Statutory Capital definition

Statutory Capital means the sum of capital stock and paid-in-surplus of the MALPB, which, at all times, must be no less than $3 million.

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Statutory Capital means, at any date, the sum of Statutory Surplus and the contingency reserve, in each case at such date.

Statutory Capital means the aggregate statutory capital and surplus of the Company as of the Closing Date, as determined in accordance with SAP and as would be required to be reflected on line 38, column 1 of the Company’s statutory financial statement if the Closing Date occurred on the last day of a calendar quarter.

Examples of Statutory Capital in a sentence

• Each Material Insurance Subsidiary owns assets that qualify as admitted assets under applicable law in an amount at least equal to the sum of all such reserves and liability amounts and its minimum Statutory Capital and Surplus as required by the insurance laws, rules and regulations of its state of domicile.

• The Accounting Firm’s engagement shall be limited to the resolution of disputed amounts set forth in Buyer’s calculation of the Final Closing Date Adjusted Statutory Capital and Surplus that have been identified by Seller, which resolution shall be in accordance with this Agreement, and no other matter relating to the Final Closing Date Adjusted Statutory Capital and Surplus shall be subject to determination by the Accounting Firm except to the extent affected by resolution of the disputed amounts.

• The Parties agree that the adjustments contemplated by this Section are intended to show the change between the Final Closing Date Adjusted Statutory Capital and Surplus and Estimated Closing Date Adjusted Statutory Capital and Surplus and that such change can only be measured if each calculation is done in a manner consistent with this Agreement.

• If Seller notifies Buyer within such 15 Business Days that Seller does not agree with such determination of the Final Closing Date Adjusted Statutory Capital and Surplus, Seller and Buyer shall in good faith for a period of 15 Business Days thereafter, attempt to negotiate a determination of the Closing Date Adjusted Statutory Capital and Surplus.

• If, within 15 Business Days after receipt by Seller of the certificate of the chief financial officer of Buyer of such determination of the Final Closing Date Adjusted Statutory Capital and Surplus, Seller agrees with such determination and so notifies Buyer, or if Seller shall fail to notify Buyer that it disagrees with such determination within such 15 Business Days, such determination shall be the Closing Date Adjusted Statutory Capital and Surplus.

More Definitions of Statutory Capital

Statutory Capital means, as to any Insurance Subsidiary, as of any date, the sum of its Statutory Surplus and its contingency reserve, in each case at such date.

Statutory Capital means Statutory Capital plus Statutory Surplus of the Insurance Subsidiaries as shown on the statutory financial statements filed with the states of Illinois and Arizona.

Statutory Capital means an aggregate of the authorised capital and the General Reserve;

Statutory Capital means, as of any date of determination, (i) the capital and surplus of OMFLIC determined in accordance with SAP (as reflected in line 38 of the “Liabilities, Surplus and Other Funds” page of the 2009 National Association of Insurance Commissioners’ Annual Statement Blank), plus (ii) the asset valuation reserve (as reflected in line 24.1 of such Annual Statement Blank), in each case as of such date.

Statutory Capital means, with respect to any Acquired Company, as of any date of determination, an amount equal to the total capital and surplus of such Acquired Company, calculated in accordance with the Accounting Principles, as of such date.

Statutory Capital means, with respect to any Insurance Subsidiary, on any date, the sum of the amount of (a) "Capital and Surplus" plus (b) the "Asset Valuation Reserve", plus (c) the "Interest Maintenance Reserve", all as reported by such Person on the statutory financial statements most recently filed prior to such date with the applicable Insurance Authorities.

Statutory Capital means the admitted assets over the liabilities of the Company, prepared in accordance with SAP applied on a basis consistent with the preparation of the audited Financial Statements and statutory reporting with the applicable domiciliary insurance Governmental Authorities to the extent not inconsistent with SAP, as illustrated on Schedule 1. Statutory Capital will be adjusted to the extent that the net admitted deferred Tax asset (after taking into account deferred Tax liabilities) is greater than zero.