Bermuda Insurance Act definition

Bermuda Insurance Act means the Insurance Act 1978 of Bermuda (as amended).
Bermuda Insurance Act means the Bermuda Insurance Xxx 0000, as amended, and the rules and regulations promulgated thereunder.
Bermuda Insurance Act the Insurance Act 1978 and related regulations, each as amended;

Examples of Bermuda Insurance Act in a sentence

  • VMCIC is registered under the Bermuda Insurance Act of 1978 and related regulations (the “Act”) and is obligated to comply with various provisions of the Act regarding minimum levels of solvency and liquidity.

  • The Company is licensed under the Bermuda Insurance Act 1978, amendments thereto and related regulations, to write general business as a Class 4 insurer and commenced operations on November 20, 2001, providing a broad range of insurance and reinsurance products on a worldwide basis.

  • Healthstar was registered as a Class 1 Insurer, as defined under The Bermuda Insurance Act of 1978, effective October 9, 2003.

  • The Company is registered under the Bermuda Insurance Act 1978, and Related Regulations (the Act), and is obligated to comply with various provisions of the Act regarding solvency, and liquidity.

  • The parent’s guaranty was essential in order for Legacy to secure an exception from this rule.Second, the parent subsequently issued an all-purpose guaranty by which it agreed to hold Legacy harmless for its liabilities under the Bermuda Insurance Act up to $25 million.

  • In recent years the BMA has introduced a number of changes to the Bermuda Insurance Act, such as allowing the BMA to prescribe standards for an enhanced capital requirement and a capital and solvency return that insurers and reinsurers must comply with.

  • Cl. at 49-50.Third, RAC guaranteed Legacy’s “liabilities under the Act [(i.e., the Bermuda Insurance Act and related regulations)]”, pursuant to which Legacy was required to maintain “certain solvency and liquidity margins”.

  • The Bermuda Insurance Act requires that AORE maintain (among other things) minimum levels of solvency and liquidity.

  • The Company is registered under the Bermuda Insurance Act 1978, amendments thereto and related regulations which require that the Company maintain minimum levels of solvency and liquidity.

  • Pursuant to the Bermuda Insurance Act, an insurance company mustmaintain a minimum solvency margin.


More Definitions of Bermuda Insurance Act

Bermuda Insurance Act means the Xxxxxxx Xxxxxxxxx Xxx 0000 and related regulations; “BMA” means the Bermuda Monetary Authority or any successor or replacement body(ies); “Books and Records” has its common law meaning and includes, without limitation, all notices, correspondence, orders, inquiries, drawings, plans, books of account and other documents and all computer disks or tapes or other machine legible programmes or other records; “Business” means the business of owning, managing and operating an underwriting business at Lloyd’s and through a Bermuda (re)insurance company and anything incidental thereto or connected therewith, including the distribution of products to insureds or intermediaries as carried on by the Group; “Business Day” means a day on which banks are open for normal banking business in the City of London and in the State of New York and in Bermuda (excluding Saturdays and Sundays); “Bye-laws” means the amended and restated bye-laws of the Company (in the agreed form) to be adopted by the Company on Completion and, once adopted, those Bye-laws as amended from time to time and any reference to a “Bye-law” shall be to a Bye-law of the Bye-laws of the Company; “C1 Ordinary Shares” means C1 Ordinary Shares of US$0.10 each in the capital of the Company and having the rights set out in the Bye-laws; “C2 Ordinary Shares” means C2 Ordinary Shares of US$0.10 each in the capital of the Company and having the rights set out in the Bye-laws; “Company’s Accountants” means a firm of accountants selected by the Company; “Company’s Solicitors” means Xxxxxxx Xxxx & Xxxxxxxxx (UK) LLP of CityPoint, 0 Xxxxxxxxx Xxxxxx, Xxxxxx, XX0X 0XX; “Company Warranties” means the warranties set out in Part A of Schedule 4; “Completion” means completion of: (i) the subscription by the Investor of the Subscription Shares, and the allotment and issue of the Subscription Shares to the Investor; and (ii) the sale and purchase of the Sale Shares, in each case in accordance with Clause 6;
Bermuda Insurance Act means the Insurance Act 1978 of Bermuda and its related rules and regulations, each as

Related to Bermuda Insurance Act

  • Insurance Act means the Insurance Act, 1938;

  • Flood Insurance Regulations means (i) the National Flood Insurance Act of 1968 as now or hereafter in effect or any successor statute thereto, (ii) the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statue thereto, (iii) the National Flood Insurance Reform Act of 1994 (amending 42 USC 4001, et seq.), as the same may be amended or recodified from time to time, and (iv) the Flood Insurance Reform Act of 2004 and any regulations promulgated thereunder.

