Common use of Composition of Panel Clause in Contracts

Composition of Panel. There will be three arbitrators who must be (i) current or former disinterested officers of life insurance or life reinsurance companies other than of the Parties, their subsidiaries or Affiliates; (ii) qualified in pricing, reinsurance or valuation, as applicable, on the basis of education and experience; (iii) independent from the Parties; and (iv) disinterested in the outcome of the dispute. Each Party will appoint one arbitrator and these two arbitrators will select the third arbitrator, who shall serve as umpire. If either Party fails to appoint an arbitrator within thirty (30) Business Days of the Notice of Arbitration, the other Party may appoint the second arbitrator. If the two arbitrators do not agree on a third arbitrator within thirty (30) Business Days of their appointment, the Parties will each submit a list containing the names of three persons who meet the criteria set out in this Section for being an arbitrator. Thereafter, each Party -appointed arbitrator shall strike two names from the list. If only one name remains after the striking process, that person shall become the arbitrator and umpire. If more than one name remains, the third arbitrator/umpire will then be chosen from the remaining names by drawing lots.

Composition of Panel. There will be three arbitrators who must be: (i) current or former disinterested officers of life insurance or life reinsurance companies other than of the Parties, their subsidiaries or Affiliatesaffiliates; (ii) qualified professionals with at least (10) years' experience in pricing, the life insurance or reinsurance or valuation, as applicable, on the basis of education and experienceindustry; (iii) independent from the Parties; and (iv) disinterested in the outcome of the dispute. Each Party will appoint one arbitrator and these two arbitrators will select the third arbitrator, who shall serve as umpire. If either Party fails to appoint an its arbitrator within thirty sixty (3060) Business Days calendar days after receipt of the Notice of Arbitration, the other Party may appoint the second arbitrator. If the two arbitrators do not agree on a third arbitrator within thirty (30) Business Calendar Days of their appointmentthe appointment of the second arbitrator, the Parties will each submit a list containing the names of three persons who meet the criteria set out in this Section for being an arbitrator. Thereafter, each Party -appointed Party-appointed arbitrator shall strike two names from the list. If only one name remains after the striking process, that person shall become the arbitrator and umpire. If more than one name remains, the third arbitrator/umpire will then be chosen from the remaining names by drawing lots.