Loss Reserves; Solvency Sample Clauses

Loss Reserves; Solvency. Except as set forth in Section 3.28 of the Condor Disclosure Schedule, the reserve for loss and loss adjustment expense liabilities set forth in the most recent Condor SEC Filing and subsequent Condor SEC Filings provided to Amwest after the date hereof was or will be determined in accordance with generally accepted actuarial standards and principles consistently applied, is fairly stated in accordance with sound actuarial principles and statutory accounting principles and meets the requirements of the insurance statutes, laws and regulations of the State of California. Except as disclosed in Section 3.28 of the Condor Disclosure Schedule, the reserves for loss and loss adjustment expense liabilities reflected in the most recent Condor SEC Filing and subsequent Condor SEC Filings provided to Amwest after the date hereof and established on the books of Condor for all future insurance and reinsurance losses, claims and expenses make or will make a reasonable provision for all unpaid loss and loss adjustment expense obligations of Condor and its Insurance Subsidiaries under the terms of its policies and agreements. Condor and each of its Insurance Subsidiaries owns assets which qualify as admitted assets under California state insurance laws in an amount at least equal to the sum of all of their respective required insurance reserves and minimum statutory capital and surplus as required by Sections 700.01 through 700.05 of the Insurance Code. The value of the assets of Condor and its Affiliated Entities at their present fair saleable value is greater than their total liabilities, including contingent liabilities, and Condor and its Affiliated Entities have assets and capital sufficient to pay their liabilities, including contingent liabilities, as they become due.