§431:19-101 Definitions. As used in this article:

"Affiliated company" means any company in the same corporate system as a parent or a member organization by virtue of common ownership, control, operation, or management, or, in the case of a pure captive insurance company, that maintains a working relationship with, and whose business risks insured by the pure captive insurance company are similar or related to the business risks of, the parent insured by the pure captive insurance company.

"Association" means any legal association of individuals, corporations, partnerships, or associations, except labor organizations, the member organizations of which collectively:

"Association captive insurance company" means any company that insures risks of the member organizations of the association, and their affiliated companies.

"Branch captive insurance company" means an outside captive insurance company licensed under this article by the commissioner to transact the business of insurance in this State through a business unit that has its principal place of business in this State.

"Captive insurance company" means a class 1, class 2, class 3, class 4, or class 5 captive insurance company formed or licensed under this article.

"Leased capital facility" means a limited membership insurance company formed as a class 4 company under this article that insures the risks of its members, but whose owner or owners may, subject to approval of the commissioner, be persons or entities other than the members.

"Member organization" means any individual, corporation, partnership, or association that belongs to an association.

"Outside captive insurance company" means an insurance company licensed under the laws of a jurisdiction other than this State and not otherwise admitted to do business as an insurance company in this State, that insures the risks of its parent or any affiliated companies.

"Parent" means a corporation, partnership or individual that directly or indirectly owns, controls or holds with power to vote more than fifty per cent of the outstanding voting securities of a pure captive insurance company.

"Pure captive insurance company" means any company that only insures or reinsures risks of its parent and affiliated companies.

"Pure nonprofit captive insurance company" means a pure captive insurance company formed without capital stock as a nonprofit corporation under chapter 415B, whose voting of membership interest is held by a parent organization formed under a nonprofit law or by such nonprofit parent and its affiliated companies.

"Risk retention captive insurance company" means a captive insurance company which is formed as a "risk retention group" as defined in chapter 431K. [L 1987, c 347, pt of §2; am L 1988, c 187, §8; am L 1989, c 207, §15; am L 1992, c 108, §2; am L 1996, c 248, §1; am L 1998, c 150, §2; am L 1999, 302, §2; am L 2000, c 36, §2 and c 133, §1]