As used in this chapter, unless the context requires otherwise:
(1) Affiliated company means:
(A) Any company that directly or indirectly controls, or holds with power to vote ten percent (10%) or more of the outstanding voting securities of, a pure captive insurance company; and
(B) Any company ten percent (10%) or more of whose outstanding voting securities are owned, controlled or held with power to vote, directly or indirectly, by a parent or a member organization;
(2) Associated company means any company in the same corporate system as a parent or an affiliated company of the parent by virtue of common control, operation or management;
(3) Association means any association of individuals, corporations, partnerships or associations that has been in existence for one (1) year; provided, that the commissioner may waive the one-year period of existence if:
(A) The member organizations of the association and the association, directly or indirectly, own or control a captive insurance company formed under the laws of another jurisdiction that has been in existence for one (1) year and was formed to insure the risks, hazards and liabilities of the member organizations;
(B) Each member organization of the association to be insured by the association captive insurance company during its first year of existence has insurance premiums payable to the association captive insurance company for the first year that, when combined with the member's capital and surplus contributions to the member's capital, exceed one hundred thousand dollars ($100,000); or
(C) Each member organization of the association is either:
(i) A not-for-profit corporation, nonprofit association, or similar nonprofit organization;
(ii) An entity or organization exempt from taxation under § 501(c) of the Internal Revenue Code, compiled in 26 U.S.C. § 501(c); or
(iii) A municipality, metropolitan government, county, authority, utility district or other public body generally classified as a governmental body or governmental entity, whether organized by private act or public act of the general assembly, or any agency, board, or commission of any municipality, metropolitan government, county, authority, utility district or other public body generally classified as a governmental body or governmental entity. This subdivision (3)(C)(iii) shall be liberally construed;
(4) Association captive insurance company means any domestic insurance company licensed under this chapter for the purpose of making insurance and reinsurance as provided in §§ 56-13-103 and 56-13-104, all of the outstanding voting securities of which are collectively owned, controlled, or held with power to vote, directly or indirectly, by either an association or the member organizations of the association, or by both;
(5) Captive insurance company means any pure captive insurance company, any mutual captive insurance company, any industrial insured captive insurance company and any association captive insurance company;
(6) Commissioner means the commissioner of commerce and insurance, the commissioner's designees, or the department of commerce and insurance, as may be appropriate;
(7) Held in trust means held in cash or securities pursuant to a trust instrument, approved by the commissioner, by a bank or a trust company with at least one hundred million dollars ($100,000,000) in assets or any branch of the bank or trust company, or, with the approval of the commissioner, by any other institution, in cash or securities complying with § 56-13-121, or other securities, substantially equivalent to one hundred million dollars ($100,000,000) in assets, as approved by the commissioner;
(8) Industrial insured means an insured:
(A) That procures the insurance of any risk or risks by use of the services of a full-time employee acting as an insurance manager or buyer;
(B) Whose aggregate annual premiums for insurance on all risks total at least twenty-five thousand dollars ($25,000); and
(C) That has at least twenty-five (25) full-time employees;
(9) Industrial insured captive insurance company means any company that insures risks of the industrial insureds that comprise the industrial insured group, and their affiliated companies;
(10) Industrial insured group means any group of industrial insureds that collectively:
(A) Owns, controls, or holds with power to vote all of the outstanding voting securities of an industrial insured captive insurance company incorporated as a stock insurer; or
(B) Has complete voting control over an industrial insured captive insurance company incorporated as a mutual insurer;
(11) Member organization means any individual, corporation, partnership, or association that belongs to an association;
(12) Mutual captive insurance company means any domestic insurance company licensed under this chapter for the purpose of making insurance and reinsurance as provided in §§ 56-13-103 and 56-13-104, organized on a mutual basis by the membership of an association;
(13) Parent means a corporation, partnership, or individual that directly or indirectly owns, controls or holds with power to vote more than fifty percent (50%) of the outstanding voting securities of a pure captive insurance company, an association or a member organization of an association; and
(14) Pure captive insurance company means any domestic insurance company licensed under this chapter for the purpose of making insurance and reinsurance as provided in §§ 56-13-103 and 56-13-104, that has a parent.
