SAC Act definition

SAC Act means the Segregated Accounts Companies Act 2000 (as amended) of Bermuda;

SAC Act shall have the meaning set forth in the preamble.

SAC Act means the Segregated Accounts Companies Act 2000 of Bermuda, as it may be amended, varied, supplemented or substituted from time to time;

Examples of SAC Act in a sentence

• As noted above, the Company is also registered under the SAC Act.

• The SAC Act provides that any asset which attaches to a particular account shall not be available or used to meet liabilities to and shall for all purposes be protected from the general shareholders of the SAC and from the creditors of the SAC who are not creditors in respect of the particular segregated account identified in the governing instrument.

• Any risks (that might otherwise have arisen) in the event of failure to observe such a technicality are eliminated when the counter party is an ISA.While there is specific statutory provision in the SAC Act that “internal transactions” are valid, notwithstanding that they technically involve the SAC contracting with itself, such transactions may cause confusion, particularly in jurisdictions that are not familiar with cellular structures.

• In contrast, the obligation to inform the BMA of a likely insolvency situation applies to the account representative of an SAC regardless if it is a financial institution or not.The SAC Act imposes similar duties on the representative, however, the ISAC Act goes further by empowering the representative to compel the ISAC to provide him or her with information and documentation necessary for the representative to perform his or her duties.

• Any company to which the Companies Act applies (including a company registered under the SAC Act) may apply to be registered as an ISAC.

• Each party acknowledges that the Subscribing Reinsurer is a segregated accounts company under the SAC Act and agrees that its rights and obligations under this Agreement are subject to the provisions of the SAC Act.

• Bermuda was a pioneer in developing ring-fenced cell or “segregated account” structures, which were initially created by means of private acts in the 1990s and later, given increased demand, by registration pursuant to the Segregated Accounts Companies Act 2000 (the SAC Act).The SAC Act has served industry well and the robustness of the statutory ring-fencing of assets and liabilities linked to a segregated account (SA) of an SAC has been upheld by the Bermuda courts.

• The Company is incorporated in Bermuda as a segregated accounts company pursuant to the SAC Act (as defined below), licensed as a Class C insurer pursuant to the Insurance Act (as defined below) and has established the Retrocessionaire for the purpose of reinsuring the Retroceded Policies.

• Subject to the requirements of the SAC Act, the Companies Act, the Insurance Act and the Bye-Laws, upon the recommendation of the Manager, the Board shall not unreasonably withhold the declaration to pay such dividends, it being understood that the dividends and distributions from the Segregated Account to the Shareholder are sole source of working capital for the Shareholder.

• As a segregated accounts company the Company is permitted to create Segregated Accounts (i.e. Funds) pursuant to the SAC Act, collectively referred to herein as “Segregated Accounts”, in order to segregate the assets and liabilities relating to a particular class of Participating Shares from the assets and liabilities relating to each other class of Participating Shares and from the Company's general assets and liabilities.

More Definitions of SAC Act

SAC Act means the Segregated Accounts Companies Axx 0000, as amended;

SAC Act means the Segregated Accounts Companies Act 2000 (as amended) of Bermuda; "Sale and Purchase Agreement" means the agreement between Holdco as "Purchaser" and XL Insurance (Bermuda) Limited as "Seller", dated 1 May 2014; "Security" means any mortgage, charge (whether fixed or floating, legal or equitable) pledge, lien, assigned by way of security or other security interest securing any obligation of any person. "Security Agreements" has the meaning given to it in the other XL Retrocession Agreements; "Segregated Account Matters" means any dispute, controversy or claim arising out of or relating to (i) the validity and effectiveness of the establishment and operation of the Company and/or the Retrocessionaire under the SAC Act (ii) the application or interpretation of the SAC Act, or (iii) compliance with or the interpretation or effect of Clause 13 (Segregated Accounts) of this Agreement. "Service Provider" means GreyCastle Services Limited, a company incorporated under the laws of England and Wales (registered no. 09019536), whose registered office is at 20‑00 Xxxxxxx Xxx, Xxxxxx, XX0X 0XX; "SIMA" means one or more sub-investment management agreements entered into from time to time between XL GIL acting on behalf of the Retrocedant, the Retrocessionaire and one or more XL External Managers pursuant to Clause 10.6 and Schedule 4, setting out the terms on which the Funds-Withheld Assets may be managed on behalf of the Retrocedant in accordance with the Retrocedant Guidelines, in the agreed form, as revised from time to time in accordance with the provisions of Schedule 4; "SPA Retrocedant Guidelines" has the meaning given to it in the other XL Retrocession Agreements; "Transaction Documents" means together this Agreement, the Administration Services Agreement, the SIMA(s), the Security Agreements, the Floating Charge, the Retrocedant Guidelines, the SPA Retrocedant Guidelines, the Retrocessionaire IMA(s), the other XL Retrocession Agreements, the Investor Support and Undertakings Agreement, the Constitutional Documents, the Transitional Services Agreement and the Retrocessionaire Guidelines; "Transitional Services Agreement" has the meaning given in the Sale and Purchase Agreement; "Trigger Event Date" has the meaning given in the Investor Support and Undertakings Agreement; "UK Regulators" means the Prudential Regulation Authority and the Financial Conduct Authority and any successors thereto; "Uncured Breach" has the meaning given to it in paragraph 2.3.1 ...