Insurance Liabilities definition

Insurance Liabilities means all claims, obligations, indemnities, losses or liabilities (and no others) arising under, in connection with, or with respect to, the Policies (other than, in all cases, Excluded Liabilities): (i) prior to or after the Coinsurance Effective Date under the express terms of the Policies, including (x) any right to purchase additional coverage and obligations arising under legal or regulatory requirements, (y) any loss settlements within Policy limits, and (z) all such liabilities relating to actions, suits or claims instituted at or after the Coinsurance Effective Date by a Person; (ii) for Reinsurer Caused Extra Contractual Liabilities and Reinsurer Covered Extra Contractual Liabilities, subject to the limitations contained in Section 6.2; (iii) for all Premium Taxes, including any litigation expenses (but only if initiated by or at the request of Reinsurer) concerning Premium Taxes, to the extent arising with respect to premiums on the Policies attributable to periods on or after the Coinsurance Effective Date, and/or to the extent based upon assessments relating to all periods on or after the Coinsurance Effective Date; (iv) (x) in connection with participation by the Ceding Company, whether voluntary or involuntary, in any guaranty fund or other residual market mechanism established or governed by any state or jurisdiction to the extent arising with respect to premiums on the Policies attributable to periods on or after the Coinsurance Effective Date and/or (y) to the extent based upon regulatory fines or assessments relating to periods on or after (A) the Closing Date, but only to the extent such regulatory fines or assessments arose out of any act or omission of the Ceding Company or its Affiliate that occurred (or in the case of an omission, failed to occur) on or after the Closing Date and was made at the written or express direction or request of the Reinsurer or its designees, or (B) the Transition Date; (v) for all out-of-pocket loss adjustment expenses incurred from and after the Transition Date by the Ceding Company with respect to the Policies (other than in connection with the Ceding Company’s participation in such expenses under the Services Agreement); (vi) for escheat liabilities for checks issued by the Reinsurer on or after the Coinsurance Effective Date; and (vii) for amounts payable on or after the Coinsurance Effective Date for returns or refunds of premiums under the Policies.

Insurance Liabilities means in relation to an insurance company, any debt due from or other liabilities of the company under any contract of insurance to which it is a party;

Insurance Liabilities means amounts calculated in accordance with Part III of these Regulations in respect of those items shown at C and D under the heading “Liabilities” set out in paragraph 9 of Schedule 1 to the Insurance Companies (Accounts Directive) Regulations 1997;

Examples of Insurance Liabilities in a sentence

• The Parties agree that the Contracts (Rights of Third Parties) Xxx 0000 (CRiTPA) shall apply to Clause 40 (Employment, Tax and National Insurance Liabilities) to the extent necessary that any Replacement Supplier shall have the right to enforce the obligations owed to, and indemnities given to, the Replacement Supplier by the Supplier under that Clause 40 (Employment, Tax and National Insurance Liabilities) in its own right pursuant to section 1(1) of CRiTPA.

• This section contains provisions that enable the DFSA to require an Insurer that is in run-off or going into run-off to post collateral assets or make equivalent arrangements by letter of credit, to support the Insurance Liabilities and Minimum Capital Requirements applicable to the Insurer.

• An Insurer is also required to provide a periodic report on its General Insurance Liabilities and associated assets, prepared by an Actuary.

• For the purposes of Rule 7.4.5, a Class of Business that accounts for less than ten per cent of the Insurer’s Net Written Premium in the reporting period ended on the reporting date and that accounts for less than ten per cent of the Insurer’s Insurance Liabilities as at the reporting date, will normally be considered immaterial.

• The provisions in this section require an Insurer to have assets, of a minimum quality, available to meet its gross Insurance Liabilities arising from its DIFC Insurance Business plus a margin.

More Definitions of Insurance Liabilities

Insurance Liabilities means amounts calculated in accordance with Part IX of these Regulations in respect of those items shown at C and D under the heading “Liabilities” set out in paragraph 9 of Schedule 9A to the Companies Act 1985;

Insurance Liabilities means amounts calculated in accordance with this Part of these regulations in respect of those items shown at C and D under the heading “Liabilities” set out in the balance sheet format set immediately following paragraph 15 of the First Schedule to the Insurance Business (Companies Accounts) Regulations, 2000<

Insurance Liabilities means those Insurance Liabilities (as defined in the Purchase Agreement) arising under or in connection with the Insurance Contracts.

Insurance Liabilities has the meaning specified in Section 2.01(d).

Insurance Liabilities has the meaning set forth in Section 5.9(c).

Insurance Liabilities means Liabilities of the Company arising prior to, at or after the Closing Effective Time resulting from or related to (i) all treaties, policies, binders, slips or other contracts of insurance or assumed reinsurance issued or entered into by or on behalf of the Company prior to the Closing Effective Time, (ii) all renewals, if any, of such treaties, policies, binders, slips or other contracts of insurance that are issued on or after the Closing Effective Time, to the extent that such renewals are required by Applicable Law or under contractual commitments of the Company entered into prior to the Closing Effective Time, (iii) all policies, binders, slips or contracts of insurance that are required to be issued or accepted on or after the Closing Effective Time by or on behalf of the Company as a result of assignments from Involuntary Mechanisms to the extent such assignments are directly attributable to the business described in (i) or (ii) above, and (iv) guaranty fund assessments and compensation payable to producers attributable to the business described in (i), (ii), or (iii) above. For the avoidance of doubt, Insurance Liabilities shall not include any Liabilities related to Taxes.

Insurance Liabilities means all of the Transferor's liabilities, actual and contingent, arising in connection with and directly related to the Insurance Business and any contract being acquired by the Transferee under this Agreement in respect of the Insurance Business, limited to liabilities to policyholders and beneficiaries under the Contracts and disclosed to the Transferee prior to the date of transfer, provided such liabilities arose from circumstances occurring on or before the Scheme Effective Date. For the avoidance of doubt, it is understood and agreed that where the claims process has commenced in respect of any Contract, but as at the Scheme Effective Date payment has not been made by the Transferor in complete discharge of the Transferor's contractual liability thereunder as evidenced by a release or discharge, such Contracts and the undischarged liability arising thereunder shall be deemed to be included as part of the Insurance Liabilities;