As used in this chapter, unless the context requires otherwise:
(1) Affiliated company means:
(A) Any company that directly or indirectly controls, or holds with power to vote ten percent (10%) or more of the outstanding voting securities of, a pure captive insurance company; and
(B) Any company ten percent (10%) or more of whose outstanding voting securities are owned, controlled or held with power to vote, directly or indirectly, by a parent or a member organization;
(2) Associated company means any company in the same corporate system as a parent or an affiliated company of the parent by virtue of common control, operation or management;
(3) Association means any association of individuals, corporations, partnerships or associations that has been in existence for one (1) year; provided, that the commissioner may waive the one-year period of existence if:
(A) The member organizations of the association and the association, directly or indirectly, own or control a captive insurance company formed under the laws of another jurisdiction that has been in existence for one (1) year and was formed to insure the risks, hazards and liabilities of the member organizations;
(B) Each member organization of the association to be insured by the association captive insurance company during its first year of existence has insurance premiums payable to the association captive insurance company for the first year that, when combined with the member's capital and surplus contributions to the member's capital, exceed one hundred thousand dollars ($100,000); or
(C) Each member organization of the association is either:
(i) A not-for-profit corporation, nonprofit association, or similar nonprofit organization;
(ii) An entity or organization exempt from taxation under § 501(c) of the Internal Revenue Code, compiled in 26 U.S.C. § 501(c); or
(iii) A municipality, metropolitan government, county, authority, utility district or other public body generally classified as a governmental body or governmental entity, whether organized by private act or public act of the general assembly, or any agency, board, or commission of any municipality, metropolitan government, county, authority, utility district or other public body generally classified as a governmental body or governmental entity. This subdivision (3)(C)(iii) shall be liberally construed;
(4) Association captive insurance company means any domestic insurance company licensed under this chapter for the purpose of making insurance and reinsurance as provided in §§ 56-13-103 and 56-13-104, all of the outstanding voting securities of which are collectively owned, controlled, or held with power to vote, directly or indirectly, by either an association or the member organizations of the association, or by both;
(5) Captive insurance company means any pure captive insurance company, any mutual captive insurance company, any industrial insured captive insurance company and any association captive insurance company;
(6) Commissioner means the commissioner of commerce and insurance, the commissioner's designees, or the department of commerce and insurance, as may be appropriate;
(7) Held in trust means held in cash or securities pursuant to a trust instrument, approved by the commissioner, by a bank or a trust company with at least one hundred million dollars ($100,000,000) in assets or any branch of the bank or trust company, or, with the approval of the commissioner, by any other institution, in cash or securities complying with § 56-13-121, or other securities, substantially equivalent to one hundred million dollars ($100,000,000) in assets, as approved by the commissioner;
(8) Industrial insured means an insured:
(A) That procures the insurance of any risk or risks by use of the services of a full-time employee acting as an insurance manager or buyer;
(B) Whose aggregate annual premiums for insurance on all risks total at least twenty-five thousand dollars ($25,000); and
(C) That has at least twenty-five (25) full-time employees;
(9) Industrial insured captive insurance company means any company that insures risks of the industrial insureds that comprise the industrial insured group, and their affiliated companies;
(10) Industrial insured group means any group of industrial insureds that collectively:
(A) Owns, controls, or holds with power to vote all of the outstanding voting securities of an industrial insured captive insurance company incorporated as a stock insurer; or
(B) Has complete voting control over an industrial insured captive insurance company incorporated as a mutual insurer;
(11) Member organization means any individual, corporation, partnership, or association that belongs to an association;
(12) Mutual captive insurance company means any domestic insurance company licensed under this chapter for the purpose of making insurance and reinsurance as provided in §§ 56-13-103 and 56-13-104, organized on a mutual basis by the membership of an association;
(13) Parent means a corporation, partnership, or individual that directly or indirectly owns, controls or holds with power to vote more than fifty percent (50%) of the outstanding voting securities of a pure captive insurance company, an association or a member organization of an association; and
(14) Pure captive insurance company means any domestic insurance company licensed under this chapter for the purpose of making insurance and reinsurance as provided in §§ 56-13-103 and 56-13-104, that has a parent.
