Common use of Experience Refunds Clause in Contracts

Experience Refunds. Within one hundred fifty (150) days following the end of each calendar quarter commencing on or after January 1, 2015 (the “Experience Refund Commencement Date”) (or following such later period as may be reasonably justified if required financial information is then unavailable), the Ceding Company will provide to the Reinsurer its specification of the amount of any Experience Refund due in respect of the Additional Assumed Policies with respect to such quarter, including therewith a specification of the material supporting computations and copies of related financial computations. Subject to Section 13.1 of the Reinsurance Agreement, the Reinsurer shall pay to the Ceding Company the amount of any Experience Refund in accordance with the settlement procedures set forth in the Reinsurance Agreement. For purposes of this Section 16, “Experience Refunds” shall mean the amounts determined in accordance with the provisions of Annex B.