Bermuda. Approval from the Bermuda Monetary Authority, dated March 3, 2004, for the transfer of all of the issued and outstanding shares of Brookfield from GEFAHI to Genworth. Approval from the Bermuda Monetary Authority, dated March 3, 2004, for the transfer of all of the issued and outstanding shares of Viking from GELCO to Genworth.
Bermuda. As a holding company, Platinum Holdings is not subject to Bermuda insurance regulations. The Insurance Act, which regulates the insurance business of Platinum Bermuda, provides that no person may carry on any insurance business in or from within Bermuda unless registered as an insurer under the Insurance Act by the Bermuda Monetary Authority, which is responsible for the day-to-day supervision of insurers. Under the Insurance Act, insurance business includes reinsurance business. The Authority, in deciding whether to grant registration, has broad discretion to act as the Authority thinks fit in the public interest. The Authority is required by the Insurance Act to determine whether the applicant is a fit and proper body to be engaged in the insurance business and, in particular, whether it has, or has available to it, adequate knowledge and expertise. The registration of an applicant as an insurer is subject to its complying with the terms of its registration and such other conditions as the Authority may impose from time to time. Platinum Bermuda has been registered with the Authority. An Insurance Advisory Committee appointed by the Bermuda Minister of Finance advises the Authority on matters connected with the discharge of the Authority's functions and sub-committees thereof supervise and review the law and practice of insurance in Bermuda, including reviews of accounting and administrative procedures. The day-to-day supervision of insurers is the responsibility of the Bermuda Registrar of Companies. The Insurance Act imposes on Bermuda insurance companies solvency and liquidity standards and auditing and reporting requirements and grants to the Authority powers to supervise, investigate and intervene in the affairs of insurance companies. Certain significant aspects of the Bermuda insurance regulatory framework are set forth below.
Bermuda. Registration with Registrar of Companies under Section 61 of the Companies Act for the security interest granted by CP2 under the Deed of Covenants.
Bermuda. To the extent that the Company or any of its subsidiaries or any of their respective assets or revenues may have or may hereafter have immunity from any such court, the Company has, pursuant to Section 15(c) of this Agreement, waived, and it will waive, or will cause its subsidiaries to waive, such immunity to the extent permitted by law.
Bermuda. The Issuer has applied for and secured the consent of the Bermuda Monetary Authority (the "Authority") to the issuance to the Preference Share Subscribers of the Preference Shares. In granting such consent, the Authority accepts no responsibility for the financial soundness of any proposal or for the correctness of any statements made or opinions expressed with respect to the Preference Shares or the Issuer. Any transfer of the Preference Shares will also require the consent of the Authority.
Bermuda. Under The Insurance Act, 1978, (as amended by the Insurance Act Amendment 1995) amendments thereto and related regulations of Bermuda (the "Act"), XLI and XLMORe are required to prepare statutory financial statements and to file in Bermuda a statutory financial return. The Act also requires these companies to maintain certain measures of solvency and liquidity during the year. Other subsidiaries of the Company based in Bermuda, including XLFA, LARe and Reeve Court, are also subject to regulation under the Act. XLI's and XLMORe's statutory capital and surplus, statutory net income and the minimum statutory capital and surplus required by the Act were as follows (U.S. dollars in thousands): Year ended November 30, --------------------------------------------------------- XLI XLMORe ---------------------------- ---------------------------- 1998 1997 1996 1998 1997 1996 ---------- -------- -------- ---------- -------- -------- Statutory net income.... $ 309,244 $189,281 $367,322 $ 108,290 $ 57,995 $ 21,398 ========== ======== ======== ========== ======== ======== Statutory capital and surplus................ $1,255,284 $882,366 $872,586 $1,966,200 $512,637 $271,398 ========== ======== ======== ========== ======== ======== Minimum statutory capital and surplus required by the Act.... $ 307,205 $310,240 $302,089 $ 100,000 $100,000 $100,000 ========== ======== ======== ========== ======== ======== XL CAPITAL LTD NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(Continued) The primary difference between statutory net income and statutory capital and surplus for the Company's subsidiaries as shown above, and net income and shareholder's equity presented in accordance with generally accepted accounting principles are deferred acquisition costs. Under the Act, XLI and XLMORe are classified as a Class 4 insurer and reinsurer, respectively. Therefore they are restricted to the payment of dividends in any one financial year of 25% of the prior year's statutory capital and surplus, unless their directors attest that such dividends will not cause the company to fail to meet its relevant margins. XLI and XLMORe have not been affected by this. XLI could legally have paid dividends in the amount of approximately $1.8 billion, $1.5 billion and $1.1 billion at November 30, 1998, 1997 and 1996, respectively. XLMORe could legally have paid dividends in the amount of approximately $1.3 billion, $403.4 million and $169.5 million at November 30, 1998, 1997 and 1996, respectively. Republ...