Statutory Net Income definition

Statutory Net Income means, for any period, the net income of an Insurance Subsidiary determined in accordance with SAP.

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Statutory Net Income means, with respect to any Insurance Subsidiary for any computation period, the net income earned by such Insurance Subsidiary during such period, as determined in accordance with SAP (“Underwriting and Investment Exhibit, Statement of Income” statement, Page 4, Line 20 of the Annual Statement).

Statutory Net Income means, for any period the net income of each Insurance Subsidiary of the Borrower that appears, or should appear, on the SAP Financial Statements. On the respective annual SAP Financial Statements form for life companies for the year ended December 31, 1998, the net income amount appears on line 33, column (1), on page 4 thereof. On the respective annual SAP Financial Statements form for property and casualty companies for the year ended December 31, 1998, the net income amount appears on line 16, column (1), on page 4 thereof.

Examples of Statutory Net Income in a sentence

The Borrower shall not permit the Borrower Statutory Surplus to be less than an amount equal to the sum of (a) $750,000,000 plus (b) 25% of Borrower Statutory Net Income earned in each calendar year commencing with the calendar year ending December 31, 2008.
As of the end of any fiscal quarter, permit the Statutory Surplus of Donegal Mutual to be less than an amount equal to the sum of (a) $60,000,000 plus (b) 50% of any positive Statutory Net Income of Donegal Mutual for each fiscal quarter following the fiscal quarter ended December 31, 1994.
Not permit the Statutory Surplus for Kinsale Insurance as of the last day of any Fiscal Quarter, commencing with the Fiscal Quarter ending June 30, 2016, to be less than (a) 90% of the Statutory Surplus for Kinsale Insurance as of March 31, 2016 plus (b) 50% of the Statutory Net Income of Kinsale Insurance for each Fiscal Quarter ending after March 31, 2016.
The Borrower shall not permit ACIC's Capital and Surplus at any time to be less than the sum of $40,000,000 plus 25% of ACIC's cumulative positive Statutory Net Income arising after December 31, 1999.
The Borrower shall not permit ACIC's Capital and Surplus at any time to be less than the sum of $29,000,000 plus 25% of ACIC's cumulative positive Statutory Net Income arising after March 31, 2001.

More Definitions of Statutory Net Income

Statutory Net Income with respect to the Insurance Subsidiaries for any period, the consolidated statutory net income of the Insurance Subsidiaries for such period computed in accordance with SAP and consistent with that reported on line 16, page 4, column 1 of the Summary of Operations Statement in the Annual Statement.

Statutory Net Income means, with respect to any First-Tier Significant Insurance Subsidiary for any computation period, the net income earned by such First-Tier Significant Insurance Subsidiary during such period, as determined in accordance with SAP.

Statutory Net Income means net income as determined in accordance with SAP made applicable to the Operating Subsidiaries under applicable insurance regulatory laws.

Statutory Net Income. With respect to AEILIC for any period, the amount reported for such period on line 33, page 4, column 1 of the Annual Statement of AEILIC, or an amount determined in a consistent manner for any period other than the one for which an Annual Statement is prepared.

Statutory Net Income means, for any period, the net income of an Insurance Subsidiary determined in accordance with SAP. "Sub-Class" (a) when used with respect to Banks, refers to whether such Banks are Tranche A-1 Banks, Tranche A-2 Banks, Tranche A-3 Banks, Tranche B-1 B▇▇▇▇, ▇▇▇▇▇▇▇ ▇-▇ ▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇ ▇-▇ ▇▇▇▇▇ ▇▇▇ (▇) ▇▇▇▇ ▇▇▇▇ ▇▇▇▇ respect to Loans or a Borrowing, refers to whether such Loans, or the Loans comprising such Borrowing, are Tranche A-1 Term Loans, Tranche A-2 Term Loans, Tranche A-3 Term Loans, Tranche B-1 Term Loans, Tranche B-2 Term Loans or Tranche B-3 Term Loans.

Statutory Net Income means, with respect to any Insurance Subsidiary for any period, the amount shown on line 16, page 4, column 1 of the Annual Statement of such Insurance Subsidiary for such period, or the amount determined in a consistent manner for any period other than a period for which an Annual Statement of such Insurance Subsidiary is prepared.

Statutory Net Income shall equal the statutory net income for a calendar year on the Policies as determined by the Ceding Company in accordance with the Statutory Accounting requirements as prescribed or permitted by the Illinois Department of Insurance; provided, however, any expenses shall be determined in accordance with Exhibit B of this Agreement.