Common use of Application by U Clause in Contracts

Application by U. S. company. Any company organized under the laws of the United States or of any State thereof, wishing to apply for recogni- tion as an admitted reinsurer (except on excess risks running to the United States) of surety companies doing busi- ness with the United States, shall file the following data with the designated Treasury official, and shall transmit therewith the fee in accordance with the provisions of § 223.22: (1) A certified copy of its charter or articles of incorporation, and (2) A certified copy of a license from any State in which it has been author- ized to do business, and (3) A copy of the latest available re- port of its examination by a State In- surance Department, and (4) A statement of its financial condi- tion, as of the close of the preceding calendar year, on the annual statement form of the National Association of In- surance Commissioners, signed and sworn to by two qualified officers of the company, showing that it has a capital stock paid up in cash of not less than $250,000, in the case of a stock in- surance company, or has net assets of not less than $500,000 over and above all liabilities, in the case of a mutual in- surance company, and (5) Such other evidence as Treasury may determine is necessary to estab- lish that the company is solvent and able to meet the continuing obligation to carry out its contracts.

Application by U. S. company. Any company organized under the laws of the United States or of any State thereof, wishing to apply for recogni- tion as an admitted reinsurer (except on excess risks running to the United States) of surety companies doing busi- ness with the United States, shall file the following data with the designated Treasury official, Assistant Comptroller for Auditing and shall transmit therewith the fee in accordance accord- ance with the provisions of § 223.22:of (a) (2): (1) A certified copy of its charter or articles of incorporation, and (2) A certified copy of a license from any State in which it has been author- ized to do business, and (3) A copy of the latest available re- port of its examination by a State In- surance Department, and (4) A statement of its financial condi- tion, as of the close of the preceding calendar year, on the annual statement form of the National Association of In- surance Commissioners, signed and sworn to by two qualified officers of the company, showing that it has a capital stock paid up in cash of not less than $250,000, in the case of a stock in- surance company, or has net assets of not less than $500,000 over and above all liabilities, in the case of a mutual in- surance company, and (5) Such other evidence as the Sec- retary of the Treasury may determine is necessary to estab- lish establish that the company it is solvent and able to meet the continuing obligation to carry out keep and perform its contractscon- tracts.