een (15) business days , in writing, of its decision to concur or not concur in the Companys suggested actions to be taken, or not taken. If the Reinsurer concurs with the Companys action, payment of such awarded damages will be shared by the Company and the Reinsurer in the proportions which govern this Agreement.For purposes of this provision, the following definitions shall apply:"Punitive damages" are those damages awarded as a penalty, the amount of which is not governed nor fixed by statute. "Statutory penalties" are those amounts which are awarded as a penalty but fixed in amount by statute. "Compensatory damages" are those amounts awarded to compensate for the actual damages sustained and are not awarded as a penalty nor fixed in amount by statute.The language of this Article shall be deemed effective only as and to the extent permitted by the law of any applicable jurisdiction.An extra contractual obligation shall be deemed to have occurred on the same date as the loss covered or alleged to be covered under the policy.Notwithstanding anything stated herein, this Agreement shall not apply to any extra contractual obligation incurred by the Company or Underwriting Manager as a result of any fraudulent and/or criminal act by any officer or director of the Company or Underwriting Manager acting individually or collectively or in collusion with any individual or corporation or any other organization or party involved in the presentation, defense, or settlement of any claim covered hereunder.Recoveries from any form of insurance or reinsurance which protect the Company against claims, the subject matter of this Article, shall inure to the benefit of this Agreement. ARTICLE XV SUBROGATIONThe Reinsurer shall be credited with subrogation; i.e., reimbursement obtained by the Company, less the actual cost of obtaining such reimbursement, including actual amounts paid to attorneys, and excluding salaries of officials and employees of...
