Applicable Insurance Codes definition
Examples of Applicable Insurance Codes in a sentence
Comply, and cause each of its Subsidiaries to comply, with all federal, state and local laws, rules and regulations related to its businesses including, without limitation, the various Applicable Insurance Codes, except where such failure to comply could not reasonably be expected to have a Material Adverse Effect.
Each of the Borrower and its Subsidiaries is complying in all material respects with all statutes, regulations, rules and orders applicable to the Borrower or such Subsidiary of all Governmental Authorities, including, without limitation, all Applicable Insurance Codes and Environmental Laws, a violation of which could reasonably be expected to have a Material Adverse Effect.
The Statutory Statements have been prepared in accordance with Statutory Accounting Principles and Applicable Insurance Codes throughout the periods involved and in accordance with the books and records of the Insurance Companies, except as expressly set forth or disclosed in the notes, exhibits or schedules thereto.
The Statutory Statements fairly and accurately present the assets, liabilities and capital and surplus of the Insurance Companies, as of the dates thereof in accordance with Statutory Accounting Principles and Applicable Insurance Codes, subject, in the case of the Quarterly Statements, to normal year-end adjustments and any other adjustments described therein.
Upon the delivery of the Shares as provided in Section 2.3, the Purchaser will acquire title to each of the Shares, free and clear of any Lien (other than any restrictions on transferability of the Shares expressly provided in the Applicable Insurance Codes, the Securities Act and any applicable state securities laws).
Each of the Insurance Subsidiaries owns assets that qualify as admitted assets under Applicable Insurance Codes in an amount at least equal to the sum of such Reserves plus its minimum statutory capital and surplus as required under Applicable Insurance Codes.
Seller has good and valid title to each of the Shares, free and clear of any Lien (other than any restrictions on transferability of the Shares expressly provided in the Applicable Insurance Codes, the Securities Act and any applicable state securities laws).
The Seller is, and on the Closing Date will be, the sole record holder and beneficial owner of all of the Shares, free and clear of any Lien (other than any restriction on subsequent transferability by Purchaser imposed by Applicable Insurance Codes and applicable federal or state securities laws).
The sale and delivery of the Shares as contemplated by this Agreement are not subject to any preemptive right or right of first refusal or other right or restriction (other than any restrictions on transferability of the Shares provided in the Applicable Insurance Codes, the Securities Act and any applicable state securities laws).
Not permit any Investments to be made by any of the Reliance Standard Insurance Companies, Safety National or any Acquired Person (if an insurance company) other than in compliance with the Applicable Insurance Code(s) of each Reliance Standard Insurance Company’s, Safety National’s and such Acquired Person’s state of domicile or with the approval of the applicable Department.