Common use of Insurance Reports and Filings Clause in Contracts

Insurance Reports and Filings. (i) Promptly after the filing thereof, a copy of each annual Statutory Statement filed by each Significant Insurance Subsidiary to the extent required by the Applicable Insurance Regulatory Authority. (ii) Promptly following the delivery or receipt, as the case may be, by any Significant Insurance Subsidiary or any of their respective Subsidiaries, copies of (a) each registration, filing or submission made by or on behalf of any Regulated Insurance Company with any Applicable Insurance Regulatory Authority, except for policy form or rate filings, (b) each examination and/or audit report submitted to any Regulated Insurance Company by any Applicable Insurance Regulatory Authority, (c) all information which the Lenders may from time to time request with respect to the nature or status of any deficiencies or violations reflected in any examination report or other similar report, and (d) each report, order, direction, instruction, approval, authorization, license or other notice which the Company or any Regulated Insurance Company may at any time receive from any Applicable Insurance Regulatory Authority, in each of (a) through (d), that is material to the Company and its Subsidiaries, taken as a whole, as reasonably determined by the board of directors of the Company, a duly authorized committee thereof or an Authorized Officer of the Company. (iii) Promptly after filed with the Applicable Insurance Regulatory Authority after the end of each fiscal year of the Company, a report by an independent qualified actuary reviewing the adequacy of loss and loss adjustment expense reserves as at the end of the last fiscal year of the Company and its Subsidiaries on a consolidated basis, determined in accordance with SAP; provided that the delivery of each such report shall be subject to the consent of the applicable independent actuarial consulting firm, which the Company shall use commercially reasonable efforts to obtain. (iv) Promptly following notification thereof from a Governmental Authority, notification of the suspension, limitation, termination or non-renewal of, or the taking of any other materially adverse action in respect of, any material Insurance License.

Appears in 4 contracts

Samples: Amendment No. 1 (Validus Holdings LTD), Unsecured Revolving Credit and Letter of Credit Facility Agreement (Validus Holdings LTD), Secured Letter of Credit Facility Agreement (Validus Holdings LTD)

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Insurance Reports and Filings. (i) Promptly after By no later than the filing thereoffollowing dates, a copy of each Statutory Statement filed, or required to be filed, by each Regulated Insurance Company: (A) in the case of annual Statutory Statement filed Statements, (1) upon the earlier of (x) fifteen (15) days after the regulatory filing date or (y) ninety (90) days after the close of each fiscal year of such Regulated Insurance Company, in each case such Statutory Statements being certified by a Financial Officer of such Regulated Insurance Company and prepared in accordance with SAP and (2) no later than each Significant June 15, copies of such Statutory Statements audited and certified by independent certified public accountants of recognized national standing. (B) in the case of quarterly Statutory Statements, upon the earlier of (x) ten (10) days after the regulatory filing date or (y) sixty (60) days after the close of each of the first three (3) fiscal quarters of each fiscal year of such Regulated Insurance Subsidiary to the extent required Company, in each case such Statutory Statements being certified by the Applicable a Financial Officer of such Regulated Insurance Regulatory AuthorityCompany and prepared in accordance with SAP. (ii) Promptly following the delivery or receipt, as the case may be, by any Significant Regulated Insurance Subsidiary Company or any of their respective Subsidiaries, copies of (aA) each registration, filing or submission made by or on behalf of any Regulated Insurance Company with any Applicable Insurance Regulatory Authority, except for policy form or rate filingsfilings and other ordinary course immaterial communications, (bB) each examination and/or audit report submitted to any Regulated Insurance Company by any Applicable Insurance Regulatory Authority, (cC) all information which the Lenders may from time to time reasonably request with respect to the nature or status of any deficiencies or violations reflected in any examination report or other similar report, and (dD) each report, order, direction, instruction, approval, authorization, license or other notice which the Company Borrower or any Regulated Insurance Company may at any time receive from any Applicable Insurance Regulatory Authority, in each of (aA) through (d), D) that is material to the Company Borrower and its Subsidiaries, taken as a whole, as reasonably determined by the board of directors of the CompanyBorrower, a duly authorized committee thereof or an Authorized a Responsible Officer of the CompanyBorrower. (iii) Promptly after filed with the Applicable Insurance Regulatory Authority after the end of each fiscal year of the Company, a report by an independent qualified actuary reviewing the adequacy of loss and loss adjustment expense reserves as at the end of the last fiscal year of the Company and its Subsidiaries on a consolidated basis, determined in accordance with SAP; provided that the delivery of each such report shall be subject to the consent of the applicable independent actuarial consulting firm, which the Company shall use commercially reasonable efforts to obtain. (iv) Promptly following notification thereof from a Governmental Authority, notification of the suspension, limitation, termination or non-renewal of, or the taking of any other materially adverse action in respect of, any material Insurance License.

