TRANSFER RESERVE Clause Samples

TRANSFER RESERVE. 6.3.1 For the purposes of determining the Transfer Reserve, the Liability Outgo will be calculated using the Transfer Mortality Basis, discounted by the Transfer Interest Rate. 6.3.2 The Transfer Reserve shall be calculated by the Cedant's Appointed Actuary. The Cedant undertakes to procure that such Appointed Actuary shall perform such calculation not later than 10 Business Day following delivery of the Policy File to XL Mid Ocean and forthwith thereafter, deliver a copy of the calculation, together with all relevant working papers, to XL Mid Ocean's Appointed Actuary. 6.3.3 The calculation of the Transfer Reserve by the Cedant's Appointed Actuary is subject to approval by XL Mid Ocean's Appointed Actuary. If XL Mid Ocean's Appointed Actuary does not approve the calculation of the Transfer Reserve within 10 Business Days of receipt of the calculation from the Cedant's Appointed Actuary, such dispute will be determined in accordance with the provisions of clause 6.