Insurance Regulation Sample Clauses

Insurance Regulation. The Company has made all required filings under applicable insurance holding company statutes in each jurisdiction in which such filings are required, except where the failure to have made such filings in any such jurisdiction would not, singly or in the aggregate, result in a Material Adverse Effect.

Insurance Regulation. Any Insurance Regulator of any jurisdiction suspends or takes any steps towards suspending the business or operations of any Obligor or any of its Subsidiaries and any such event could reasonably be expected to result in a Material Adverse Change;

Insurance Regulation. Financial Security is subject to regulation by the Insurance Department of the State of New York, where it is incorporated and licensed to do business. In addition, Financial Security and its subsidiaries are subject to regulation by insurance departments of the various other states in which they have been licensed to transact business. Principal areas of regulation include the amount of exposure that may be retained by an insurer for any given net risk, the rate at which premiums will be earned and the level of reserves required for unearned premiums (see Note 4 of the Notes to Consolidated Financial Statements of Financial Security and Subsidiary herein). In addition, insurance laws regulate permissible investments of reserves and surplus, forms of insurance contracts, limitations on the terms, amount and treatment of transactions among affiliates within a controlled group (generally requiring notice to and/or approval by the insurance department), mergers, consolidations, acquisitions or dispositions of substantially all assets (generally requiring regulatory approval) and the incurrence of liability for borrowings. Additional legislation and regulations with respect to the financial guaranty insurance industry are currently under consideration in the State of New York and other jurisdictions. No prediction may be made as to the likelihood of adoption of any such additional legislation or regulations or the impact thereof, if any, upon Financial Security. SURETY ARRANGEMENT SURETY BOND Concurrently with the issuance of the Preferred Shares, the Fund will cause Financial Security to deliver the Surety Bond to Bankers Trust Company, as custodian under a custody agreement (the "Surety Custody Agreement") for the benefit of the holders of the Preferred Shares. Under the Surety Bond, Financial Security unconditionally and irrevocably guarantees to each holder of Preferred Shares the full and complete payment of (i) Scheduled Payments and (ii) any dividend payment, payment of redemption price or liquidation payment which subsequently is avoided in whole or in part as a preference payment under applicable law until and including such date on which the Preferred Stock is redeemed in full.

Insurance Regulation. (a) The DC Contributors have delivered to the Investor true and complete copies of (i) all material registrations, filings and submissions made since December 31, 2004 by the Insurance Subsidiary or the Insurance Agency with any insurance regulatory authority and (ii) any material reports on financial examination, market conduct reports and other reports issued since December 31, 2004 by any insurance regulatory authority that relate to the Insurance Subsidiary. The Insurance Subsidiary and the Insurance Agency have filed all material reports, statements, documents, registrations, filings or submissions required to be filed by them with any insurance regulatory authority since December 31, 2004, and all such reports, statements, documents, registrations, filings or submissions were in all material respects true, complete and accurate when filed, except as set forth in the notes, exhibits or amendments thereto. (b) All Insurance Contracts are, to the extent required under applicable insurance Laws, on forms and at rates approved by the insurance regulatory authority of the jurisdiction where issued or, to the extent required by applicable insurance Laws, have been filed with and not materially objected to by such authority within the period provided for objection, except for such instances as would not have a Company Material Adverse Effect. The Insurance Subsidiary is not a party to any material finite or similar nontraditional insurance or reinsurance agreement in writing or side letter agreement related to finite or similar nontraditional insurance or reinsurance. Neither the Insurance Subsidiary nor the Insurance Agency is a party to any written market services agreement, placement services agreement, or similar agreement providing for the payment of contingent commissions to any agent, broker, producer or other insurance or reinsurance intermediary. (c) To the DC Contributors’ Knowledge, each of the brokers, customer representatives, managing general agents, solicitors, producers and agents offering, selling or soliciting insurance products or services for the Insurance Agency (each, an “Insurance Representative”) is, and has been at all times that such person has acted as an Insurance Representative for the Insurance Agency, duly registered with and/or licensed by the appropriate Governmental Authority in jurisdictions where such Insurance Representative conducts business of a nature requiring such registration and/or license and has been duly appoint...

Insurance Regulation. The Company has no Subsidiaries that either are licensed as an insurance company or required to be licensed in connection with the conduct of an insurance business in the State of Missouri.

Insurance Regulation. Disclosure Schedule 3.1.9 lists the jurisdictions in which the Company holds a license or is otherwise authorized to conduct insurance business or is authorized or accredited as a reinsurer. Complete and correct copies of certificates of authority to conduct insurance business have been furnished to or made available to Purchaser. Disclosure Schedule 3.1.9 also sets forth the jurisdictions in which Company is authorized to write “Cargo,” “Non-Trucking Liability” and “Physical Damage” coverage. Except for these lines of business in these specific jurisdictions (which comprise the entire Operations of Company), the Company does not conduct any insurance business in any other jurisdiction, and has not assumed any reinsurance from any other entity for any other line of business. Except as set forth on Disclosure Schedule 3.1.9, the Company has not been involved in any proceeding to revoke, restrict or suspend its license or other qualification in any jurisdiction, nor are any such proceedings pending. Except as set forth on Disclosure Schedule 3.1.9, there are no outstanding orders applicable to the Company issued by any regulatory authority (other than regulations generally applicable to companies in the same line of business) that restrict the Company’s ability to pay dividends or regulate or establish levels of reserves or other financial ratios or that otherwise restrict the activities of the Company.

