OFIR definition

OFIR means Office of Financial and Insurance Regulation. OFIR is an administration within DELEG that provides information regarding financial institutions, insurance, and securities. OFIR is responsible for activities including the regulation of Blue Cross Blue Shield of MI, health maintenance organizations, banks, domestic insurance companies, credit unions, foreign insurance companies, investment advisors, securities broker-dealers, consumer finance lenders, insurance agents, and securities agents.
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OFIR means the Office of Financial and Insurance Regulation of the State of Michigan.
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Examples of OFIR in a sentence

  • Community Shores shall have raised sufficient funds via the Rights Offering to: (a) contribute sufficient capital to its subsidiary, the Bank, so as to meet the stipulated capital ratios required by the Bank’s August 25, 2010 Consent Order as issued by the FDIC and DIFS (previously known as OFIR); and (b) retain sufficient cash at Community Shores to facilitate the FRB’s actions in Section 6(a)(iv) above.

  • Thereafter the Bank shall, within 30 days from the receipt of any federal or state report of examination, charge off all assets classified “loss” unless otherwise approved in writing by the Reserve Bank and the OFIR.

  • The Company shall use, and cause its Affiliates to use, commercially reasonable efforts to obtain all approvals required to be obtained by the Company in connection with the transactions contemplated by the Transaction Documents, including responding fully to all requests for additional information from the Federal Reserve, the FDIC and OFIR.

  • Interest is noncumulative and paid annually, although starting in 2008 it was not accrued for until approved by the OFIR.

  • Thereafter the Bank shall, within 30 days from the receipt of any federal or state report of examination, charge off all assets classified “loss” unless otherwise approved in writing by the Reserve Bank and OFIR.

  • No commissions will be payable under this Agreement until the Agency’s appointment is procured with OFIR.

  • Within 60 days of this Agreement, the Bank shall submit to the Reserve Bank and the OFIR an acceptable written plan to strengthen credit risk management practices.

  • The Company is subject to statutory restrictions that limit the amount of dividends, which can be paid by State of Michigan insurance companies to shareholders without prior approval from the Michigan OFIR.

  • The surplus note has an interest rate of 5% and the repayment of any principal can only be paid from the surplus earnings of the Company to WBM Corporation with the prior approval of the Company’s board of directors and the OFIR.

  • The Bank and, as applicable, Citizens shall submit written plans and programs that are acceptable to the Reserve Bank and the OFIR within the applicable time periods set forth in paragraphs 4, 5, 7, 8(c), 9, 10, 12, 13, and 14 of this Agreement.

Related to OFIR

  • STAR means Star Cruises Limited of Canon’s Court, ▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇ ▇▇, Bermuda;

  • Catechumen means a member of the catechumenate of a Catholic Church. This will normally be evidenced by a certificate of reception into the order of catechumens.

  • WADA means the World Anti-Doping Agency.

  • SORA means, in respect of any Singapore Business Day “i”, a reference rate equal to the daily Singapore Overnight Rate Average published by the Monetary Authority of Singapore (or a successor administrator), as the administrator of the benchmark, on the Monetary Authority of Singapore’s website currently at http://www.mas.gov.sg, or any successor website officially designated by the Monetary Authority of Singapore (or as published by its authorised distributors) (the “Relevant Screen Page”) on the Singapore Business Day immediately following such Singapore Business Day “i”; and

  • CFAF means the currency of the Borrower;