Enhanced Capital Requirement means the ECR or any other requirement to maintain assets applicable to the Issuer or in respect of the Insurance Group, as applicable, pursuant to the Applicable Supervisory Regulations.
Enhanced Capital Requirement means the ECR or any other requirement to maintain assets applicable to the Company or in respect of the Insurance Group, as applicable, pursuant to the Applicable Supervisory Regulations.
Enhanced Capital Requirement means the enhanced capital and surplus requirement applicable to the Insurance Group and as defined in the Insurance Act or, should the Insurance Act or the Group Rules no longer apply to the Insurance Group, any and all other solvency capital requirements or any other requirement to maintain assets applicable to the Company or in respect of the Insurance Group, as applicable, pursuant to the Applicable Supervisory Regulations.
Examples of Enhanced Capital Requirement in a sentence
Additionally, dividends on the Series B Preference Shares will not be declared, paid or set aside for payment if the Company is, or after giving effect to such act would be, in breach of the Insurance Act, the Companies Act, the Insurance (Eligible Capital) Rules 2012, the Group Solvency Standard, including the Enhanced Capital Requirement, or under such other Applicable Supervisory Regulations or other applicable laws, rules and regulations.
The Parent shall ensure at all times that the Group Enhanced Capital Resources exceed 100 percent of the Group Enhanced Capital Requirement.
The Administrative Agent shall have received a certificate from the Borrower certifying pro forma compliance (after giving effect to the repayment of the 2023 Senior Notes and incurrence of the Term Loans) with the Enhanced Capital Requirement Covenant.
In addition, under the Relevant Rules, no redemption may be made by the Issuer at any time prior to maturity if there are reasonable grounds for believing that the Issuer is, or would after the payment be, insolvent; or that the Issuer is or would after such payment be in breach of the Relevant Rules, including the Group Enhanced Capital Requirement contained within the Relevant Rules.
The Administrative Agent shall have received a certificate from the Borrower certifying pro forma compliance with the Enhanced Capital Requirement Covenant as of March 31, 2023.
More Definitions of Enhanced Capital Requirement
Enhanced Capital Requirement means additional capital and surplus requirement imposed by or under Rules29 made under section 6A;30
Enhanced Capital Requirement has the meaning set forth in Section 9.1(b).
Enhanced Capital Requirement means, solely in respect of the Reinsurer for purposes of this Agreement, a capital and surplus requirement imposed by or under the Insurance Axx 0000 and related regulations and in particular the provisions of Bermuda Insurance (Prudential Standards) (Class 4 and Class 3B Solvency Requirement) Rules 2008, as amended (“Insurance Act”), that is calculated by reference to (i) the Bermuda Solvency Capital Requirement model for the Reinsurer unless and until (ii) the Reinsurer is permitted to use a Bermuda Monetary Authority-approved internal capital model (an “Internal Capital Model”) and/or bespoke capital charges to calculate its capital and surplus, in which case the Internal Capital Model and/or bespoke capital charges, as applicable, shall be utilized for such calculation; provided, that, to the extent there has been a material change in the factors or formulae prescribed by the Bermuda Monetary Authority with respect to the components of and methodologies contained in such calculations, or the Reinsurer redomesticates to a jurisdiction outside Bermuda, the Parties shall amend this Agreement to incorporate the equivalent ratio or requirement that represents the supervisory minimum capital ratio applicable to the Reinsurer under the Applicable Laws of Bermuda or the Reinsurer’s then current jurisdiction of domicile; provided, that if (x) such supervisory minimum capital ratio results in an amount of capital required to be held by the Reinsurer that the Ceding Company reasonably determines is substantially dissimilar to the amount of capital required to be held by the Reinsurer on the date immediately prior to the effective date of such material change or redomestication and (y) the Ceding Company objects to amending this Agreement to incorporate such supervisory minimum capital ratio based on the dissimilarity cited in clause (x), then the Parties shall work in good faith to amend this Agreement to reflect an alternative calculation that is reasonably equivalent to the components of and methodologies contained in the calculation of the Reinsurer’s Enhanced Capital Requirement in effect as of the Amendment Date within thirty (30) calendar days after implementation of such change and if the Parties cannot agree on any such alternative, then the Reinsurer shall, for purposes of this Agreement, continue to calculate its Enhanced Capital Requirement as if such material change had not occurred or the Reinsurer had not redomesticated, as applicable.
Enhanced Capital Requirement means the "enhanced capital requirement" as defined in the Relevant Rules;
Enhanced Capital Requirement means, in the case of a Class 1, Class 2 or Class 3 insurer registered under the Bermuda Insurance Act 1978, as amended, and related rules and regulations promulgated thereunder (the “Insurance Act”), the minimum solvency margin applicable to such insurer under the requirements of the Insurance Act and, in the case of a Class 3A, Class 3B or Class 4 insurer registered under the Insurance Act, the enhanced capital requirement (as defined in the Insurance Act) applicable to such insurer under the Insurance Act derived from the applicable Bermuda Solvency Capital Requirement model or an approved internal capital model.
Enhanced Capital Requirement means the “enhanced capital requirement” as defined in section 1(1) of the Bermuda Insurance Act or any successor or equivalent requirement under Relevant Rules;
Enhanced Capital Requirement means the enhanced capital and surplus requirement applicable to the Insurance Group and as defined in the Insurance Act or, should the Insurance Act or the Group Rules no longer apply to the Insurance Group, any and all other solvency capital requirements or any other requirement to maintain assets applicable to the Company or in respect of the Insurance Group, as applicable, pursuant to the Applicable Supervisory Regulations. (t) “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. (u) “First Reset Date” means [●], 202[●].3 (v) “Five-Year U.S. Treasury Rate” means, as of any Reset Dividend Determination Date, as applicable: (i) an interest rate (expressed as a decimal) determined to be the per annum rate equal to the average of the yields to maturity for the five Business Days immediately prior to such Reset Dividend Determination Date for U.S. Treasury securities with a maturity of five years from the next Reset Date appearing under the caption “Treasury Constant Maturities” in the most recently published statistical release designated H.15 Daily Update or any successor publication which is published by the Federal Reserve Board, as determined by the Calculation Agent; or (ii) if there is no such published U.S. Treasury security with a maturity of five years from the next Reset Date and trading in the public securities markets, then the rate will be determined by interpolation between the average of the yields to maturity for the five Business Days immediately prior to such Reset Dividend Determination Date for two series of U.S. Treasury securities trading in the public securities market, (A) one maturing as close as possible to, but earlier than, the 1 NTD: Amount to equal the difference between the initial rate (8.00%) and the Five-Year U.S. Treasury Rate at the time of pricing. 2 NTD: Insert date that is 120 days from the Issue Date. 3 NTD: Insert date that is five years from the date that the issuance of these SiriusPoint Preference Shares is settled. 3