Appears in 4 contracts

Samples: Credit Agreement (National General Holdings Corp.), Credit Agreement (National General Holdings Corp.), Credit Agreement (National General Holdings Corp.)

Insurance Reports and Filings. (i) Promptly after the filing thereof, a copy of each annual Statutory Statement filed by each Significant Regulated Insurance Subsidiary to the extent required by the Applicable Insurance Regulatory AuthorityCompany. (ii) Promptly following the delivery or receipt, as the case may be, by any Significant Regulated Insurance Subsidiary Company or any of their respective Subsidiaries, copies of (a) each material registration, filing or submission made by or on behalf of any Regulated Insurance Company with any Applicable Insurance Regulatory Authority, except for policy form or rate filings, (b) each material examination and/or audit report submitted to any Regulated Insurance Company by any Applicable Insurance Regulatory Authority, (c) all material information which the Lenders may from time to time request with respect to the nature or status of any deficiencies or violations reflected in any examination report or other similar report, and (d) each material report, order, direction, instruction, approval, authorization, license or other notice which the Company or any Regulated Insurance Company may at any time receive from any Applicable Insurance Regulatory Authority, in each of (a) through (d), that is material to the Company and its Subsidiaries, taken as a whole, as reasonably determined by the board of directors of the Company, a duly authorized committee thereof or an Authorized Officer of the Company. (iii) Promptly after filed with the Applicable Insurance Regulatory Authority As soon as available and in any event within 120 days after the end of each fiscal year of the Company, a report by an independent qualified actuary actuarial consulting firm of recognized national standing reviewing the adequacy of loss and loss adjustment expense reserves as at the end of the last fiscal year of the Company and its Subsidiaries on a consolidated basis, determined in accordance with SAP; provided SAP and stating that the delivery Regulated Insurance Companies have maintained adequate reserves, it being agreed that in each case such independent firm will be provided access to or copies of all relevant valuations relating to the insurance business of each such report shall be subject Regulated Insurance Company in the possession of or available to the consent of the applicable independent actuarial consulting firm, which the Company shall use commercially reasonable efforts to obtainor its Subsidiaries. (iv) Promptly following notification thereof from a Governmental Authority, notification of the suspension, limitation, termination or non-renewal of, or the taking of any other materially adverse action in respect of, any material Insurance License.

Appears in 3 contracts

Samples: Credit Agreement (Quanta Capital Holdings LTD), Credit Agreement (Quanta Capital Holdings LTD), Credit Agreement (Quanta Capital Holdings LTD)

Insurance Reports and Filings. (i) Promptly after the filing thereof, a copy of each annual Statutory Statement filed by each Significant Regulated Insurance Subsidiary to the extent required by the Applicable Insurance Regulatory AuthorityCompany. (ii) Promptly following the delivery or receipt, as the case may be, by any Significant Regulated Insurance Subsidiary Company or any of their respective Subsidiaries, copies of (a) each material registration, filing or submission made by or on behalf of any Regulated Insurance Company with any Applicable Insurance Regulatory Authority, except for policy form or rate filings, (b) each material examination and/or audit report submitted to any Regulated Insurance Company by any Applicable Insurance Regulatory Authority, (c) all material information which the Lenders may from time to time request with respect to the nature or status of any material deficiencies or violations reflected in any examination report or other similar report, and (d) each material report, order, direction, instruction, approval, authorization, license or other notice which the Company any Borrower or any Regulated Insurance Company may at any time receive from any Applicable Insurance Regulatory Authority. For the purpose of this clause (ii) only, in each determinations of (a) through (d), that is material to the Company and its Subsidiaries, taken as a whole, as reasonably determined “material” shall be made by the board of directors of the Company, a duly authorized committee thereof or an Authorized Officer of the CompanyBorrowers in good faith. (iii) Promptly after filed with the Applicable Insurance Regulatory Authority As soon as available and in any event within 120 days after the end of each fiscal year of the CompanyParent Borrower (but subject to the consent of the actuarial consulting firm referred to below), a report by an independent qualified actuary actuarial consulting firm of recognized national standing reviewing the adequacy of loss and loss adjustment expense reserves as at the end of the last fiscal year of the Company Parent Borrower and its Subsidiaries on a consolidated basis, determined in accordance with SAP; provided SAP and stating that the delivery Regulated Insurance Companies have maintained adequate reserves, it being agreed that in each case such independent firm will be provided access to or copies of all relevant valuations relating to the insurance business of each such report shall be subject Regulated Insurance Company in the possession of or available to the consent of the applicable independent actuarial consulting firm, which the Company shall use commercially reasonable efforts to obtainParent Borrower or its Subsidiaries. (iv) Promptly following notification thereof from a Governmental Authority, notification of the suspension, limitation, termination or non-renewal of, or the taking of any other materially adverse action in respect of, any material Insurance License.

