reinsurance (White Mountains Insurance Group LTD)