Examples of Applicable Insurance Codes in a sentence
Comply, and cause each of its Subsidiaries to comply, with all federal, state and local laws, rules and regulations related to its businesses including, without limitation, the various Applicable Insurance Codes, except where such failure to comply could not reasonably be expected to have a Material Adverse Effect.
Each of the Borrower and its Subsidiaries is complying in all material respects with all statutes, regulations, rules and orders applicable to the Borrower or such Subsidiary of all Governmental Authorities, including, without limitation, all Applicable Insurance Codes and Environmental Laws, a violation of which could reasonably be expected to have a Material Adverse Effect.
The sale and delivery of the Shares as contemplated by this Agreement are not subject to any preemptive right or right of first refusal or other right or restriction (other than any restrictions on transferability of the Shares provided in the Applicable Insurance Codes, the Securities Act and any applicable state securities laws).
Each of the Insurance Subsidiaries owns assets that qualify as admitted assets under Applicable Insurance Codes in an amount at least equal to the sum of such Reserves plus its minimum statutory capital and surplus as required under Applicable Insurance Codes.
The Seller is, and on the Closing Date will be, the sole record holder and beneficial owner of all of the Shares, free and clear of any Lien (other than any restriction on subsequent transferability by Purchaser imposed by Applicable Insurance Codes and applicable federal or state securities laws).
The Seller has good and valid title to each of the Shares, free and clear of all Liens (other than any restrictions on subsequent transferability by Purchaser of the Shares imposed by Applicable Insurance Codes and applicable federal or state securities laws).
Not permit any Investments to be made by any of the Reliance Standard Insurance Companies, Safety National or any Acquired Person (if an insurance company) other than in compliance with the Applicable Insurance Code(s) of each Reliance Standard Insurance Company’s, Safety National’s and such Acquired Person’s state of domicile or with the approval of the applicable Department.
Except as set forth in Schedule 3.7, all of the outstanding shares of capital stock of CRNA and CINA are owned of record and beneficially by the Company and CRNA, respectively, free and clear of any Lien (other than restrictions on transferability of such shares provided in Applicable Insurance Codes, the Securities Act and any applicable state securities laws), in each case with such exceptions as have not had a Material Adverse Effect.
Seller has good and valid title to each of the Shares, free and clear of any Lien (other than any restrictions on transferability of the Shares expressly provided in the Applicable Insurance Codes, the Securities Act and any applicable state securities laws).
Upon the delivery of the Shares as provided in Section 2.3, the Purchaser will acquire title to each of the Shares, free and clear of any Lien (other than any restrictions on transferability of the Shares expressly provided in the Applicable Insurance Codes, the Securities Act and any applicable state securities laws).