Appears in 3 contracts

Samples: Credit Agreement (Arch Capital Group Ltd.), Credit Agreement (Arch Capital Group LTD), Credit Agreement (Arch Capital Group Ltd.)

Insurance Reports and Filings. (i) Promptly after the filing thereof, a copy of each annual Statutory Statement filed by each Significant Regulated Insurance Subsidiary to the extent required by the Applicable Insurance Regulatory AuthorityCompany. (iii) Promptly following the delivery or receipt, as the case may be, by any Significant Regulated Insurance Subsidiary Company or any of their respective Subsidiaries, copies of (a) each material registration, filing or submission made by or on behalf of any Regulated Insurance Company with any Applicable Insurance Regulatory Authority, except for policy form or rate filings, (b) each material examination and/or audit report submitted to any Regulated Insurance Company by any Applicable Insurance Regulatory Authority, (c) all material information which the Lenders may from time to time request with respect to the nature or status of any material deficiencies or violations reflected in any examination report or other similar report, and (d) each material report, order, direction, instruction, approval, authorization, license or other notice which the Company any Borrower or any Regulated Insurance Company may at any time receive from any Applicable Insurance Regulatory Authority. For the purpose of this clause (ii) only, in each determinations of (a) through (d), that is material to the Company and its Subsidiaries, taken as a whole, as reasonably determined “material” shall be made by the board of directors of the Company, a duly authorized committee thereof or an Authorized Officer of the CompanyBorrowers in good faith. (iiiii) Promptly after filed with the Applicable Insurance Regulatory Authority As soon as available and in any event within 120 days after the end of each fiscal year of the CompanyParent Borrower (but subject to the consent of the actuarial consulting firm referred to below), a report by an independent qualified actuary actuarial consulting firm of recognized national standing reviewing the adequacy of loss and loss adjustment expense reserves as at the end of the last fiscal year of the Company Parent Borrower and its Subsidiaries on a consolidated basis, determined in accordance with SAP; provided SAP and stating that the delivery Regulated Insurance Companies have maintained adequate reserves, it being agreed that in each case such independent firm will be provided access to or copies of all relevant valuations relating to the insurance business of each such report shall be subject Regulated Insurance Company in the possession of or available to the consent of the applicable independent actuarial consulting firm, which the Company shall use commercially reasonable efforts to obtainParent Borrower or its Subsidiaries. (iviii) Promptly following notification thereof from a Governmental Authority, notification of the suspension, limitation, termination or non-renewal of, or the taking of any other materially adverse action in respect of, any material Insurance License.

Appears in 2 contracts

Samples: Credit Agreement (Arch Capital Group Ltd.), Credit Agreement (Arch Capital Group Ltd.)

