Statutory Net Income definition

Statutory Net Income means, for any period, the net income of an Insurance Subsidiary determined in accordance with SAP.

Statutory Net Income means, with respect to any Insurance Subsidiary for any computation period, the net income earned by such Insurance Subsidiary during such period, as determined in accordance with SAP (“Underwriting and Investment Exhibit, Statement of Income” statement, Page 4, Line 20 of the Annual Statement).

Statutory Net Income means, for any period the net income of each Insurance Subsidiary of the Borrower that appears, or should appear, on the SAP Financial Statements. On the respective annual SAP Financial Statements form for each Insurance Subsidiary for the year ended December 31, 1993, the net income amount appears on line 16, column (1) on page 4 thereof.

Examples of Statutory Net Income in a sentence

• As of the end of any fiscal quarter, permit the Statutory Surplus of Donegal Mutual to be less than an amount equal to the sum of (a) $60,000,000 plus (b) 50% of any positive Statutory Net Income of Donegal Mutual for each fiscal quarter following the fiscal quarter ended December 31, 1994.

• Not permit the Statutory Surplus for Kinsale Insurance as of the last day of any Fiscal Quarter, commencing with the Fiscal Quarter ending June 30, 2016, to be less than (a) 90% of the Statutory Surplus for Kinsale Insurance as of March 31, 2016 plus (b) 50% of the Statutory Net Income of Kinsale Insurance for each Fiscal Quarter ending after March 31, 2016.

• The Borrower shall not permit the Borrower Statutory Surplus to be less than an amount equal to the sum of (a) $750,000,000 plus (b) 25% of Borrower Statutory Net Income earned in each calendar year commencing with the calendar year ending December 31, 2008.

• The income allowed for the credit calculation is limited to the income actually taxed by Philadelphia after all adjustments, including the Statutory Net Income Deduction and Loss Carry Forward Deduction.Taxes paid based on gross receipts do not qualify for the credit.

• Statutory Net Income (Loss)For the Years Ended December 31,2019 2018Combined statutory net income (loss) $ 488 $ (126) Statutory CapitalFor the Years Ended December 31,2019 2018Statutory capital [1] $ 3,194 $ 3,713[1] The Company relies upon a prescribed practice allowed by Connecticut state laws that allow the Company to receive a reinsurance reserve credit for reinsurance treaties that provide for a limited right of unilateral cancellation by the reinsurer.

More Definitions of Statutory Net Income

Statutory Net Income with respect to the Insurance Subsidiaries for any period, the consolidated statutory net income of the Insurance Subsidiaries for such period computed in accordance with SAP and consistent with that reported on line 16, page 4, column 1 of the Summary of Operations Statement in the Annual Statement.

Statutory Net Income means net income as determined in accordance with SAP made applicable to the Operating Subsidiaries under applicable insurance regulatory laws.

Statutory Net Income means, with respect to the Insurance Subsidiaries for any period, the consolidated statutory net income of the Insurance Subsidiaries for such period computed in accordance with SAP and consistent with that reported on line 16, page 4, column 1 of the Summary of Operations Statement in the Annual Statement.

Statutory Net Income means net income as determined in accordance with statutory accounting principles made applicable to the Operating Subsidiaries under applicable insurance regulatory laws.

Statutory Net Income means, for any period with respect to any Insurance Subsidiary, the statutory net income of such Insurance Subsidiary, computed in accordance with SAP and as set forth on line 33 of the Summary of Operations in the Annual Statement or the Quarterly Statement of such Insurance Subsidiary most recently delivered to the Administrative Agent and the Lenders pursuant to Section 5.04, or, if such statement shall be modified, the equivalent item on any applicable successor form.

Statutory Net Income means, with respect to RECO for any period, the amount shown on line 16, page 4, column 1 of the Annual Statement of RECO for such period, or the amount determined in a consistent manner for any period other than a period for which an Annual Statement of RECO is prepared.

Statutory Net Income means, for any period, the net income of an Insurance Subsidiary determined in accordance with SAP. "Sub-Class" (a) when used with respect to Banks, refers to whether such Banks are Tranche A-1 Banks, Tranche A-2 Banks, Tranche A-3 Banks, Tranche B-1 Bxxxx, Xxxxxxx X-0 Xxxxx xx Xxxxxxx X-0 Xxxxx xxx (x) xxxx xxxx xxxx respect to Loans or a Borrowing, refers to whether such Loans, or the Loans comprising such Borrowing, are Tranche A-1 Term Loans, Tranche A-2 Term Loans, Tranche A-3 Term Loans, Tranche B-1 Term Loans, Tranche B-2 Term Loans or Tranche B-3 Term Loans.