As used in this chapter, unless the context requires otherwise:
(1) Affiliated company means:
(A) Any company that directly or indirectly controls, or holds with power to vote ten percent (10%) or more of the outstanding voting securities of, a pure captive insurance company; and
(B) Any company ten percent (10%) or more of whose outstanding voting securities are owned, controlled or held with power to vote, directly or indirectly, by a parent or a member organization;
(2) Associated company means any company in the same corporate system as a parent or an affiliated company of the parent by virtue of common control, operation or management;
(3) Association means any association of individuals, corporations, partnerships or associations that has been in existence for one (1) year; provided, that the commissioner may waive the one-year period of existence if:
(A) The member organizations of the association and the association, directly or indirectly, own or control a captive insurance company formed under the laws of another jurisdiction that has been in existence for one (1) year and was formed to insure the risks, hazards and liabilities of the member organizations;
(B) Each member organization of the association to be insured by the association captive insurance company during its first year of existence has insurance premiums payable to the association captive insurance company for the first year that, when combined with the member's capital and surplus contributions to the member's capital, exceed one hundred thousand dollars ($100,000); or
(C) Each member organization of the association is either:
(i) A not-for-profit corporation, nonprofit association, or similar nonprofit organization;
(ii) An entity or organization exempt from taxation under § 501(c) of the Internal Revenue Code, compiled in 26 U.S.C. § 501(c); or
(iii) A municipality, metropolitan government, county, authority, utility district or other public body generally classified as a governmental body or governmental entity, whether organized by private act or public act of the general assembly, or any agency, board, or commission of any municipality, metropolitan government, county, authority, utility district or other public body generally classified as a governmental body or governmental entity. This subdivision (3)(C)(iii) shall be liberally construed;
(4) Association captive insurance company means any domestic insurance company licensed under this chapter for the purpose of making insurance and reinsurance as provided in §§ 56-13-103 and 56-13-104, all of the outstanding voting securities of which are collectively owned, controlled, or held with power to vote, directly or indirectly, by either an association or the member organizations of the association, or by both;
(5) Captive insurance company means any pure captive insurance company, any mutual captive insurance company, any industrial insured captive insurance company and any association captive insurance company;
(6) Commissioner means the commissioner of commerce and insurance, the commissioner's designees, or the department of commerce and insurance, as may be appropriate;
(7) Held in trust means held in cash or securities pursuant to a trust instrument, approved by the commissioner, by a bank or a trust company with at least one hundred million dollars ($100,000,000) in assets or any branch of the bank or trust company, or, with the approval of the commissioner, by any other institution, in cash or securities complying with § 56-13-121, or other securities, substantially equivalent to one hundred million dollars ($100,000,000) in assets, as approved by the commissioner;
(8) Industrial insured means an insured:
(A) That procures the insurance of any risk or risks by use of the services of a full-time employee acting as an insurance manager or buyer;
(B) Whose aggregate annual premiums for insurance on all risks total at least twenty-five thousand dollars ($25,000); and
(C) That has at least twenty-five (25) full-time employees;
(9) Industrial insured captive insurance company means any company that insures risks of the industrial insureds that comprise the industrial insured group, and their affiliated companies;
(10) Industrial insured group means any group of industrial insureds that collectively:
(A) Owns, controls, or holds with power to vote all of the outstanding voting securities of an industrial insured captive insurance company incorporated as a stock insurer; or
(B) Has complete voting control over an industrial insured captive insurance company incorporated as a mutual insurer;
(11) Member organization means any individual, corporation, partnership, or association that belongs to an association;
(12) Mutual captive insurance company means any domestic insurance company licensed under this chapter for the purpose of making insurance and reinsurance as provided in §§ 56-13-103 and 56-13-104, organized on a mutual basis by the membership of an association;
(13) Parent means a corporation, partnership, or individual that directly or indirectly owns, controls or holds with power to vote more than fifty percent (50%) of the outstanding voting securities of a pure captive insurance company, an association or a member organization of an association; and
(14) Pure captive insurance company means any domestic insurance company licensed under this chapter for the purpose of making insurance and reinsurance as provided in §§ 56-13-103 and 56-13-104, that has a parent.
