Article 4.2

(Losses accuring)

(1) An allocation clause referring to “losses occurring” brings within the temporal scope of the contract any obligation of the reinsured arising during the reinsurance period as a consequence of the materialization of a peril insured against under the reinsured relationship.

(2) The point in time when the obligation of the reinsured arises is to be determined pursuant to the terms and conditions of the reinsured relationship and the law applicable thereto.