Surplus Note definition

Surplus Note means a promissory note executed by an Insurance Subsidiary of the type generally described in the insurance industry as a “surplus note”, the principal amount of which an insurance regulator permits the issuer to record as an addition to capital and surplus rather than as a liability in accordance with SAP.

Surplus Note means a promissory note executed by an Insurance Subsidiary of the type generally described in the insurance industry as a “surplus note,” the principal amount of which an insurance regulator permits the issuer to record as an addition to capital and surplus rather than as a liability in accordance with SAP.

Surplus Note means an unsecured subordinated debt obligation possessing characteristics consistent with accounting practices and procedures designated by the director.

Examples of Surplus Note in a sentence

• Southern Mutual Insurance Company (3) Georgia Michigan Insurance Company Michigan 2009 2010 Surplus note investment by Donegal Mutual and quota-share reinsurance in 2009.

• Acquisitions The following table highlights our acquisition history since 1988: YearAcquired Method ofInsurance Company Acquired State by Us AcquisitionSouthern Mutual Insurance Company Virginia 1988 Surplus note investment by the Mutual Company in 1984;demutualization in 1988; acquisition of stock by us in 1988.

• Surplus note investment by Donegal Mutual in 2002; demutualization in 2004; acquisition of stock by us in 2004.

• Acquisitions The following table highlights our acquisition history since 1988: Year Insurance Company Acquired Pioneer Mutual Insurance Company (1) New York 2001 Surplus note investment bythe Mutual Company in1995; demutualization in 1998; acquisition of stock by us in 2001.

• Surplus note investment by Donegal Mutual in 1993; demutualization in 1994; acquisition of stock by us in 1995.

More Definitions of Surplus Note

Surplus Note means an unsecured subordinated debt obligation deemed to be a surplus certificate as described in Section 38‑13‑110(4) and otherwise possessing characteristics consistent with paragraph 3 of the Statement of Statutory Accounting Principals No. 41, as amended, National Association of Insurance Commissioners (NAIC).

Surplus Note means an unsecured subordinated debt obligation possessing characteristics consistent with the National Association of Insurance Commissioners Statement of Statutory Accounting Principles No. 41, as amended from time to time, and as modified or supplemented by the commissioner.

Surplus Note means an unsecured subordinated debt obligation possessing characteristics consistent with paragraph 3 of the National Association of Insurance Commissioners (NAIC) Statement of Statutory Accounting Principles No. 41, as amended from time to time and as modified or supplemented by rule or order of the commissioner.

Surplus Note means an unsecured subordinated debt obligation deemed to be a surplus certificate under this title and otherwise possessing characteristics consistent with paragraph 3 of the Statement of Statutory Accounting Principals No. 41, as amended, National Association of Insurance Commissioners (NAIC).

Surplus Note means an unsecured subordinated debt obligation that has one or more characteristics that are consistent with paragraph 3 of the National Association of Insurance Commissioners Statement of Statutory Accounting Principals No. 41, as amended from time to time and as modified or supplemented by rule or order of the commissioner.

Surplus Note means an unsecured subordinated debt obligation, including any contingent obligation for the repayment of a sum of money upon a written agreement that the loan or advance with interest shall be repaid only out of funds as specified in the approved plan of operation, or any approved amendment thereto.

Surplus Note means a surplus note issued by any Regulated Insurance Company to the Borrower.