SAP Financial Statements definition

SAP Financial Statements has the meaning set forth in Section 4.6.

SAP Financial Statements has the meaning set forth in Section 3.17.

SAP Financial Statements means the financial statements of the Obligor which have been submitted or are required to be submitted to the Applicable Insurance Regulatory Authority.

Examples of SAP Financial Statements in a sentence

• Adequate provision has been made for all estimated losses, settlements, costs and expenses from pending suits, actions and proceedings contemplated by the SAP Financial Statements.

• Each of the SAP Financial Statements fairly presents in all material respects the results of operations of the applicable Insurance Company for the period therein set forth, in each case in accordance with SAP.

• Each Insurance Company owns assets which qualify as admitted assets under applicable state insurance Legal Requirements in an amount at least equal to the sum of all of its Insurance Reserve Liabilities and minimum statutory capital and Insurance Surplus reflected on the latest SAP Financial Statements.

• Each of the SAP Financial Statements was correct in all material respects when filed and did not omit to state any material facts required to be stated or necessary in order to make the SAP Financial Statements not misleading.

• The schedules included in the SAP Financial Statements, when considered in relation to the basic statutory financial statements included therein, present fairly in all material respects the information shown therein.

More Definitions of SAP Financial Statements

SAP Financial Statements means, for each Insurance Subsidiary, the financial statements which have been submitted or are required to be submitted to the applicable Insurance Commissioner.

SAP Financial Statements means the audited annual and unaudited quarterly convention statements filed with the domiciliary state insurance departments of each Insurance Company.

SAP Financial Statements means balance sheets and related statements of income and statements of change in capital and surplus and cash flows,

SAP Financial Statements has the meaning set forth in Section 2.6(a).

SAP Financial Statements. With respect to each Insurance Subsidiary: (i) (A) Promptly upon becoming available, but in any event within 75 days after the end of each calendar year, a copy of the annual Convention Statements of such Insurance Subsidiary for such calendar year, and (B) promptly upon becoming available, but in any event within 60 days after the end of each of the first three calendar quarters, a copy of the quarterly Convention Statements of such Insurance Subsidiary for such quarter, in each case prepared in accordance with SAP and accompanied by the certification of the chief financial officer or chief executive officer of such Insurance Subsidiary or con- troller or treasurer that such annual or quarterly Convention Statement presents fairly, in accordance with SAP, the financial position and results of operations of such Insurance Subsidiary as at and for the period ending on the date of such Convention Statement; (ii) Within 90 days after the end of each calendar year, a copy of each "Statement of Actuarial Opinion" that is provided to the applicable Department (or equivalent information should the Department no longer require such a statement) as to the adequacy of aggregate reserves for life policies and contracts of such Insurance Subsidiary. Such opinion shall be in the format pre- scribed by the Insurance Code of the state of domicile of such Insurance Subsidiary.

SAP Financial Statements means the financial statements of an Obligor which have been submitted or are required to be submitted to the Applicable Insurance Regulatory Authority. S&P shall mean Standard & Poor's Rating Services, a division of The McGraw Hill Companies, Inc. or any successor thereto.

SAP Financial Statements. Within five days after the date filed with the applicable Governmental Authority for each of its Fiscal Years, but in any event within 125 days after the end of each Fiscal Year of each Insurance Subsidiary, a copy of the Annual Statement of each such Insurance Subsidiary for such Fiscal Year prepared in accordance with SAP and accompanied by a certificate of an Executive Officer of Max Re (in the case of Annual Statements of Max Re or any of its Insurance Subsidiaries) or US Holdco (in the case of Annual Statements of US Holdco or any Insurance Subsidiary of US Holdco) that such financial statement is complete and correct and presents fairly in accordance with SAP the financial position of such Insurance Subsidiary for the period then ended.”