Group Supervision Rules definition
Group Supervision Rules means the Bermuda Insurance (Group Supervision) Rules 2011, as those rules and regulations may be amended or replaced from time to time.
Group Supervision Rules the Insurance (Group Supervision) Rules 2011 of Bermuda, as those rules may be amended from time to time.
Group Supervision Rules means the Insurance (Group Supervision) Rules 2011 of Bermuda, as those rules and regulations may be amended or replaced from time to time. “Insurance Act” means the Bermuda Insurance Act 1978, as amended from time to time.
Examples of Group Supervision Rules in a sentence
In addition, during any time the Issuer is not subject to Section 13(a) or 15(d) of the Exchange Act or any successor provision, and for so long as any Notes are outstanding, the Issuer will also make available on its website the annual audited financial statements that the Issuer files with the BMA in accordance with rule 23 of the Group Supervision Rules, as well as unaudited semi-annual financial statements, in each case promptly after the availability thereof.
Any amendment or modification to the Indenture or the Subordinated Notes shall require the prior consent of the BMA, if such consent is then required under the Group Supervision Rules and any amendment or modification made or purported to be made without such consent shall be void.
More Definitions of Group Supervision Rules
Group Supervision Rules. “Insolvency Event,” “Insurance Group,” “Scheduled Maturity Date,” “Solvency Capital Requirement” and “Tier 2 Capital.” Interest Rate: From (and including) June 29, 2017 to (but excluding) June 29, 2027 at a rate per annum of 3.250%. From (and including) June 29, 2027 to (but excluding) the Final Maturity Date, at a rate per annum equal to three-month EURIBOR plus 2.900%. Interest Payment Dates: Interest on the notes will be payable annually in arrears on June 29 of each year, beginning on June 29, 2018 and ending on June 29, 2027. Thereafter, interest on the notes will be payable quarterly in arrears on March 29, June 29, September 29 and December 29 of each year, beginning on June 29, 2027 and continuing through the Final Maturity Date. Day Count: From (and including) June 29, 2017 to (but excluding) June 29, 2027, Actual/Actual (ICMA). From (and including) June 29, 2027 to (but excluding) the Final Maturity Date, Actual/360. Public Offering Price: 99.054% Reference Mid-swap: 10-year Euro Mid-swap Reference Mid-swap Rate: 0.713% Re-offer Spread vs. Mid-swap: 265 bps Benchmark Bund: 0.250% due February 15, 2027 Benchmark Bund Rate: 0.253% Re-Offer Spread vs. Benchmark Bund: 311.0 bps Net Proceeds (Before Expenses) to Issuer: €492,770,000 Optional Interest Deferral: The Issuer may defer interest payments on the subordinated notes, from time to time, for one or more periods, so long as no event of default or mandatory deferral event has occurred and is continuing. Any accrued interest, the payment of which is so deferred, so long as such interest remains unpaid, will constitute Arrears of Interest. During any optional deferral period, the Issuer and the Guarantor and their respective majority-owned subsidiaries will be restricted from making certain payments, as described in the “Description of the Subordinated Notes and Guarantee- Deferral of Interest Payments; Arrears of Interest-Limitation on Restricted Payments” in the prospectus supplement.
Group Supervision Rules means the Insurance (Group Supervision) Rules 2011 of Bermuda, as those rules and regulations may be amended or replaced from time to time. “Insurance Act” means the Bermuda Insurance Act 1978, as amended from time to time. “Insurance Group” means all subsidiaries of the Issuer that are regulated insurance or reinsurance companies (or part of such regulatory group) pursuant to the Applicable Supervisory Regulations. “Special Mandatory Redemption End Date” means the later of (x) February 22, 2024 or (y) such later date to which the outside date for closing the Validus Transaction as set forth in the Stock Purchase Agreement may be extended in accordance with its terms. “Tier 3 Capital” means “Tier 3 Ancillary Capital” as set out in the Group Supervision Rules (or, if the Group Supervision Rules are amended so as to no longer refer to Tier 3 Ancillary Capital in this respect, the nearest corresponding concept (if any) under the Group Supervision Rules, as amended).