Insurance Reports and Filings. (i) Promptly after the filing thereof, a copy of each annual Statutory Statement filed by each Significant Regulated Insurance Subsidiary Company to the extent required by the Applicable Insurance Regulatory Authority. (ii) Promptly following the delivery or receipt, as the case may be, by any Significant Regulated Insurance Subsidiary Company or any of their respective Subsidiaries, copies of (a) each registration, filing or submission made by or on behalf of any Regulated Insurance Company with any Applicable Insurance Regulatory Authority, except for policy form or rate filings, (b) each examination and/or audit report submitted to any Regulated Insurance Company by any Applicable Insurance Regulatory Authority, (c) all information which the Lenders may from time to time request with respect to the nature or status of any deficiencies or violations reflected in any examination report or other similar report, and (d) each report, order, direction, instruction, approval, authorization, license or other notice which the Company or any Regulated Insurance Company may at any time receive from any Applicable Insurance Regulatory Authority, in each of (a) through (d), that is material to the Company and its Subsidiaries, taken as a whole, as reasonably determined by the board of directors of the Company, a duly authorized committee thereof or an Authorized Officer of the Company. (iii) Promptly after filed with the Applicable Insurance Regulatory Authority after the end of each fiscal year of the Company, a report by an independent qualified actuary reviewing the adequacy of loss and loss adjustment expense reserves as at the end of the last fiscal year of the Company and its Subsidiaries on a consolidated basis, determined in accordance with SAP; provided that the delivery of each such report shall be subject to the consent of the applicable independent actuarial consulting firm, which the Company shall use commercially reasonable efforts to obtain. (iv) Promptly following notification thereof from a Governmental Authority, notification of the suspension, limitation, termination or non-renewal of, or the taking of any other materially adverse action in respect of, any material Insurance License.

Appears in 2 contracts

Samples: Three Year Unsecured Letter of Credit Facility Agreement (Validus Holdings LTD), Five Year Secured Letter of Credit Facility Agreement (Validus Holdings LTD)

Insurance Reports and Filings. (i) Promptly after the filing thereof, a copy of each annual Statutory Statement filed by each Significant Regulated Insurance Subsidiary to the extent required by the Applicable Insurance Regulatory AuthorityCompany. (ii) Promptly following the delivery or receipt, as the case may be, by any Significant Regulated Insurance Subsidiary Company or any of their respective Subsidiaries, copies of (a) without duplication, each registration, filing or submission made by or on behalf of any Regulated Insurance Company with any Applicable Insurance Regulatory Authority, except for policy form or rate filings, (b) each material examination and/or audit report or other submitted to any Regulated Insurance Company by any Applicable Insurance Regulatory Authority, (cb) all material information which the Lenders may from time to time request with respect to the nature or status of any material deficiencies or violations reflected in any examination report or other similar report, and (dc) without duplication, each material registration, filing, submission, report, order, direction, instruction, approval, authorization, license or other notice which the Company any Borrower or any Regulated Insurance Company may at any time make with, or receive from from, any Applicable Insurance Regulatory Authority, in each of (a) through (d), that is material to the Company and its Subsidiaries, taken as a whole, as reasonably determined by the board of directors of the Company, a duly authorized committee thereof or an Authorized Officer of the Company. (iii) Promptly after filed with Upon the Applicable Insurance Regulatory Authority after the end of each fiscal year written request of the CompanyAdministrative Agent, a report by an independent qualified actuary actuarial consulting firm of recognized national standing reviewing the adequacy of loss and loss adjustment expense reserves as at the end of the last fiscal year of the Company and its Subsidiaries on a consolidated basiseach Regulated Insurance Company, determined in accordance with SAP; , and stating an estimated amount of minimum reserves, it being agreed that in each case (x) such independent firm will be provided that access to or copies of all relevant valuations relating to the delivery insurance business of each such report shall be subject Regulated Insurance Company in the possession of or available to the consent of Parent Borrower or its Subsidiaries, (y) the applicable Administrative Agent and any Lender who may review a report pursuant to this Section 7.01(g)(iii) shall have executed a confidentiality agreement with such independent actuarial consulting firm, which firm and (z) any reasonable costs or expenses associated with furnishing such reports (to the Company extent such reports do not otherwise already exist) shall use commercially reasonable efforts to obtainbe borne by the Lender or Lenders upon whose behalf the Administrative Agent shall make a request therefor. (iv) Promptly following notification thereof from a Governmental AuthorityAuthority (but without duplication), notification of the suspension, limitation, termination or non-renewal of, or the taking of any other materially adverse action in respect of, any material Insurance License.

