SAC Act definition

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

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

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

Examples of SAC Act in a sentence

• 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.

• 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.

• Subject to the SAC Act, the Companies Act, the Insurance Act and the Bye-Laws, the Board shall at all times act in the best interests of the Segregated Account and, with respect to the Segregated Account, the Shareholder.

• 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.

• For the avoidance of doubt, dividends or distributions in respect of securities (defined in the SAC Act to include the Preference Shares) linked to the Segregated Account shall be paid or made on or in respect of those securities by reference only to the assets and liabilities of the Segregated Account and not by reference to the general account of Artex SAC or any other segregated account of Artex SAC, and otherwise in accordance with the rights of such securities.

• This Reinsurance Agreement shall be governed by, and construed and enforced in accordance with, the laws of Bermuda (other than any mandatory conflict of law rule which might result in the application of the law of any other jurisdiction), provided that any provisions of this Reinsurance Agreement relating to the segregation of assets or liabilities of the Company shall be governed by and construed in accordance with the SAC Act.

• The effect of this Limited Recourse and Bermuda Regulations Article and the rights and obligations of any party pursuant to this Article shall be governed by the laws of Bermuda with reference to the SAC Act and, for such purpose only, the parties hereto irrevocably submit to the jurisdiction of the Supreme Court of Bermuda.

• Bermuda on behalf and in respect of the segregated account entitled 'SRB505' (the 'Segregated Account') for the purposes of section 11(3) of the Segregated Accounts Companies Act 2000 of Bermuda (the 'SAC Act').

• No such claim, liability or obligation shall extend, and no party shall have recourse, to any asset of the Subscribing Reinsurer linked to any other segregated account established by Subscribing Reinsurer pursuant to the SAC Act or to the general account (as defined in the SAC Act) of the Subscribing Reinsurer or otherwise.

• Except as otherwise defined herein or unless the context otherwise requires, terms and expressions defined in this clause have the same meanings given to them in the SAC Act.

More Definitions of SAC Act

SAC Act means the Segregated Accounts Companies A▇▇ ▇▇▇▇, as amended;

SAC Act has the meaning set forth in the Recitals.

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‑▇▇ ▇▇▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇; "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 ...