Group Supervision Rules means the Bermuda Insurance (Group Supervision) Rules 2011, as those rules and regulations may be amended or replaced from time to time.“Insurance Group” means all subsidiaries of Enstar Group Limited that are regulated insurance or reinsurance companies (or part of such regulatory group) pursuant to the Applicable Supervisory Regulations. CUSIP / ISIN: 29359U AB5 / US29359UAB52 Joint Book-Running Managers: ▇▇▇▇▇ Fargo Securities, LLC, HSBC Securities (USA) Inc., ▇.▇. ▇▇▇▇▇▇ Securities LLC, SunTrust ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇, ▇▇▇.▇▇▇▇▇▇▇▇ Capital Inc., nabSecurities, LLC Senior Co-Manager: Scotia Capital (USA) Inc. Co-Managers: Commonwealth Bank of Australia, ING Financial Markets LLC, Lloyds Securities Inc. Underwriting (Conflicts of Interest): Certain of the underwriters and/or their affiliates are expected to receive at least 5% of the net proceeds of this offering in connection with repayment of indebtedness under the Issuer’s revolving credit facility and/or under the Issuer’s term loan facility. Accordingly, these underwriters are deemed to have a “conflict of interest” under Rule 5121 of the Financial Industry Regulatory Authority, Inc. (“FINRA”). As such, this offering is being made in compliance with the requirements of Rule 5121.
Group Supervision Rules means the Bermuda Insurance (Group Supervision) Rules 2011, as those rules and regulations may be amended or replaced from time to time. (dd) “Insurance Act” means the Bermuda Insurance Act 1978, as amended from time to time. (ee) “Insurance Group” means all of the subsidiaries of the Corporation that are regulated insurance or reinsurance companies (or part of such regulatory group) pursuant to the Applicable Supervisory Regulations. (ff) “Issue Date” means July 9, 2020, the initial date of issuance of the Series A Preferred Stock. (gg) “Junior Stock” means any class or series of shares of the Corporation that ranks junior to the Series A Preferred Stock either as to the payment of dividends or as to the distribution of assets upon any liquidation, dissolution or winding-up of the Corporation. As of the Issue Date, the Corporation’s Junior Stock outstanding consists solely of its Common Stock. (hh) “Liquidation Preference” has the meaning specified in Section 6(b). (ii) “Nonpayment Event” has the meaning specified in Section 9(b). (jj) “Parity Stock” means any class or series of shares of the Corporation that ranks equally with the Series A Preferred Stock as to the payment of dividends and as to the distribution of assets on any liquidation, dissolution or winding-up of the Corporation. As of the Issue Date, there are no shares of Parity Stock of the Corporation outstanding. (kk) “Preferred Stock” means any and all series of preferred stock of the Corporation, including the Series A Preferred Stock. (ll) “Preferred Stock Directors” has the meaning specified in Section 9(b). (mm) “Rating Agency” means a nationally recognized statistical rating organization, as defined in Section 3(a)(62) of the U.S. Securities Exchange Act of 1934, as amended, that publishes a rating for the Corporation. (nn) “Rating Agency Event” has the meaning specified in Section 7(f). (oo) “Redemption Date” means any date fixed for redemption in accordance with Section 7. (pp) “Redemption Requirements” has the meaning specified in Section 7(c). (qq) “Relevant Date” has the meaning specified in Section 5(b)(i). (rr) “Relevant Taxing Jurisdiction” has the meaning specified in Section 7(e).
Group Supervision Rules means the Bermuda Insurance (Group Supervision) Rules 2011, as those rules and regulations may be amended or replaced from time to time. (z) “Insurance Act” means the Bermuda Insurance ▇▇▇ ▇▇▇▇, as amended from time to time. (aa) “Insurance Group” means all of the subsidiaries of the Company that are regulated insurance or reinsurance companies (or part of such regulatory group) pursuant to the Applicable Supervisory Regulations. (bb) “Issue Date” means [●], 202[●], the initial date of issuance of the Series B Preference Shares. (cc) “Junior Shares” means any class or series of shares of the Company that ranks junior to the Series B Preference Shares either as to the payment of dividends or as to the distribution of assets upon any liquidation, dissolution or winding-up of the Company. As of the Issue Date, the Company’s Junior Shares outstanding consist of its Common Shares and its Series A Preference Shares. (dd) “Liquidation Preference” has the meaning specified in Section 6(b). (ee) “Memorandum of Association” means the memorandum of association of the Company, as it may be amended from time to time. (ff) “Nonpayment Event” has the meaning specified in Section 9(b). (gg) “Parity Shares” means any class or series of shares of the Company that ranks equally with the Series B Preference Shares as to the payment of dividends and as to the distribution of assets on any liquidation, dissolution or winding-up of the Company. As of the Issue Date, there are no Parity Shares of the Company outstanding. 4