Appears in 2 contracts

Samples: Credit Agreement (Endurance Specialty Holdings LTD), Credit Agreement (Endurance Specialty Holdings LTD)

Insurance Reports and Filings. (i) Promptly after the filing thereof, a copy of each annual Statutory Statement filed by each Significant Regulated Insurance Subsidiary to the extent required by the Applicable Insurance Regulatory AuthorityCompany. (ii) Promptly following the delivery or receipt, as the case may be, by any Significant Regulated Insurance Subsidiary Company or any of their respective Subsidiaries, copies of (a) each material registration, filing or submission made by or on behalf of any Regulated Insurance Company with any Applicable Insurance Regulatory Authority, except for policy form or rate filings, (b) each material examination and/or audit report or other submitted to any Regulated Insurance Company by any Applicable Insurance Regulatory Authority, (c) all material information which the Lenders may from time to time request with respect to the nature or status of any material deficiencies or violations reflected in any examination report or other similar report, and (d) each material report, order, direction, instruction, approval, authorization, license or other notice which the Company any Borrower or any Regulated Insurance Company may at any time receive from any Applicable Insurance Regulatory Authority, in each of (a) through (d), that is material to the Company and its Subsidiaries, taken as a whole, as reasonably determined by the board of directors of the Company, a duly authorized committee thereof or an Authorized Officer of the Company. (iii) Promptly after filed with the Applicable Insurance Regulatory Authority As soon as available and in any event within 120 days after the end of each fiscal year of the CompanyParent Borrower, a report by an independent qualified actuary actuarial consulting firm of recognized national standing reviewing the adequacy of loss and loss adjustment expense reserves as at the end of the last fiscal year of the Company and its Subsidiaries on a consolidated basiseach Regulated Insurance Company, determined in accordance with SAP; , and stating an estimated amount of minimum reserves, it being agreed that in each case such independent firm will be provided that access to or copies of all relevant valuations relating to the delivery insurance business of each such report shall be subject Regulated Insurance Company in the possession of or available to the consent of the applicable independent actuarial consulting firm, which the Company shall use commercially reasonable efforts to obtainParent Borrower or its Subsidiaries. (iv) Promptly following notification thereof from a Governmental Authority, notification of the suspension, limitation, termination or non-renewal of, or the taking of any other materially adverse action in respect of, any material Insurance License.

Appears in 2 contracts

Samples: Term Loan Agreement (Endurance Specialty Holdings LTD), Credit Agreement (Endurance Specialty Holdings LTD)

Insurance Reports and Filings. (i) Promptly after the filing thereof, a copy of each annual Statutory Statement filed by each Significant Insurance Subsidiary to the extent required by the Applicable Insurance Regulatory Authority. (ii) Promptly following the delivery or receipt, as the case may be, by any Significant Insurance Subsidiary or any of their respective Subsidiaries, copies of (a) each registration, filing or submission made by or on behalf of any Regulated Insurance Company with any Applicable Insurance Regulatory Authority, except for policy form or rate filings, (b) each examination and/or audit report submitted to any Regulated Insurance Company by any Applicable Insurance Regulatory Authority, (c) all information which the Lenders Lender may from time to time request with respect to the nature or status of any deficiencies or violations reflected in any examination report or other similar report, and (d) each report, order, direction, instruction, approval, authorization, license or other notice which the Company or any Regulated Insurance Company may at any time receive from any Applicable Insurance Regulatory Authority, in each of (a) through (d), that is material to the Company and its Subsidiaries, taken as a whole, as reasonably determined by the board of directors of the Company, a duly authorized committee thereof or an Authorized Officer of the Company.at (iii) Promptly after filed with the Applicable Insurance Regulatory Authority after the end of each fiscal year of the Company, a report by an independent qualified actuary reviewing the adequacy of loss and loss adjustment expense reserves as at the end of the last fiscal year of the Company and its Subsidiaries on a consolidated basis, determined in accordance with SAP; provided that the delivery of each such report shall be subject to the consent of the applicable independent actuarial consulting firm, which the Company shall use commercially reasonable efforts to obtain. (iv) Promptly following notification thereof from a Governmental Authority, notification of the suspension, limitation, termination or non-renewal of, or the taking of any other materially adverse action in respect of, any material Insurance License.

