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Rule 24 Contributions
The Insured Owners who have entered ships in the Association for the risks insured under Rule 2 or Rule 3 or both such Rules for any Policy Year, not being a Policy Year which has been closed, shall provide by way of Contributions all funds which in the opinion of the Directors are required:
To meet such of the general expenses of the Association as the Directors may from time to time think fit to charge in respect of that Policy Year against the Association’s insurance business;
To meet the claims, expenses and outgoings, whether incurred, accrued or anticipated, of the Association’s insurance business in respect of that Policy Year including, without prejudice to the generality of the foregoing, any proportion of any claims, expenses or outgoings of any insurer other than the Association which have fallen or may be thought likely to fall upon the Association by virtue of any reinsurance or pooling agreement concluded between the Association and such other insurer;
For any transfers to reserves or provisions which the Directors may deem it expedient to make out of the Contributions paid in respect of such Policy Year and which the Directors may from time to time think fit to charge against the Association’s insurance business for that Policy Year including, without prejudice to the generality of the foregoing, such transfer to reserves and provisions in respect of any deficiency which has occurred or which may be thought likely to occur in respect of risks in any previous Policy Year, including any closed Policy Year, as the Directors may think proper;
To provide all such sums as the Association may by any governmental or other similar legislation or regulation be required to set aside in order to establish and/ or maintain an adequate solvency margin and/or guarantee fund in respect of any Policy Year. Without in any way limiting the obligations of Insured Owners to pay such sums, the Directors may, in their discretion and at any time or times, require any or all Insured Owners to guarantee specifically the payment of such sums in such terms and with such security as the Directors may from time to time decide.
The said Contributions shall be levied by means of Advance and Supplementary Contributions in accordance with the provisions of Rules 25, 26 and 27.