Bermuda Insurance Act definition

Bermuda Insurance Act means the Insurance Act 1978 of Bermuda and its related rules and regulations, each as amended.

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Bermuda Insurance Act means the Bermuda Insurance ▇▇▇ ▇▇▇▇, as amended, and the regulations promulgated thereunder.

Bermuda Insurance Act the Insurance Act 1978 and related regulations, each as amended;

Examples of Bermuda Insurance Act in a sentence

Both parties agree that the Investment Guidelines will be amended to reflect any future changes in the Bermuda Insurance Act with respect to reinsurance reserve credits or assets eligible to back the legal reserves.
Observe and remain in compliance with (i) in all material respects, all applicable laws and maintain in full force and effect all Governmental Approvals, in each case applicable to the conduct of its business and (ii) the Bermuda Insurance Act, except, in the case of clause (i) above only, where the failure to do so would not reasonably be expected to have a Material Adverse Effect.
Executive further agrees to serve as the principal representative of any Bermuda insurance or reinsurance subsidiary of the Company, for the purposes of the Bermuda Insurance Act 1978 (as amended).
Upon request of Client, independent experts will have to be commissioned with this task.
Anything herein to the contrary notwithstanding, the obligations under this Agreement of IES Reinsurance, Ltd., a Bermuda limited partnership (“IES Reinsurance”), shall be subject to IES Reinsurance meeting its solvency margins and liquidity ratios pursuant to the Bermuda Insurance Act of 1978 and related regulations.
Promptly following receipt thereof by ARL or AGRL, notice of any direction or other notification received by ARL or AGRL from the Bermuda Monetary Authority pursuant to Section 32 of the Bermuda Insurance Act.
Anything herein to the contrary notwithstanding, the obligations under this Agreement of IES Reinsurance, Ltd., a Bermuda limited partnership ("IES Reinsurance"), shall be subject to IES Reinsurance meeting its solvency margins and liquidity ratios pursuant to the Bermuda Insurance Act of 1978 and related regulations.
Notwithstanding anything to the contrary in this agreement, the obligations of each Bermuda Insurance Company to pay the Guaranteed Obligations shall be limited to the extent necessary for each Bermuda Insurance Company to meet at all times its margin of solvency ratio, minimum liquidity ratio and all other regulatory requirements under the Bermuda Insurance Act 1978 and related regulations.
An interest payment shall be deferred indefinitely for so long as the Company is (or would be, as a result of such payment) in breach of its enhanced capital and surplus requirement (“ECR”), as set out in the Bermuda Insurance Act 1978 and its related regulations (the “Insurance Act”).
THIS MASTER FRAMEWORK AGREEMENT (this “Agreement”) is made and entered into effective as of July 1, 2023, by and between ATHENE CO-INVEST REINSURANCE AFFILIATE HOLDING 2 LTD., a Bermuda exempted company (“ACRA 2 HoldCo”), and ATHENE LIFE RE LTD., a Bermuda Class E insurer under the Bermuda Insurance Act 1978 (“ALRe”).

More Definitions of Bermuda Insurance Act

Bermuda Insurance Act means the ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇ and related regulations; “BMA” means the Bermuda Monetary Authority or any successor or replacement body(ies); “Books and Records” has its common law meaning and includes, without limitation, all notices, correspondence, orders, inquiries, drawings, plans, books of account and other documents and all computer disks or tapes or other machine legible programmes or other records; “Business” means the business of owning, managing and operating an underwriting business at Lloyd’s and through a Bermuda (re)insurance company and anything incidental thereto or connected therewith, including the distribution of products to insureds or intermediaries as carried on by the Group; “Business Day” means a day on which banks are open for normal banking business in the City of London and in the State of New York and in Bermuda (excluding Saturdays and Sundays); “Bye-laws” means the amended and restated bye-laws of the Company (in the agreed form) to be adopted by the Company on Completion and, once adopted, those Bye-laws as amended from time to time and any reference to a “Bye-law” shall be to a Bye-law of the Bye-laws of the Company; “C1 Ordinary Shares” means C1 Ordinary Shares of US$0.10 each in the capital of the Company and having the rights set out in the Bye-laws; “C2 Ordinary Shares” means C2 Ordinary Shares of US$0.10 each in the capital of the Company and having the rights set out in the Bye-laws; “Company’s Accountants” means a firm of accountants selected by the Company; “Company’s Solicitors” means ▇▇▇▇▇▇▇ ▇▇▇▇ & ▇▇▇▇▇▇▇▇▇ (UK) LLP of CityPoint, ▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇; “Company Warranties” means the warranties set out in Part A of Schedule 4; “Completion” means completion of: (i) the subscription by the Investor of the Subscription Shares, and the allotment and issue of the Subscription Shares to the Investor; and (ii) the sale and purchase of the Sale Shares, in each case in accordance with Clause 6;

Bermuda Insurance Act means the Bermuda Insurance Act 1978 and all regulations promulgated thereunder, as amended from time to time;

Bermuda Insurance Act means the Insurance Act 1978 of Bermuda and its related rules and regulations, each as amended. “Business Day” means any day (other than a Saturday, Sunday or legal holiday) on which banks in Hamilton, Bermuda, New York City, New York, Dublin, Ireland and London, England are open for the conduct of their commercial banking business. “Canadian Dollars” means lawful money of Canada. “Capital Stock” means (i) with respect to any Person that is a corporation, any and all shares, interests or equivalents in capital stock (whether voting or nonvoting, and whether common or preferred) of such corporation, and (ii) with respect to any Person that is not a corporation, any and all partnership, membership, limited liability company or other equity interests of such Person; and in each case, any and all warrants, rights or options to purchase any of the foregoing. “Cash Collateralize” means to pledge and deposit with or deliver to Bank, for the benefit of Bank, as collateral for the Obligations, cash or deposit account balances in the applicable Available Currency or, if Bank shall agree in its sole discretion, other credit support, in each case pursuant to documentation in form and substance satisfactory to Bank. “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support. “Change in Control” means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning of the Exchange Act and the rules of the SEC thereunder as in effect on the date hereof), other than Everest Group, Ltd. and any of its direct or indirect Subsidiaries, of Capital Stock representing [*****] or more of the aggregate ordinary voting power represented by the issued and outstanding Capital Stock of any Account Party; or (b) the acquisition of direct or indirect Control of any Account Party by any Person or group, other than Everest Group, Ltd. and any of its direct or indirect Subsidiaries. Notwithstanding the foregoing, no sale, assignment or transfer of the assets of, or merger, amalgamation or consolidation with respect to, Guarantor shall be a Change in Control hereunder unless a Rating Trigger or an Event of Default under Section 10(f) shall occur as a result thereof. “Change in Law” means the occurrence after the Original Closing Date of: (a) the adoption or effectiveness of any law, rule, regulation, judicial ruling, judgment or treaty, (b)...

Bermuda Insurance Act means the Insurance Act 1978 of Bermuda and its related rules and regulations, each as