Appears in 1 contract

Samples: Unsecured Revolving Credit Agreement (Validus Holdings LTD)

Insurance Reports and Filings. (i) Promptly after the filing thereof, a copy of each annual Statutory Statement filed by each Significant Insurance Subsidiary to the extent required by the Applicable Insurance Regulatory Authority. (ii) Promptly following the delivery or receipt, as the case may be, by any Significant Insurance Subsidiary or any of their respective Subsidiaries, copies of (a) each registration, filing or submission made by or on behalf of any Regulated Insurance Company with any Applicable Insurance Regulatory Authority, except for policy form or rate filings, (b) each examination and/or audit report submitted to any Regulated Insurance Company by any Applicable Insurance Regulatory Authority, (c) all information which the Lenders may from time to time request with respect to the nature or status of any deficiencies or violations reflected in any examination report or other similar report, and (d) each report, order, direction, instruction, approval, authorization, license or other notice which the Company Company, the Borrower or any Regulated Insurance Company may at any time receive from any Applicable Insurance Regulatory Authority, in each of (a) through (d), that is material to the Company and its Subsidiaries, taken as a whole, as reasonably determined by the board of directors of the Company, a duly authorized committee thereof or an Authorized Officer of the Company. (iii) Promptly after filed with the Applicable Insurance Regulatory Authority after the end of each fiscal year of the Company, a report by an independent qualified actuary reviewing the adequacy of loss and loss adjustment expense reserves as at the end of the last fiscal year of the Company and its Subsidiaries on a consolidated basis, determined in accordance with SAP; provided that the delivery of each such report shall be subject to the consent of the applicable independent actuarial consulting firm, which the Company shall use commercially reasonable efforts to obtain. (iv) Promptly following notification thereof from a Governmental Authority, notification of the suspension, limitation, termination or non-renewal of, or the taking of any other materially adverse action in respect of, any material Insurance License.

Appears in 1 contract

Samples: Revolving Credit Facility Agreement (Validus Holdings LTD)

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Insurance Reports and Filings. (i) Promptly after the filing thereof, a copy of each annual Statutory Statement filed by each Significant Regulated Insurance Subsidiary to the extent required by the Applicable Insurance Regulatory AuthorityCompany. (ii) Promptly following the delivery or receipt, as the case may be, by any Significant Regulated Insurance Subsidiary Company or any of their respective Subsidiaries, copies of (a) each registration, filing or submission made by or on behalf of any Regulated Insurance Company with any Applicable Insurance Regulatory Authority, except for policy form or rate filings, (b) each material examination and/or audit report or other submitted to any Regulated Insurance Company by any Applicable Insurance Regulatory Authority, (cb) all material information which the Lenders may from time to time request with respect to the nature or status of any material deficiencies or violations reflected in any examination report or other similar report, and (dc) each material registration, filing, submission, report, order, direction, instruction, approval, authorization, license or other notice which the Company any Borrower or any Regulated Insurance Company may at any time make with, or receive from from, any Applicable Insurance Regulatory Authority, in each of (a) through (d), that is material to the Company and its Subsidiaries, taken as a whole, as reasonably determined by the board of directors of the Company, a duly authorized committee thereof or an Authorized Officer of the Company. (iii) Promptly after filed with Upon the Applicable Insurance Regulatory Authority after the end of each fiscal year written request of the CompanyAdministrative Agent, a report by an independent qualified actuary actuarial consulting firm of recognized national standing reviewing the adequacy of loss and loss adjustment expense reserves as at the end of the last fiscal year of the Company and its Subsidiaries on a consolidated basiseach Regulated Insurance Company, determined in accordance with SAP; , and stating an estimated amount of minimum reserves, it being agreed that in each case (x) such independent firm will be provided that access to or copies of all relevant valuations relating to the delivery insurance business of each such report shall be subject Regulated Insurance Company in the possession of or available to the consent of Parent Borrower or its Subsidiaries, (y) the applicable Administrative Agent and any Lender who may review a report pursuant to this Section 7.01(g)(iii) shall have executed a confidentiality agreement with such independent actuarial consulting firm, which firm and (z) any reasonable costs or expenses associated with furnishing such reports (to the Company extent such reports do not otherwise already exist) shall use commercially reasonable efforts be borne by the Lender or Lenders upon whose behalf the Administrative Agent shall make a request therefor. Back to obtain.Contents (iv) Promptly following notification thereof from a Governmental Authority, notification of the suspension, limitation, termination or non-renewal of, or the taking of any other materially adverse action in respect of, any material Insurance License.

