GENERAL (continued). The arbitrators will be individuals, other than from the contracting companies, including those who have retired, with more than ten (10) years insurance or reinsurance experience within the industry. The arbitrators will base their decision on the terms and conditions of this Agreement plus, as necessary, on the customs and practices of the insurance and reinsurance industry rather than solely on a strict interpretation of the applicable law; there will be no appeal from their decision, and any court having jurisdiction of the subject matter, and the parties, may reduce that decision to judgment.
Appears in 2 contracts
Sources: Reinsurance Agreement (Union Security Insurance Co Variable Account C), Reinsurance Agreement (Vel Ii Account of Allmerica Financial Life Ins & Ann Co)