Common use of Insurance Company Regulations Clause in Contracts

Insurance Company Regulations. The Company shall not, and shall not permit any of its Subsidiaries to, conduct any business in any jurisdiction where the conduct of such business would cause the holder of any Securities, solely by their acquisition or ownership of the Securities, to become subject to the jurisdiction of any insurance regulatory agency, or to become members of any insurance holding company system, as that term is defined under the holding company provisions of the insurance laws of such jurisdiction; provided that the parties hereto (other than Reliance) acknowledge that, so long as any of the Insurance Subsidiaries is subject to regulation as an insurance company, a Purchaser may be required to obtain Consents from applicable Governmental Authorities in connection with the exercise or conversion of the Warrants.

Insurance Company Regulations. The Company shall not, and shall not permit any of its Subsidiaries to, conduct any business in any jurisdiction where the conduct of such business would cause the holder of any SecuritiesSeries A Preferred Stock, Warrants, or Warrant Shares, solely by their acquisition or ownership of the SecuritiesSeries A Preferred Stock, Warrants, or Warrant Shares, to become subject to the jurisdiction of any insurance regulatory agency, or to become members of any insurance holding company system, as that term is defined under the holding holding-company provisions of the insurance laws of such jurisdiction; provided that the parties hereto (other than Reliance) acknowledge that, so long as any of the Insurance Subsidiaries is subject to regulation as an insurance company, a Purchaser may be required to obtain Consents from applicable Governmental Authorities in connection with the exercise or conversion of the Warrants.