Surplus Relief definition

Surplus Relief means any reinsurance agreement involving insurance business currently in force which results in a direct increase in capital and surplus in the aggregate in excess of One Hundred Thousand Dollars ($100,000).
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Surplus Relief means, for any Insurance Subsidiary, the resulting after tax increase in Statutory Surplus of such Insurance Subsidiary resulting from entering into a Financial Reinsurance Agreement. As used herein, "Financial Reinsurance Agreement" means a reinsurance agreement covering any transaction in which any Insurance Subsidiary cedes business that does not meet the conditions for reinsurance accounting as provided by the Financial Accounting Standards Board in Statement of Financial Accounting Standards No. 113, as the same may be revised, replaced, or supplemented from time to time.
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Surplus Relief. The use of admitted reinsurance on a portfolio basis to offset unusual drains against policyholders' surplus. The ceding company recaptures equity in unearned premium reserves on the business ceded through the ceding commission allowed by the reinsurer against the gross premiums ceded.
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Examples of Surplus Relief in a sentence

  • The Company shall not permit any Subsidiary to enter into any Surplus Relief treaty.

  • All persons with whom any Insurance Subsidiaries have ceded any obligations with respect to any Reinsurance Agreement or Surplus Relief Reinsurance Agreements have a financial strength rating of "A" or better by A.M. Best.

  • Any additional Surplus Relief Reinsurance Agreements entered into under this Section 9.11(a) shall be with reinsurers having a financial strength rating of “A” or better by A.M. Best.

  • Except as set forth in Schedule 7.27, any Surplus Relief Reinsurance Agreements entered into under this Section 9.14(a) shall be with responsible reinsurers rated "A-" or better by A.M. Best Company.

  • Not, and not permit any Borrower Subsidiary to, enter into, or cause, suffer or permit to exist any arrangement, Reinsurance Agreement, Surplus Relief Reinsurance Agreement or contract with any of its Affiliates.

  • The Insurance Subsidiary is not a party to any existing Surplus Relief Reinsurance Agreement.

  • Any additional Surplus Relief Reinsurance Agreements entered into under this SECTION 9.13(a) shall be with responsible reinsurers having a financial strength rating of "A" or better by A.M. Best.

  • Permit, at the last day of any fiscal quarter of the Borrower, the Surplus Relief Ratio of the Insurance Subsidiaries (taken together) for any period of four consecutive fiscal quarters of the Borrower to exceed 10% of the Surplus of the Insurance Subsidiaries during such period.

  • The Borrower will not, and will not permit Madison or Standard or any of their Subsidiaries to, at any time enter into any Surplus Relief Reinsurance Agreement, other than Surplus Relief Reinsurance Agreements entered F-43 into by Madison or Standard, PROVIDED, HOWEVER, that in any event, the aggregate amount invested in such Surplus Relief Reinsurance Agreements by Madison shall not exceed 15% of Madison Consolidated Statutory Surplus and by Standard shall not exceed 15% of Standard Statutory Surplus.

  • The termination of the Surplus Relief Treaties, as contemplated by Section 5.13(a), shall have been consummated in all respects.


More Definitions of Surplus Relief

Surplus Relief means, for any Regulated Insurance Company, the resulting after tax increase in Statutory Surplus of such Regulated Insurance Company resulting from entering into a Financial Reinsurance Agreement.
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Related to Surplus Relief

  • Accounts Relief means any Relief taken into account in computing and so reducing or eliminating any provision for Tax (including deferred Tax) which appears in the balance sheet in the Completion Accounts or which was taken into account in the Completion Accounts as an asset;

  • General relief means money payments and other forms of relief made to those persons mentioned

  • Bond proceedings means, collectively, this Ordinance, the Certificate of Award and such other proceedings of the City, including the Bonds, that provide collectively for, among other things, the rights of holders and beneficial owners of the Bonds.

  • Advanced practice nurse means a person who holds current certification as nurse practitioner/clinical nurse specialist from the State Board of Nursing.

  • CCAA Proceedings means the proceedings commenced by the Applicant under the CCAA as contemplated by the Initial Order;