chapter. For purposes of this chapter, a branch captive insurance company must be a pure captive insurance company with respect to operations in this State, unless otherwise permitted by the director. (9) reinsurance means a reinsurance ‘Captive company’ company that is formed or licensed pursuant to this chapter and is wholly owned by a qualifying reinsurance parent company. A captive reinsurance company is a stock corporation. (10) debt to total capital means the ratio of ‘Consolidated ratio’ the sum of (a) all debts and hybrid capital instruments including, but not limited to, all borrowings from banks, all senior debt, all subordinated debts, all trust preferred shares, and all other hybrid capital instruments that are not included in the determination of consolidated GAAP net worth issued and outstanding to (b) total capital, consisting of all debts and hybrid capital instruments as described in subitem (a) plus equity determined in owners’ accordance with GAAP for reporting to the United States Securities and Exchange Commission. (11) GAAP net means the consolidated ‘Consolidated worth’ equity determined in accordance with GAAP for reporting owners’ to the United States Securities and Exchange Commission. (12) unaffiliated means a company: ‘Controlled business’ (a) that is not in the corporate system of a parent and affiliated companies; (b) that has an existing contractual relationship with a parent or affiliated company; and (c) whose risks are managed by a captive insurance company in accordance with Section 3890190. (13) means the Director of the South Carolina ‘Director’ Department of Insurance or the designee. director’s (14) means the South Carolina Department of ‘Department’ Insurance. (15) means generally accepted accounting principles. ‘GAAP’ (16) means an insured as defined in Section ‘Industrial insured’ 3825150(8). (17) insured captive insurance means a ‘Industrial company’ company that insures risks of the industrial insureds that comprise the industrial insured group and their affiliated companies. (18) insured means a group that meets either ‘Industrial group’ of the following criteria: (a) a group of industrial insureds that collectively: (i) own, control, or hold with power to vote all of the outstanding voting securities of an industrial insured captive
chapter. For purposes of this chapter, a branch captive insurance company must be a pure captive insurance company with respect to operations in this State, unless otherwise permitted by the director. (9) ‘Captive reinsurance company’ means a reinsurance company that is formed or licensed pursuant to this chapter and is wholly owned by a qualifying reinsurance parent company. A captive reinsurance company is a stock corporation. (10) ‘Consolidated debt to total capital ratio’ means the ratio of the sum of (a) all debts and hybrid capital instruments including, but not limited to, all borrowings from banks, all senior debt, all subordinated debts, all trust preferred shares, and all other hybrid capital instruments that are not included in the determination of consolidated GAAP net worth issued and outstanding to (b) total capital, consisting of all debts and hybrid capital instruments as described in subitem (a) plus owners’ equity determined in accordance with GAAP for reporting to the United States Securities and Exchange Commission. (11) ‘Consolidated GAAP net worth’ means the consolidated owners’ equity determined in accordance with GAAP for reporting to the United States Securities and Exchange Commission. (12) ‘Controlled unaffiliated business’ means a company: (a) that is not in the corporate system of a parent and affiliated companies; (b) that has an existing contractual relationship with a parent or affiliated company; and (c) whose risks are managed by a captive insurance company in accordance with Section 3890190. (13) ‘Director’ means the Director of the South Carolina Department of Insurance or the director’s designee. (14) ‘Department’ means the South Carolina Department of Insurance. (15) ‘GAAP’ means generally accepted accounting principles. (16) ‘Industrial insured’ means an insured as defined in Section 3825150(8). (17) ‘Industrial insured captive insurance company’ means a company that insures risks of the industrial insureds that comprise the industrial insured group and their affiliated companies. (18) ‘Industrial insured group’ means a group that meets either of the following criteria: (a) a group of industrial insureds that collectively: (i) own, control, or hold with power to vote all of the outstanding voting securities of an industrial insured captive
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