As used in this part 8, unless the context otherwise
requires:
(1) An affiliate of, or person affiliated with, a specific person is a person
that directly, or indirectly through one or more intermediaries, controls, is
controlled by, or is under common control with, the person specified.
(2) Commissioner means the commissioner of insurance, the
commissioner's deputies, or the division of insurance, as appropriate.
(3) Control, including the terms controlling, controlled by, and under
common control with, means the possession, direct or indirect, of the power to
direct or cause the direction of the management and policies of a person, whether
through the ownership of voting securities, by contract other than a commercial
contract for goods or nonmanagement services, or otherwise, unless the power is
the result of an official position with or corporate office held by the person. Control
is presumed to exist if any person, directly or indirectly, owns, controls, holds with
the power to vote, or holds proxies representing, ten percent or more of the voting
securities of any other person. A person may rebut this presumption by a showing
made in the manner provided by section 10-3-804 (9) that control does not exist in
fact. The commissioner may determine, after furnishing all persons in interest
notice and opportunity to be heard and making specific findings of fact to support
the determination, that control exists in fact, notwithstanding the absence of a
presumption to that effect.
(4) Enterprise risk means any activity, circumstance, event, or series of
events involving one or more affiliates of an insurer that, if not remedied promptly,
is likely to have a material adverse effect upon the financial condition or liquidity of
the insurer or its insurance holding company system as a whole, including anything
that would cause the insurer's risk-based capital to fall into company action level
as set forth in rules promulgated by the commissioner or would cause the insurer to
be in hazardous financial condition as set forth in rules promulgated by the
commissioner.
(4.3) Group capital calculation instructions means the group capital
calculation instructions adopted and amended by the National Association of
Insurance Commissioners.
(4.5) Group-wide supervisor means a regulatory official who is authorized
to conduct and coordinate group-wide supervision activities and who is designated
or acknowledged by the commissioner pursuant to section 10-3-807.5.
(5) Insurance holding company system means two or more affiliated
persons, one or more of which is an insurer.
(6) Insurer has the meaning set forth in section 10-3-502 (12); except that
insurer includes fraternal benefit societies and health maintenance organizations
and does not include agencies, authorities, or instrumentalities of the United
States, its possessions and territories, the Commonwealth of Puerto Rico, the
District of Columbia, or a state or political subdivision of a state.
(6.5) Internationally active insurance group means an insurance holding
company system that:
(a) Includes an insurer registered pursuant to section 10-3-804;
(b) Writes insurance premiums in at least three countries;
(c) Writes insurance premiums in countries outside the United States, which
insurance premiums account for at least ten percent of the insurance holding
company system's total gross written premiums; and
(d) Has, based on an average of the immediately preceding three years, total
assets of at least fifty billion dollars or total gross written premiums of at least ten
billion dollars.
(7) NAIC or National Association of Insurance Commissioners means the
organization of insurance regulators from the fifty states, the District of Columbia,
and the five United States territories.
(7.5) NAIC liquidity stress test framework or framework means the NAIC
publication that includes a history of the NAIC's development of regulatory liquidity
stress testing, the scope criteria applicable for a specific data year, and the
liquidity stress test instructions and reporting templates for a specific data year, as
adopted by the NAIC, and as amended from time to time by the NAIC, in accordance
with the procedures adopted by the NAIC.
(8) Person means an individual, corporation, limited liability company,
partnership, association, joint stock company, trust, unincorporated organization,
any similar entity, or any combination of the foregoing acting in concert but does
not include a joint venture partnership exclusively engaged in owning, managing,
leasing, or developing real or tangible personal property.
(8.5) Scope criteria means the designated exposure bases, along with
minimum magnitudes of exposure bases for the specified data year, used to
establish a preliminary list of insurers considered scoped into the NAIC liquidity
stress test framework for that data year.
(9) Security holder of a specified person means one who owns any security
of the person, including common stock, preferred stock, debt obligations, and any
other security convertible into or evidencing the right to acquire any of the
foregoing.
(10) Subsidiary of a specified person means an affiliate controlled by the
person, either directly or indirectly through one or more intermediaries.
(11) Voting security means a security convertible into or evidencing a right
to acquire a voting security.
(12) Wholly owned subsidiary means a subsidiary owned by an insurer that
owns shares of the issued and outstanding voting stock of the subsidiary having at
least ninety-five percent of the total voting power of the stock for the election of
directors.