Tier 1 Insurer definition
Tier 1 Insurer means, on any date of determination, applying, if applicable, the Split Rating Determination Methodology, an insurer that has a then current (i) claims-paying ability rating, if available, otherwise a senior unsecured rating, from Standard and Poor's of at least A- and/or (ii) insurance financial strength rating, if available, otherwise a senior unsecured rating, from Moody's of at least A3.
Tier 1 Insurer means as of any date of determination, an insurance carrier which has a then current (i) claims-paying ability rating from Standard & Poor's of at least A-, but below AAA and (ii) insurance financial strength rating from Moody's of at least A3, but below Aaa; provided, however, in the event an insurance carrier has a split rating from Standard & Poor's and Moody's, the lower of the two ratings will govern for purposes of determining whether such insurance carrier is a Tier 1 Insurer.
Tier 1 Insurer means, as of any date of determination, applying, if applicable, the Split Rating Determination Methodology, an insurance carrier that has a then current (i) claims-paying ability rating, if available, or otherwise an unsecured rating, from Standard & Poor's of at least A- and/or (ii) insurance financial strength rating, if available, or otherwise an unsecured rating, from Moody's of at least A3.