Statutory Capital and Surplus definition

Statutory Capital and Surplus means, as to any Insurance Subsidiary, as of any date, the sum (without duplication) of the total amounts shown (i) with respect to an Insurance Subsidiary not legally domiciled in the United States, the shareholders' equity of such Insurance Subsidiary as determined in accordance with GAAP (without regard to the requirements of FAS 115), and (ii) with respect to any other Insurance Subsidiary, on line 25, column 1, page 3 of the Annual Statement of such Insurance Subsidiary, or the sum of amounts determined in a consistent manner for any date other than one as of which an Annual Statement is prepared.

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Statutory Capital and Surplus means, as to any Insurance Subsidiary, the “surplus as regards policyholders” as of the end of each of its fiscal quarters, as reported on line 35, column 1, page 3 of the Annual Statement of such Insurance Subsidiary in the case of calculations made as of the last day of any fiscal year of such Insurance Subsidiary (or, with respect to any Non-U.S. Insurance Subsidiary, such other line, column or page of the Annual Statement as appropriate), or as determined in a consistent manner for any date other than one of which an Annual Statement is prepared.

Statutory Capital and Surplus means, with respect to any Insurance Subsidiary at any time, the capital and surplus of such Insurance Subsidiary at such time, as determined in accordance with SAP ("Liabilities, Surplus and Other Funds" statement, Page 3, Column 1, Line 38 of the Annual Statement).

Examples of Statutory Capital and Surplus 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.
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.
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.
The Company shall not permit the Combined Statutory Capital and Surplus of the Insurance Subsidiaries as of the end of any Fiscal Quarter to be less than $1,270,000,000.
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.

More Definitions of Statutory Capital and Surplus

Statutory Capital and Surplus means, as to any Insurance Subsidiary, the "surplus as regards policyholders" as of the end of each of its fiscal quarters, as reported on line 27, column 1, page 3 of the Annual Statement of such Insurance Subsidiary in the case of calculations made as of the last day of any fiscal year of such Insurance Subsidiary, or as determined in a consistent manner for any date other than one of which an Annual Statement is prepared.

Statutory Capital and Surplus means the amount shown on page 3, line 26, column 1 of the annual statutory financial statements of the Company.

Statutory Capital and Surplus means the value set forth as ‘Total capital and surplus’ in the audited statutory financial statements as of June 30, 2004 of Safeco Life Insurance Company.

Statutory Capital and Surplus means capital and surplus determined in accordance with statutory accounting practices from time to time prescribed or permitted by the Texas Department of Insurance or the National Association of Insurance Commissioners for stock property and casualty insurance companies in Texas.

Statutory Capital and Surplus means, at any time, the amount which is (or would be) set forth under the caption "Total" of common and preferred capital stock and surplus on line 38 of a Convention Statement of CHLIC prepared as of such date.

Statutory Capital and Surplus means, as to any Insurance Subsidiary as of any date, the amount shown on line 38, column 1, page 3, of the 2000 Annual Statement of that Insurance Subsidiary, or the sum of amounts determined in a manner consistent with that contemplated there, for any date other than one as of which an Annual Statement is prepared.

Statutory Capital and Surplus means shareholders' equity under statutory accounting practices.