Statutory Surplus definition

Statutory Surplus means, with respect to any Insurance Subsidiary at any time, the statutory capital and surplus of such Insurance Subsidiary at such time, as determined in accordance with SAP ("Liabilities, Surplus and Other Funds" statement, page 3, line 25 of the Annual Statement for the 1995 Fiscal Year entitled "Surplus as Regards Policyholders").

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Statutory Surplus means, as at any date, with respect to an insurance company domiciled in the United States, the aggregate amount of surplus as regards policyholders (determined without duplication in accordance with SAP) of such insurance company, as set forth on page 3, line 38, of the most recent Statutory Statement of such insurance company (or equivalent page, line, or statement, to the extent that any thereof is modified or replaced).

Statutory Surplus means, with respect to any Insurance Subsidiary at any time, the total amount shown as “surplus as regards policyholders” on line 35, page 3, column 1 of the Annual Statement of such Insurance Subsidiary or, for any date other than a date as of which an Annual Statement of such Insurance Subsidiary is prepared, the amount of “surplus as regards policyholders” determined in a manner consistent with the preparation of its Annual Statement

Examples of Statutory Surplus in a sentence

• The Borrower shall maintain or cause to be maintained at all times the Statutory Surplus of each of its Insurance Subsidiaries in an amount equal to or greater than the sum of (i) the Statutory Surplus required under applicable law for such Insurance Subsidiary, plus (ii) $1,000,000.

• For purposes of this Agreement, Consumers' Net Statutory Surplus shall mean (x) the total statutory capital and surplus of Consumers Life Insurance Company ("CLI"), as reported in statutory statements reported to state regulatory authorities, plus (y) the asset valuation reserve and interest maintenance reserve of CLI and each of its subsidiaries.

• The Borrower shall not permit the Statutory Surplus of the Insurance Subsidiaries (on a consolidated basis) at any time to be less than $1,500,000,000.

• Nationwide Mutual will not permit its Statutory Surplus, determined as at the end of each fiscal quarter of Nationwide Mutual, to be less than (a) $4.6 billion at any time prior to the AMH Acquisition and (b) $3.6 billion at any time on or after the consummation of the AMH Acquisition.

• However, the Cession Percentage may be reduced to a minimum cession percentage of 25% (twenty five percent) for each quarter starting with the calendar quarter beginning July 1, 2004 and only if the Company has increased its December 31, 2003 Statutory Surplus Level by more than 20% (twenty percent) on or before June 30, 2004.

More Definitions of Statutory Surplus

Statutory Surplus as to any Regulated Insurance Company at any time, the aggregate amount of surplus as regards policyholders of such Regulated Insurance Company at such time (as determined in accordance with SAP), as set forth on page 3, line 37, column 1 of the most recent Statutory Statement of such Regulated Insurance Company (or equivalent page, line or statement, to the extent that any thereof is modified or replaced) or equivalent form in the applicable jurisdiction in which such Regulated Insurance Company operates.

Statutory Surplus of any Person shall mean the statutory surplus of such Person computed in the manner required for page 3, column 1, line 25 of its annual statement of condition and affairs prepared in accordance with SAP.

Statutory Surplus means the total amount reported on line 27, page 3, column 1 of the Annual Statement, or an amount determined in a consistent manner in accordance with Statutory Accounting Principles for any date other than one as of which an Annual Statement is prepared. Notwithstanding the foregoing, if the format of the Annual Statement is changed in future years so that different information is contained in such line or such line no longer exists, it is understood that the foregoing shall refer to information consistent with that reported on the referenced line in the 1998 Annual Statement.

Statutory Surplus means, for any Insurance Subsidiary and its Subsidiaries, the “Total Adjusted Capital” (as defined by the NAIC) of such Insurance Subsidiary or Insurance Subsidiaries (as the case may be).

Statutory Surplus means, with respect to (a) Nationwide Mutual at any time, the surplus as regards policyholders of Nationwide Mutual at such time, as determined in accordance with SAP (“Liabilities, Surplus and Other Funds” statement, page 3, line 35 of the Annual Statement) based upon its most recently filed Quarterly Statement and (b) Nationwide Life at any time, the statutory capital and surplus of Nationwide Life at such time, as determined in accordance with SAP (“Liabilities, Surplus and Other Funds” statement, page 3, line 38 of the Annual Statement) based upon its most recently filed Quarterly Statement.

Statutory Surplus means, with respect to any of the Regulated Entities, the amount of such Company's surplus determined in accordance with SAP.

Statutory Surplus means, with respect any Insurance Subsidiary, the surplus as to policyholders of such Insurance Subsidiary as determined pursuant to SAP.