Statutory Surplus Clause Samples
The Statutory Surplus clause defines the minimum amount of surplus funds an insurance company must maintain as required by law or regulatory authorities. This clause typically applies to insurers and ensures that they hold sufficient financial reserves above their liabilities to protect policyholders and meet future claims. By mandating a statutory surplus, the clause helps maintain the insurer’s financial stability and solvency, thereby safeguarding the interests of policyholders and regulatory compliance.
Statutory Surplus. State Auto Mutual shall not permit its Statutory Surplus at any time to be less than (a) $989,347,000, at any time prior to the occurrence of a catastrophe giving rise to Loans being outstanding under the Credit Agreement (provided that no Loans are outstanding at such time) and (b) $931,150,000, at any time during the period from and including the date of occurrence of a catastrophe giving rise to Loans being outstanding under the Credit Agreement to but excluding the date all Loans shall have been required to be repaid in full pursuant to the terms of the Credit Agreement. State Auto Mutual shall not permit the Statutory Surplus of State Auto P&C to be less than (a) $337,955,000, at any time prior to the occurrence of a catastrophe giving rise to Loans being outstanding under the Credit Agreement (provided that no Loans are outstanding at such time) and (b) $318,076,000, at any time during the period from and including the date of occurrence of a catastrophe giving rise to Loans being outstanding under the Credit Agreement to but excluding the date all Loans shall have been required to be repaid in full pursuant to the terms of the Credit Agreement.
Statutory Surplus. At all times, maintain Statutory Surplus ----------------- for each Insurance Subsidiary of Parent in an amount not less than an amount equal to (a) 85% of the Statutory Surplus of each such Insurance Subsidiary on September 30, 1996, plus (b) 85% of all subsequent capital contributions to each such Insurance Subsidiary, less (c) in the event such Insurance Subsidiary dividends or otherwise distributes to its parent all the capital stock of a Wholly-Owned Insurance Subsidiary, 100% of the book value (calculated in accordance with SAP) of such Wholly-Owned Insurance Subsidiary at the time of such dividend or distribution.
Statutory Surplus. 39 ----------------- 6.21. Tax Consolidation.....................................................................39 ----------------- 6.22.
Statutory Surplus. Not permit Statutory Surplus of the Title Insurance Subsidiaries on a combined basis at the close of any fiscal quarter to be less than $185,000,000.
Statutory Surplus. Permit the Statutory Surplus of Essent Guaranty at any time to be less than 75% of the Statutory Surplus of Essent Guaranty as of December 31, 2016;
Statutory Surplus. Section 6.12 of the Credit Agreement is amended in its entirety to read as follows:
Statutory Surplus. Borrower will not permit Consolidated Statutory Surplus for any fiscal quarter then ending to be less than the following amounts for the period corresponding thereto, with dollars expressed in millions (it being understood that any adjustments to Consolidated Statutory Surplus required to be made by any Department of Insurance in an aggregate amount not in excess of $25,000,000 shall not be taken into account in determining Borrower's compliance with this section and that the amount by which any such adjustments for such fiscal year exceed $25,000,000 shall be so taken into account):
Statutory Surplus. 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.
Statutory Surplus. At all times, maintain Statutory Surplus for each First-Tier Insurance Subsidiary in an amount not less than an amount equal to (a) 85% of the Statutory Surplus of each such First-Tier Insurance Subsidiary, in existence on the date hereof, as of March 31, 1998 (or, in the case of any First-Tier Insurance Subsidiary acquired after the date hereof, 85% of the Statutory Surplus of each such acquired First-Tier Insurance Subsidiary as of the most recently ended Fiscal Quarter preceding such acquisition), PLUS (b) 85% of all subsequent capital contributions to each such First-tier Insurance Subsidiary, MINUS (c) in the event such First-Tier Insurance Subsidiary dividends or otherwise distributes to its parent all the capital stock of a Wholly-Owned Insurance Subsidiary, 100% of the book value (calculated in accordance with SAP) of such Wholly-Owned Insurance Subsidiary at the time of such dividend or distribution.
Statutory Surplus. The Borrower will cause the Statutory Surplus of Reinsurance at all times from and after the Execution Date to be not less than $180,000,000.