Collateralized Insurer definition

Collateralized Insurer means an insurer that carries on special purpose business, but is not a “Special Purpose Insurer”;
Sample 1Sample 2Sample 3

Examples of Collateralized Insurer in a sentence

  • Where a Collateralized Insurer is determined by the BMA to be a “lead insurer” of a complex Bermuda-based insurance group, it may be required to be licensed as a Class 3A or higher commercial class to engage the group supervision jurisdiction of the BMA.

  • This is seen in the higher voters‘ turnout for men than women during general elections Table 4.25.3: Cross tabulation of responses on Gender and attendance of political campaigns and rallies during elections(1990-2009) Male Female Total ResponsesCount exp countCountexp.countcountexp.

  • An application submitted on Monday should be reviewed by the ALC during its meeting on Friday of the same week.The documents that must accompany an application for registration of a Special Purpose Insurer differ from those that must be submitted with an application for registration as a Collateralized Insurer.

  • Note that these provisions will not apply to the investors in a Special Purpose Insurer or Collateralized Insurer, who will generally be holders of debt or of shares without voting rights.

  • A Collateralized Insurer must notify the Authority in writing within 30 days of reducing its total statutory capital by 15% or more as set out in its previous year’s financial statements and shall provide such information as the Authority may require.

  • The more robust the governance framework, risk management strategy and internal systems and controls of the Collateralized Insurer, the lower the operational risk capital charge is likely to be.The operational risk capital charge is between 0.05% and 0.88% of total assets held as collateral on the statutory balance sheet date.

  • The two terms in the right hand side are the dispersive and nonlinear shifts of β0, respectively.

  • The Collateralized Insurer is an innovation of 2019 and encompasses entities writing special purpose business in a manner that involves a more complex risk profile than that of the Special Purpose Insurer.Bermuda thus now offers two types of entity for carrying on special purpose business: The Special Purpose Insurer, and The Collateralized Insurer.

  • A Collateralized Insurer must notify the Authority in writing within 30 days of reducing its total statutory capital by 15% or more as set out in its previous year’s financial statements and shall provide such information as the Authority may require.795 32.

  • For the purposes of section 6 of the Act, the minimum amount by which the valueof the statutory assets of a Collateralized Insurer must exceed its statutory liabilities is$250,000.

Related to Collateralized Insurer

  • Bank Product Collateralization means providing cash collateral (pursuant to documentation reasonably satisfactory to Agent) to be held by Agent for the benefit of the Bank Product Providers (other than the Hedge Providers) in an amount determined by Agent as sufficient to satisfy the reasonably estimated credit exposure, operational risk or processing risk with respect to the then existing Bank Product Obligations (other than Hedge Obligations).

  • Letter of Credit Account means the account established by the Borrower under the sole and exclusive control of the Administrative Agent maintained at the office of the Administrative Agent at 200 Xxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 designated as the “Delphi Letter of Credit Account” that shall be used solely for the purposes set forth herein.

  • Letter of Credit Obligation means, as of any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit on such date (if any Letter of Credit shall increase in amount automatically in the future, such aggregate amount available to be drawn shall currently give effect to any such future increase) plus the aggregate Reimbursement Obligations and Letter of Credit Borrowings on such date.

  • Letter of Credit Collateral Account has the meaning assigned to such term in Section 2.05(k).

  • Cash Collateralize has the meaning specified in Section 2.03(g).

  • Letter of Credit Liabilities means, at any time and in respect of all Letters of Credit, the sum of (a) the aggregate amount available to be drawn under all such Letters of Credit plus (b) the aggregate unpaid amount of all Reimbursement Obligations then due and payable in respect of previous drawings under such Letters of Credit.