  • Flood Insurance Laws means, collectively, (i) the National Flood Insurance Act of 1968 as now or hereafter in effect or any successor statute thereto, (ii) the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statue thereto, (iii) the National Flood Insurance Reform Act of 1994 as now or hereafter in effect or any successor statute thereto and (iv) the Flood Insurance Reform Act of 2004 as now or hereafter in effect or any successor statute thereto.

  • FDI Act means the Federal Deposit Insurance Act and the regulations promulgated thereunder.

  • Federal Reserve Act means the Federal Reserve Act, as amended.

  • Credit unemployment insurance means insurance:

  • Flood Insurance means the insurance coverage provided under the National Flood Insurance Program.

  • In-Orbit Insurance means, with respect to any Satellite (or, if the entire Satellite is not owned by the Issuer or any Restricted Subsidiary, as the case may be, the portion of the Satellite it owns or for which it has risk of loss), insurance (subject to a right of co-insurance in an amount up to $150.0 million) or other contractual arrangement providing for coverage against the risk of loss of or damage to such Satellite (or portion, as applicable) attaching upon the expiration of the launch insurance therefor (or, if launch insurance is not procured, upon the initial completion of in-orbit testing) and attaching, during the commercial in-orbit service of such Satellite (or portion, as applicable), upon the expiration of the immediately preceding corresponding policy or other contractual arrangement, as the case may be, subject to the terms and conditions set forth in this Indenture.

  • Insurance Regulator any Person charged with the administration, oversight or enforcement of any Insurance Regulation.

  • 1990 Act means the Companies Act 1990.

  • Insurance Authority means the Insurance Authority of Hong Kong established pursuant to section 4AAA of the Insurance Ordinance.

  • FDIA means the Federal Deposit Insurance Act, as amended.

  • Insurance Administration means, with respect to each Shared Policy, the accounting for premiums, retrospectively-rated premiums, defense costs, indemnity payments, deductibles and retentions, as appropriate, under the terms and conditions of each of the Shared Policies; and the reporting to excess insurance carriers of any losses or claims which may cause the per-occurrence, per claim or aggregate limits of any Shared Policy to be exceeded, and the distribution of Insurance Proceeds as contemplated by this Agreement.

  • Insurance Laws means all Laws applicable to the business of insurance or the regulation of insurance companies.

  • Society Act means the Society Act of the Province of British Columbia from time to time in force and all amendments to it;

  • Blanket insurance policy means a group policy covering a defined class of

  • Charter Act The Federal National Mortgage Association Charter Act (12 U.S.C. § 1716 et seq.), as amended and in effect from time to time.

  • FHA Insurance The contractual obligation of FHA respecting the insurance of an FHA Loan pursuant to the National Housing Act, as amended.

  • Flood Insurance Rate Map means the most recent flood hazard map published by the Federal Emergency Management Agency under the National Flood Insurance Act of 1968 (42 U.S.C. Section 4001 et seq.).

  • Insurance Account shall have the meaning set forth in Section 8.6 hereof.

  • Air Act, as used in this clause, means the Clean Air Act (42 U.S.C. 7401 et seq.).

  • insurance agent means, subject to subsection (2), any person who for any compensation and through any medium does one or more of the following:

  • Federal Flood Insurance means federally backed Flood Insurance available under the National Flood Insurance Program to owners of real property improvements located in Special Flood Hazard Areas in a community participating in the National Flood Insurance Program.

  • Hazard Insurance A fire and casualty extended coverage insurance policy insuring against loss or damage from fire and other perils covered within the scope of standard extended hazard coverage naming the Servicer, its successors and assigns, as a mortgagee under a standard mortgagee clause, together with all riders and endorsements thereto.

  • Unemployment Insurance means the contribution required of Vendor, as an employer, in respect of, and measured by, the wages of its employees (or subcontractors) as required by any applicable federal, state or local unemployment insurance law or regulation.

  • National Flood Insurance Program means the program created by the U.S. Congress pursuant to the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973, as revised by the National Flood Insurance Reform Act of 1994, that mandates the purchase of flood insurance to cover real property improvements located in Special Flood Hazard Areas in participating communities and provides protection to property owners through a Federal insurance program.