Insurance Regulation. (i) Any Insurance Regulator or other Governmental Authority of any state intervenes in the management of the business or operations of, or issues order of supervision or rehabilitation with respect to, Parent or any Subsidiary, (ii) Parent or any Subsidiary facilitates or takes any affirmative action with the intention of facilitating such intervention, or (iii) in the reasonable view of Lender, circumstances exist which would make such intervention likely;

Insurance Regulation. The Company is subject to extensive regulation by Nevada insurance regulators. Such regulatory powers include: (i) the granting and revocation of a Certificate of Authority to provide comprehensive general liability coverage; (ii) setting standards of solvency that the Company must maintain; (iii) establishing paid in surplus and reserve requirements;

Insurance Regulation. 18.1 Copies of the Companies’ registration as insurers, all directions made under section 56 of the Insurance Act in relation to the Companies and all other directions, approvals, consents and acceptances of the BMA in relation to the Companies (and the applications made by the Companies therefor) have been Disclosed. 18.2 All statutory financial statements of the Companies have, for each relevant period, been prepared in conformity with the accounting practices required or permitted by the Insurance Act and present fairly the information purported to be shown. Such accounting practices have been applied on a consistent basis throughout the periods involved. Statutory financial statements of the Companies are not required to be prepared pursuant to the insurance laws or regulations of any jurisdiction other than Bermuda. 18.3 The Companies are each duly registered as a Class C insurer under the Insurance Act. The Company, AILIL or BLW are not required to be licensed or admitted as an insurer in or otherwise to comply with the insurance laws or regulations of any jurisdiction other than Bermuda in order to conduct its business. 18.4 The Companies have filed all statutory financial returns, reports, documents and other information required to be filed pursuant to the applicable insurance laws and regulations of Bermuda, and has duly paid all taxes (and similar fees) they are required to have paid; and the Companies maintain their books and records in accordance with the applicable insurance laws and regulations of Bermuda. 18.5 With the exception of the restricted license granted to BLW, the current authorisations of the Companies to carry on insurance business have not been, in whole or in part, modified, cancelled, withdrawn or suspended pursuant to the Insurance Act or otherwise (including, without limitation, by any direction or order issued under section 32 of the Insurance Act) by any regulatory or other body with competent and applicable authority. 1. The Buyer acknowledges to and agrees with the Seller that any claim by the Buyer in respect of any breach of the Warranties will be dealt with in accordance with the following provisions of this Schedule. The Warranties have effect subject to and as qualified by the terms of this Schedule. 2. The liability of the Seller is limited as follows: (a) the Seller's aggregate liability for all Claims will not exceed the aggregate value of the Cash Consideration plus any funds payable under the Promissory Note, ...

Insurance Regulation. (a) True, complete and accurate copies of the licenses (including the Insurance Licenses), certificates or other documentation evidencing the Company's ability to transact insurance business have been furnished to or made available to Purchaser. Except as set forth in Disclosure Schedule 3.1.9, as restricted by their own terms, or as generally imposed by law on the same type of insurance companies, such licenses, certificates and other indicia of authority are without restrictions or limitations imposed by any regulatory authority. Except as set forth in Disclosure Schedule 3.1.9, there are no agreements with any regulatory authority which restrict or limit the Company's operation in any state or other jurisdictions in which it currently holds a license or is authorized to do business, or otherwise impose any obligations on the Company in respect of a license or authorization to do business. Except as set forth on Disclosure Schedule 3.1.9, within the last three years, the Company has not been involved in any proceeding to revoke, restrict or suspend its license (including the Insurance Licenses) or other qualification in any jurisdiction, nor are any proceedings therefor pending or, to the knowledge of Seller, threatened. The Company is not subject to any restrictions or disapprovals nor has any license or permit been revoked in any states where the Company is not doing business except for restrictions or disapprovals which are applicable to surplus lines companies in general. There are no outstanding orders applicable to the Company issued by any regulatory authority (other than regulations generally applicable to companies in the same line of business) that restrict the Company's ability to pay dividends or regulate or establish levels of reserves or other financial ratios. The Company shall have applied for renewal of all licenses (including the Insurance Licenses) and authorizations expiring prior to the Closing Date and shall use its best efforts or cooperate with Purchaser to file for renewals of any licenses or authorizations expiring within sixty days after the Closing Date. (b) Each surplus lines broker, at the time such broker wrote, sold, or procured business for the Company, was duly licensed and properly appointed as an insurance producer with proper authorization for the type of business written, sold, or procured by such broker in their jurisdiction of domicile to the extent required by applicable law. If such broker wrote, sold, or procure...