Section 3 (Effect)
(a) After the date of termination, under either Sections 1 or 2 above, the liability of the Reinsurer hereunder shall cease outright other than in respect of losses which have occurred or commenced prior thereto. Liability for loss occurrences that are in progress at the date of termination is dealt with in accordance with the EXENDED EXPIRATION Clause.
(b) All notices of termination served in accordance with any of the provisions of Sections 1 or 2 above shall be by telex, telefax or any other means of instantaneous communication that provides a permanent record of such communication and shall be deemed to be served upon dispatch or where communications between the parties are interrupted upon attempted dispatch.
(c) All notices of termination served in accordance with any of the provisions of Sections 1 or 2 above shall be addressed to the party concerned at its head office or at any other address previously designated by that party.
(d) In the event of termination in accordance with the provisions of Sections 1 or 2 above the exact premium payable hereunder shall be calculated upon the Premium Income of the Reinsured (as specified under PREMIUM in the attached Contractual Details) up to the date of termination or pro rata temporis of the Minimum and Deposit Premium (as specified under PREMIUM in the attached Contractual Details), whichever is the greater.
(e) In the event of termination in accordance with the provisions of Sections 1 or 2 above, reinstatement premium (if any) payable in respect of losses falling to reinsurers carrying exposure prior to the date of termination shall be payable in full to those reinsurers carrying the exposure. Likewise reinstatement premium (if any) payable in respect of losses falling to reinsurers carrying exposure after the date of termination shall be payable in full to those reinsurers carrying the exposure.
ARTICLE 23
ARBITRATION
Any dispute between the parties arising out of or in connection with this Agreement, including any question regarding the existence, validity or termination, and whether arising during or after the period of this Agreement, shall be referred to and resolved by arbitration in Singapore in accordance with the Arbitration Rules of the Singapore International Arbitration Centre (“SIAC Rule”) for the time being in force, which rules are deemed to be incorporated by reference in this clause.
The tribunal shall consist of three (3) arbitrators.
The language used in Arbitration shall be in English.
This Article remains valid should be the Agreement be void.
ARTICLE 24
CHOICE OF LAW AND JURISDICTION
This Agreement (including arbitration tribunals) is governed by and is construed according to the laws of the country as specified in the attached Contractual Details under CHOICE OF LAW AND JURISDICTION and any court of competent jurisdiction in that country shall have exclusive jurisdiction over all matters relating to this Agreement.
However, this jurisdiction provision does not override or alter the parties’ obligation to refer any dispute to arbitration in accordance with the provisions of the Arbitration Clause.
ARTICLE 25
SANCTIONS LIMITATION AND EXCLUSION CLAUSE
No (re)insurer shall be deemed to provide cover and no (re)insurer shall be liable to pay any claim or provide any benefit hereunder to the extent and for such period that the provision of such cover, payment of such claim or provision of such benefit would expose that (re)insurer to any sanction, prohibition or restriction under United Nations resolutions or the trade or economic sanctions, laws or regulations of the European Union, Japan, United Kingdom or United States of America.