English to Polish Bus/Financial Insurance

1 The Reinsured shall inform the Reinsurer of any material changes in its established underwriting policy in respect of the lines of business to which this Agreement applies. Should the Reinsured fail to inform the Reinsurer, the Reinsurer shall be excused any liability in respect of insurance losses under Policies affected by such change and instead return the respective reinsurance premiums relating to any period after such change had been introduced.

2 The established underwriting policy is set out, inter alia, in the policy forms, general conditions and tariffs used by the Reinsured at the commencement of this Agreement.

3 A change in the established underwriting policy is material if it may increase the Reinsurer's liability to such an extent that a reasonable Reinsurer would, under the same circumstances, have declined to cover such policies under the same terms and conditions.