Appears in 1 contract

Samples: Credit Agreement (Endurance Specialty Holdings LTD)

Insurance Reports and Filings. (i) Promptly after the filing thereof, a copy of each annual Statutory Statement filed by each Significant Regulated Insurance Subsidiary to the extent required by the Applicable Insurance Regulatory AuthorityCompany. (ii) Promptly following the delivery or receipt, as the case may be, by any Significant Regulated Insurance Subsidiary Company or any of their respective Subsidiaries, copies of (a) each material registration, filing or submission made by or on behalf of any Regulated Insurance Company with any Applicable Insurance Regulatory Authority, except for policy form or rate filings, (b) each material examination and/or audit report submitted to any Regulated Insurance Company by any Applicable Insurance Regulatory Authority, (c) all material information which the Lenders may from time to time request with respect to the nature or status of any material deficiencies or violations reflected in any examination report or other similar report, and (d) each material report, order, direction, instruction, approval, authorization, license or other notice which the Company Borrower or any Regulated Insurance Company may at any time receive from any Applicable Insurance Regulatory Authority. For the purpose of this clause (ii) only, in each determinations of (a) through (d), that is material to the Company and its Subsidiaries, taken as a whole, as reasonably determined "material" shall be made by the board of directors of the Company, a duly authorized committee thereof or an Authorized Officer of the CompanyBorrower in good faith. (iii) Promptly after filed with the Applicable Insurance Regulatory Authority As soon as available and in any event within 120 days after the end of each fiscal year of the CompanyBorrower, a report by an independent qualified actuary actuarial consulting firm of recognized national standing reviewing the adequacy of loss and loss adjustment expense reserves as at the end of the last fiscal year of the Company Borrower and its Subsidiaries on a consolidated basis, determined in accordance with SAP; provided SAP and stating that the delivery Regulated Insurance Companies have maintained adequate reserves, it being agreed that in each case such independent firm will be provided access to or copies of all relevant valuations relating to the insurance business of each such report shall be subject Regulated Insurance Company in the possession of or available to the consent of the applicable independent actuarial consulting firm, which the Company shall use commercially reasonable efforts to obtainBorrower or its Subsidiaries. (iv) Promptly following notification thereof from a Governmental Authority, notification of the suspension, limitation, termination or non-renewal of, or the taking of any other materially adverse action in respect of, any material Insurance License.

Appears in 1 contract

Samples: Credit Agreement (Arch Capital Group LTD)

Insurance Reports and Filings. (i) Promptly after the filing thereof, a copy of each annual Statutory Statement filed by each Significant Insurance Subsidiary to the extent required by the Applicable Insurance Regulatory Authority. (ii) Promptly following the delivery or receipt, as the case may be, by any Significant Insurance Subsidiary or any of their respective Subsidiaries, copies of (a) each registration, filing or submission made by or on behalf of any Regulated Insurance Company with any Applicable Insurance Regulatory Authority, except for policy form or rate filings, (b) each examination and/or audit report submitted to any Regulated Insurance Company by any Applicable Insurance Regulatory Authority, (c) all information which the Lenders may from time to time request with respect to the nature or status of any deficiencies or violations reflected in any examination report or other similar report, and (d) each report, order, direction, instruction, approval, authorization, license or other notice which the Company or any Regulated Insurance Company may at any time receive from any Applicable Insurance Regulatory Authority, in each of (a) through (d), that is material to the Company and its Subsidiaries, taken as a whole, as reasonably determined by the board of directors of the Company, a duly authorized committee thereof or an Authorized Officer of the Company.as (iii) Promptly after filed with the Applicable Insurance Regulatory Authority after the end of each fiscal year of the Company, a report by an independent qualified actuary reviewing the adequacy of loss and loss adjustment expense reserves as at the end of the last fiscal year of the Company and its Subsidiaries on a consolidated basis, determined in accordance with SAP; provided that the delivery of each such report shall be subject to the consent of the applicable independent actuarial consulting firm, which the Company shall use commercially reasonable efforts to obtain. (iv) Promptly following notification thereof from a Governmental Authority, notification of the suspension, limitation, termination or non-renewal of, or the taking of any other materially adverse action in respect of, any material Insurance License.

