Applicable Insurance Laws definition
Examples of Applicable Insurance Laws in a sentence
Notwithstanding the foregoing or anything to the contrary herein contained or implied, principal of and premium, if any, and interest on the Securities shall be (i) payable solely from and to the extent, if any, of Available Surplus, (ii) subject to the prior approval of the Applicable Insurance Regulatory Authority therefor and (iii) subject to any other restrictions set forth under Applicable Insurance Laws (the foregoing, collectively, the “Payment Restrictions”).
Each reporting person owns assets that qualify as admitted assets in an amount at least equal to the sum of all such reserves and liability amounts and its minimum statutory capital and surplus as required by Applicable Insurance Laws.
To the best knowledge of the Company, all written contracts or agreements between any Agent, on one hand, and the Company, on the other hand, are in compliance with Applicable Insurance Laws.
The Company owns assets that qualify as admitted assets under Applicable Insurance Laws in an amount at least equal to the sum of all such reserves and liability amounts and its minimum statutory capital and surplus as required by the insurance laws, rules and regulations of Vermont or, to the extent material to the Company, any other jurisdiction.
Each of the Company and the Restricted Subsidiaries will cooperate in the preparation and prosecution of such notices or applications as may be necessary to secure approvals or otherwise permit such transfer or assignment or otherwise permit the Holders and the Trustee and such assignees to exercise any of their rights and remedies under the Note Documents, in compliance with Applicable Insurance Laws at such times and in a manner consistent with the requirements of the Note Documents.
Until repaid, all statements published or filed with the Applicable Regulatory Authority by the Company shall show all outstanding principal amounts under the Surplus Notes in accordance with the Applicable Insurance Laws.
All Policy applications in respect of Policy forms currently issued and material to the operation of any Acquired Insurance Company as of the date of this Agreement and required to be filed with or approved by applicable Governmental Authorities under Applicable Insurance Laws have been so filed or approved.
GELAAC has such Permits, including those required under Applicable Insurance Laws, as are necessary to own, lease or operate its properties as currently owned, leased or operated and to conduct its business as currently conducted and all such Permits are valid and in full force and effect, other than such Permits the failure to have as would not, individually or in the aggregate, reasonably be expected to have a GELAAC Material Adverse Effect.
As of the date hereof, the Company is unaware of ------ any Agent which is not duly licensed (to the extent that such licenses are required) in the jurisdictions in which the Agent places or sells insurance on behalf of the Company and each Agent is duly authorized and appointed by the Company pursuant to Applicable Insurance Laws.
Subject to the description set forth in Section 4.12 of the Company Disclosure Schedule, the Company and each of the Subsidiaries own assets that qualify as admitted assets under Applicable Insurance Laws in an amount at least equal to the sum of all such reserves and liability amounts and its minimum statutory capital and surplus as required by the insurance laws, rules and regulations of Tennessee or, to the extent material to the Company and the Subsidiaries taken as a whole, any other jurisdiction.