Special Purpose Insurer definition

Special Purpose Insurer means an insurer that carries on special purpose business;
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Special Purpose Insurer means an insurer or a cell of a protected cell company which conducts insurance business and is a Fully Funded Special Purpose Insurer funded from the proceeds of any one or more of the following;
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Special Purpose Insurer means an insurer that carries on special purpose business. ‘Statutory Financial Return’ means the return provided for in Section 18 of the Act. ‘Statutory Financial Statements’ means the accounts provided for in Section 15 of the Act.
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Examples of Special Purpose Insurer in a sentence

  • Besides this, applicants can also be licensed as a Special Purpose Insurer (SPI).

  • KHL’s operating subsidiary, KRL, is authorised by the BMA as a Special Purpose Insurer.

  • Revocation of The Insurance Business (Special Purpose Insurer) Rules, 2016 (1) The Insurance Business (Special Purpose Insurer) Rules, 2016 are revoked.

  • These rules may be cited as the Insurance Business (Special Purpose Insurer) Rules, 2016.

  • The authorisation of at least one Guernsey resident signatory is required for all bank payments made by a Special Purpose Insurer.

  • An applicant for either the licensing of a new insurer or the creation of a new cell which meets the definition of a Special Purpose Insurer shall notify the Commission within the relevant application of its status as a Special Purpose Insurer and shall provide such information as the Commission may deem necessary to demonstrate compliance with the content of these Rules, the Law and any associated rules, codes, ordinances or regulations.

  • However, in both cases, applications are made through the same ALC process that applies for all insurer registration applications.The BMA uses a standard form “Special Purpose Insurer Checklist” for applications for registration as a Special Purpose Insurer.

  • Approval of the application to register a Special Purpose Insurer will turn more significantly on matters such as the sophistication of participants and proof of full collateralization of liabilities.

  • Unlike commercial insurers and IIGBs, a Special Purpose Insurer is not required to deliver affidavits of directors and the principal representative to the BMA prior to declaring dividends in value exceeding 25% of statutory capital and surplus reported in its statutory balance sheet for the last financial year.

  • Each Special Purpose Insurer must file an annual statutory financial return.


More Definitions of Special Purpose Insurer

Special Purpose Insurer means an insurer that carries on special purpose business;91 “statutory economic balance sheet” means the balance sheet required to be produced in
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Related to Special Purpose Insurer

  • Special Purpose Investment Personnel means each SEI Access Person who, in connection with his or her regular functions (including, where appropriate, attendance at Board meetings and other meetings at which the official business of a Trust or any Fund thereof is discussed or carried on), obtains contemporaneous information regarding the purchase or sale of a Security by a Fund. Special Purpose Investment Personnel shall occupy this status only with respect to those Securities as to which he or she obtains such contemporaneous information.

  • Special Purpose Securitization Subsidiary means (i) a direct or indirect Subsidiary of the Borrower established in connection with a Permitted Securitization Financing for the acquisition of Securitization Assets or interests therein, and which is organized in a manner (as determined by the Borrower in good faith) intended to reduce the likelihood that it would be substantively consolidated with Holdings (prior to a Qualified IPO), the Borrower or any of the Subsidiaries (other than Special Purpose Securitization Subsidiaries) in the event Holdings (prior to a Qualified IPO), the Borrower or any such Subsidiary becomes subject to a proceeding under the U.S. Bankruptcy Code (or other insolvency law) and (ii) any subsidiary of a Special Purpose Securitization Subsidiary.

  • Special Purpose Entity means a direct or indirect subsidiary of Holdings, whose organizational documents contain restrictions on its purpose and activities and impose requirements intended to preserve its separateness from Holdings and/or one or more Subsidiaries of Holdings.

  • Commercial purpose per MCA 77-1-902(3)(a) means an industrial enterprise, retail sales outlet, business and professional office building, warehouse, motel, hotel, hospitality enterprise, commercial or concentrated recreational use, multifamily residential development, and other similar business.

  • Commercial Purposes means any commercial or profit generating purpose including the sale, lease of other transfer of the Material and includes uses of the Material by any organisation, including Recipient, to perform contract research, to produce or manufacture products for general sale, or to conduct research activities that result in any sale, lease, license, or transfer of the Material.

  • Special Purpose Vehicle means any special purpose funding vehicle identified as such in writing by any Lender to the Administrative Agent.

  • Residential purposes means use for dwelling or recreational purposes, or both.

  • Special Pass-Through Entity means a grantor trust, S corporation, or partnership (as determined, in each case, for Federal income tax purposes) where more than 50% of the value of any beneficial owner’s interest in such pass through entity is attributable to the pass-through entity’s interest in the Retained Note.