389010. As used in this chapter, unless the context “Section requires otherwise: (1) captive insurance means an insurance ‘Alien company’ company formed to write insurance business for its parents and affiliates and licensed pursuant to the laws of an alien jurisdiction which imposes statutory or regulatory standards in a form acceptable to the director on companies transacting the business of insurance in such jurisdiction. (2) means a company in the same ‘Affiliated company’ corporate system as a parent, an industrial insured, or a member organization by virtue of common ownership, control, operation, or management. (3) means a legal association of individuals, ‘Association’ corporations, limited liability companies, partnerships, political subdivisions, or associations that has been in continuous existence for at least one year: (a) the member organizations of which collectively, or which does itself: (i) own, control, or hold with power to vote all of the outstanding voting securities of an association captive insurance company incorporated as a stock insurer or organized as a limited liability company; or (ii) have complete voting control over an association captive insurance company organized as a mutual insurer; or (b) the member organizations of which collectively constitute all of the subscribers of an association captive insurance company formed as a reciprocal insurer. (4) captive insurance means a company ‘Association company’ that insures risks of the member organizations of the association and their affiliated companies. (5) means any insurance business transacted ‘Branch business’ by a branch captive insurance company in this State. (6) captive insurance means an alien captive ‘Branch company’ insurance company licensed by the director to transact the business of insurance in this State through a business unit with a principal place of business in this State. (7) means any business operations of a ‘Branch operations’ branch captive insurance company in this State. (8) insurance means a pure captive ‘Captive company’ insurance company, association captive insurance company, captive reinsurance company, sponsored captive insurance company, special purpose captive insurance company, or industrial insured captive insurance company formed or licensed under this
“Section 389010. As used in this chapter, unless the context requires otherwise: (1) ‘Alien captive insurance company’ means an insurance company formed to write insurance business for its parents and affiliates and licensed pursuant to the laws of an alien jurisdiction which imposes statutory or regulatory standards in a form acceptable to the director on companies transacting the business of insurance in such jurisdiction. (2) ‘Affiliated company’ means a company in the same corporate system as a parent, an industrial insured, or a member organization by virtue of common ownership, control, operation, or management. (3) ‘Association’ means a legal association of individuals, corporations, limited liability companies, partnerships, political subdivisions, or associations that has been in continuous existence for at least one year: (a) the member organizations of which collectively, or which does itself: (i) own, control, or hold with power to vote all of the outstanding voting securities of an association captive insurance company incorporated as a stock insurer or organized as a limited liability company; or (ii) have complete voting control over an association captive insurance company organized as a mutual insurer; or (b) the member organizations of which collectively constitute all of the subscribers of an association captive insurance company formed as a reciprocal insurer. (4) ‘Association captive insurance company’ means a company that insures risks of the member organizations of the association and their affiliated companies. (5) ‘Branch business’ means any insurance business transacted by a branch captive insurance company in this State. (6) ‘Branch captive insurance company’ means an alien captive insurance company licensed by the director to transact the business of insurance in this State through a business unit with a principal place of business in this State. (7) ‘Branch operations’ means any business operations of a branch captive insurance company in this State. (8) ‘Captive insurance company’ means a pure captive insurance company, association captive insurance company, captive reinsurance company, sponsored captive insurance company, special purpose captive insurance company, or industrial insured captive insurance company formed or licensed under this
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