SAP Financial Statements. The Annual Convention Statement for the years ended December 31, 1995 and 1996 (collectively, the "ANNUAL STATEMENTS") of the Company and each Subsidiary listed on Section 3.5 of the Disclosure Schedule (collectively, the "INSURANCE SUBSIDIARIES"), as filed with the insurance department reflected thereon has been delivered to or made available for Buyer. Each Annual Statement was prepared in all material respects in accordance with statutory accounting practices prescribed or permitted by the applicable insurance regulator of the state in which filed ("SAP") and presents fairly the statutory financial condition, assets, liabilities, surplus and other funds of the Company as of such date and the statutory results of operations and cash flows of the Company for the periods therein specified. The Annual Statement for the year ended December 31, 1995 has been audited by KPMG Peat Marwick LLP as indicated by its report thereon. December 31, 1996 is referred to herein as the "BALANCE SHEET DATE" and the SAP balance sheets of the Company and the Subsidiaries as of December 31, 1996 referred to herein are collectively referred to as the "MOST RECENT BALANCE SHEET."
Appears in 3 contracts
Sources: Stock Purchase Agreement (Mercury Finance Co), Stock Purchase Agreement (Frontier Insurance Group Inc), Stock Purchase Agreement (Mercury Finance Co)