Common use of Underwriting Policy Clause in Contracts

Underwriting Policy. The Reinsureds undertake, to the extent they are legally able to do so and except as may otherwise be required under Applicable Laws, not to commute, terminate or make any material amendments to any reinsurance arrangement (whether or not in force as at the date of this Reinsurance Agreement) relating to the business protected under this Reinsurance Agreement except with the prior written consent of the Reinsurer (which consent shall not be unreasonably withheld or delayed) if any such commutation, termination or amendment is likely to increase materially the Reinsurer's liability under this Reinsurance Agreement. In the case of any other such commutation, termination or amendment, the Principal Reinsured shall use reasonable endeavours in good faith to inform the Reinsurer in advance of the such commutation, termination or amendment and the parties shall consult in good faith with respect to the same.

Underwriting Policy. The Reinsureds undertake, to the extent they are legally able to do so and except as may otherwise be required under Applicable Laws, not to commute, terminate or make any material amendments to any reinsurance arrangement (whether or not in force as at the date of this Reinsurance Agreement) relating to the business protected under this Reinsurance Agreement except with the prior written consent of the Reinsurer (which consent shall not be unreasonably withheld or delayed) if any such commutation, termination or amendment is likely to increase materially the Reinsurer's liability under this the Reinsurance Agreement. In the case of any other such commutation, termination or amendment, the Principal Reinsured shall use reasonable endeavours in good faith to inform the Reinsurer in advance of the such commutation, termination or amendment and the parties shall consult in good faith with respect to the same.