(26) cell means all assets, contract rights, and ‘Protected assets’ general intangibles, identified with and attributable to a specific protected cell of a sponsored captive insurance company. (27) cell means all liabilities and other ‘Protected liabilities’ obligations identified with and attributable to a specific protected cell of a sponsored captive insurance company. (2428) captive insurance means a company that ‘Pure company’ insures risks of its parent, affiliated companies, controlled unaffiliated business, or a combination thereof. (2529) reinsurer parent means a reinsurer ‘Qualifying company’ authorized to write reinsurance by this State and that has a consolidated GAAP net worth of not less than five hundred million dollars and consolidated debt to total capital ratio not greater than 0.50. (2630) purpose captive insurance means a ‘Special company’ captive insurance company that is formed or licensed under this chapter that does not meet the definition of any other type of captive insurance company defined in this section. (2731) means an entity that meets the requirements of ‘Sponsor’ Section 3890220 and is approved by the director to provide all or part of the capital and surplus required by applicable law and to organize and operate a sponsored captive insurance company. (2832) captive insurance means a captive ‘Sponsored company’ insurance company: (a) in which the minimum capital and surplus required by applicable law is provided by one or more sponsors; (b) that is formed or licensed under this chapter; (c) that insures the risks of separate participants through the contract segregates liability through one or more protected cells; and (d) that liability through one or segregates each participant’s more protected cells insures the risks of participants through participant contracts. (2933) means the United States Treasury strips ‘Treasury rates’ asked yield as published in the Wall Street Journal as of a balance sheet date.” SECTION 5. Section 389020(F) of the 1976 Code, as last amended by Act 291 of 2004, is further amended to read: A foreign or alien captive insurance company, upon “(F) approval of the director or his designee, may become a domestic captive insurance company by complying with all of the
(26) ‘Protected cell assets’ means all assets, contract rights, and general intangibles, identified with and attributable to a specific protected cell of a sponsored captive insurance company. (27) ‘Protected cell liabilities’ means all liabilities and other obligations identified with and attributable to a specific protected cell of a sponsored captive insurance company. (2428) ‘Pure captive insurance company’ means a company that insures risks of its parent, affiliated companies, controlled unaffiliated business, or a combination thereof. (2529) ‘Qualifying reinsurer parent company’ means a reinsurer authorized to write reinsurance by this State and that has a consolidated GAAP net worth of not less than five hundred million dollars and consolidated debt to total capital ratio not greater than 0.50. (2630) ‘Special purpose captive insurance company’ means a captive insurance company that is formed or licensed under this chapter that does not meet the definition of any other type of captive insurance company defined in this section. (2731) ‘Sponsor’ means an entity that meets the requirements of Section 3890220 and is approved by the director to provide all or part of the capital and surplus required by applicable law and to organize and operate a sponsored captive insurance company. (2832) ‘Sponsored captive insurance company’ means a captive insurance company: (a) in which the minimum capital and surplus required by applicable law is provided by one or more sponsors; (b) that is formed or licensed under this chapter; (c) that insures the risks of separate participants through the contract segregates liability through one or more protected cells; and (d) that segregates each participant’s liability through one or more protected cells insures the risks of participants through participant contracts. (2933) ‘Treasury rates’ means the United States Treasury strips asked yield as published in the Wall Street Journal as of a balance sheet date.” SECTION 5. Section 389020(F) of the 1976 Code, as last amended by Act 291 of 2004, is further amended to read: “(F) A foreign or alien captive insurance company, upon approval of the director or his designee, may become a domestic captive insurance company by complying with all of the
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