Run-Off Liabilities definition
Run-Off Liabilities means the costs and expenses associated with the administration after Closing of the run-off for current and prior years in respect of Cedants that have an in-force treaty among the Programmes, for the same class of business as the in-force treaty, whether or not invoiced and whether or not due and payable at that time and excluding, for the avoidance of doubt, the Excluded Liabilities. For the purposes of this definition, “class of business” means (a) speciality property treaty, (b) casualty treaty, (c) life and accident & health treaty or (d) facultative;
Run-Off Liabilities means all liabilities, costs, expenses, fees (including legal, expert, witness or otherwise), losses, damages (including Extra-Contractual Damages), judgments, obligations, settlements, Reserves for reported claims of the Insurer Subsidiaries of Agency Markets (hereinafter collectively referred to, for purposes of this definition of Run-Off Liabilities only, as “Liabilities”) but only to the extent related to the insurance or reinsurance arising under or out of the Subject Contracts; provided, however, that in no event shall Run-Off Liabilities include: (i) any Liabilities acquired by Agency Markets or its Insurer Subsidiaries by virtue of any acquisition, merger, consolidation, or other transaction (whether effected by portfolio transfer, reinsurance or otherwise) which is consummated on or after the Effective Date (excluding acquisitions of business otherwise covered under this Agreement from Persons that are Affiliates prior to the Effective Date); (ii) any Liabilities to the extent increased by amendments or other modifications to intercompany reinsurance agreements affecting the Insurer Subsidiaries of Agency Markets on or after the Effective Date, which amendment or modification functions, directly or indirectly, in any manner, to adversely affect LMIC’s obligations hereunder; or (iii) the salaries and expenses of employees as well as office and overhead expenses of any nature of Agency Markets or its Affiliates or Insurer Subsidiaries that are not properly attributable to Run-Off Liabilities.
Examples of Run-Off Liabilities in a sentence
Notwithstanding any other provision in this Agreement to the contrary, Run-Off Incurrals shall not include Reserves for any Run-Off Liabilities to the extent resulting from an amendment or modification to a Subject Contract made on or after the Effective Date.