Appears in 1 contract

Samples: Five Year Unsecured Revolving Credit and Letter of Credit Facility Agreement (Validus Holdings LTD)

Insurance Reports and Filings. (i) Promptly after the filing thereof, a copy of each annual Statutory Statement filed by each Significant Insurance Subsidiary to the extent required by the Applicable Insurance Regulatory Authority. (ii) Promptly following the delivery or receipt, as the case may be, by any Significant Insurance Subsidiary or any of their respective Subsidiaries, copies of (a) each registration, filing or submission made by or on behalf of any Regulated Insurance Company with any Applicable Insurance Regulatory Authority, except for policy form or rate filings, (b) each examination and/or audit report submitted to any Regulated Insurance Company by any Applicable Insurance Regulatory Authority, (c) all information which the Lenders may from time to time request with respect to the nature or status of any deficiencies or violations reflected in any examination report or other similar report, and (d) each report, order, direction, instruction, approval, authorization, license or other notice which the Company or any Regulated Insurance Company may at any time receive from any Applicable Insurance Regulatory Authority, in each of (a) through (d), that is material to the Company and its Subsidiaries, taken as a whole, as reasonably determined by the board of directors of the Company, a duly authorized committee thereof or an Authorized Officer of the Company. (iii) Promptly after filed with the Applicable Insurance Regulatory Authority after the end of each fiscal year of the Company, a report by an independent a qualified actuary reviewing the adequacy of loss and loss adjustment expense reserves as at the end of the last fiscal year of the Company and its Subsidiaries on a consolidated basis, determined in accordance with SAP; provided that the delivery of each such report shall be subject to the consent of the applicable independent actuarial consulting firm, which the Company shall use commercially reasonable efforts to obtain. (iv) Promptly following notification thereof from a Governmental Authority, notification of the variation, suspension, limitation, termination or non-renewal non‑renewal of, or the taking of any other materially adverse action in respect of, any material Insurance License.

Appears in 1 contract

Samples: Unsecured Revolving Credit and Letter of Credit Facility Agreement (Third Point Reinsurance Ltd.)

Insurance Reports and Filings. (i) Promptly after the filing thereof, a copy of each annual Statutory Statement filed by each Significant Regulated Insurance Subsidiary to the extent required by the Applicable Insurance Regulatory AuthorityCompany. (ii) Promptly following the delivery or receipt, as the case may be, by any Significant Regulated Insurance Subsidiary Company or any of their respective Subsidiaries, copies of (a) each material registration, filing or submission made by or on behalf of any Regulated Insurance Company with any Applicable Insurance Regulatory Authority, except for policy form or rate filings, (b) each material examination and/or audit report submitted to any Regulated Insurance Company by any Applicable Insurance Regulatory Authority, (c) all material information which the Lenders Issuing Bank may from time to time request with respect to the nature or status of any deficiencies or violations reflected in any examination examina­tion report or other similar report, and (d) each material report, order, direction, instructioninstruc­tion, approval, authorization, license or other notice which the Company or any Regulated Insurance Company may at any time receive from any Applicable Insurance Regulatory Authority, in each of (a) through (d), that is material to the Company and its Subsidiaries, taken as a whole, as reasonably determined by the board of directors of the Company, a duly authorized committee thereof or an Authorized Officer of the Company. (iii) Promptly after filed with the Applicable Insurance Regulatory Authority As soon as available and in any event within one hundred-twenty (120) days after the end of each fiscal year of the Companyeach Loan Party, a report by an independent qualified actuary actuarial consulting firm of recognized national standing reviewing the adequacy of loss and loss adjustment expense reserves as at the end of the last fiscal year of the Company such Loan Party and its Subsidiaries on a consolidated basis, determined deter­mined in accordance with SAP; provided SAP and stating that the delivery Regulated Insurance Companies have maintained adequate reserves, it being agreed that in each case such independent firm will be provided access to or copies of all relevant valuations relating to the insurance business of each such report shall be subject Regulated Insurance Company in the possession of or available to the consent of the applicable independent actuarial consulting firm, which the Company shall use commercially reasonable efforts to obtainsuch Loan Party or its Subsidiaries. (iv) Promptly following notification thereof from a Governmental Authority, notification notifica­tion of the suspension, limitation, termination or non-renewal of, or the taking of any other materially adverse action in respect of, any material Insurance License.

Appears in 1 contract

Samples: Letter of Credit and Reimbursement Agreement (Flagstone Reinsurance Holdings LTD)

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