As used in this chapter, unless the context or subject matter otherwise requires:
1."Affiliate" means a person that directly, or indirectly through one or more
intermediaries, controls, or is under the control of, or is under common control with, the
person specified.
2."Control" 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 repres
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As used in this chapter, unless the context or subject matter otherwise requires:
1. "Affiliate" means a person that directly, or indirectly through one or more
intermediaries, controls, or is under the control of, or is under common control with, the
person specified.
2. "Control" 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.
This presumption may be rebutted by a showing made in the manner provided for in
subsection 9 of section 26.1-10-04, 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 such
determination, that control exists in fact, notwithstanding the absence of a presumption
to that effect.
3. "Enterprise risk" means any activity, circumstance, event, or series of events involving
one or more affiliates of an insurer which, if not remedied promptly, is likely to have a
material adverse effect upon the financial condition or liquidity of the insurer or the
insurer's 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
section 26.1-03.1-03 or would cause the insurer to be in hazardous financial condition
as set forth in North Dakota Administrative Code section 45-03-13-01.
4. "Group capital calculation instructions" means the group capital calculation instructions
adopted by the national association of insurance commissioners and as amended in
accordance with the procedures adopted by the national association of insurance
commissioners.
5. "Groupwide supervisor" means the regulatory official authorized to engage in
conducting and coordinating groupwide supervision activities who is determined or
acknowledged by the commissioner under section 26.1-10-06.2 to have sufficient
significant contacts with the internationally active insurance group.
6. "Insurance holding company system" means two or more affiliated persons, one or
more of which is an insurer.
7. "Insurer" has the same definition as provided in section 26.1-29-02, except the term
does not include an agency, authority, or instrumentality of the United States or its
possessions or a state or political subdivision of a state.
8. "Internationally active insurance group" means an insurance holding company system
that includes an insurer registered under section 26.1-10-04, and meets the following
criteria:
a. Premiums written in at least three countries;
b. The percentage of gross premiums written outside the United States is at least
ten percent of the insurance holding company system's total gross written
premiums; and
c. Based on a three-year rolling average, the total assets of the insurance holding
company system are at least fifty billion dollars or the total gross written
premiums of the insurance holding company system are at least ten billion
dollars.
9. "Liquidity stress test framework" means the national association of insurance
commissioners liquidity stress test framework that includes a history of the
association's development of regulatory liquidity stress testing, the scope criteria
applicable for a specific data year, the liquidity stress test instructions, and reporting
templates for a specific data year, as adopted and amended in accordance with the
procedures adopted by the association.
10. "Person" means an individual, a corporation, a limited liability company, a partnership,
an association, a joint stock company, a trust, or an unincorporated organization or any
similar entity or any combination of the foregoing acting in concert. The term does not
include any joint venture partnership exclusively engaged in owning, managing,
leasing, or developing real or tangible personal property.
11. "Scope criteria" means the designated exposure bases along with minimum
magnitudes of those bases for the specified data year, used to establish a preliminary
list of insurers considered scoped into the national association of insurance
commissioners liquidity stress test framework for that data year.
12. "Securityholder" of a specified person means the owner of 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.
13. "Subsidiary" of a specified person means an affiliate under the control of the person
directly, or indirectly through one or more intermediaries.
14. "Voting security" includes any security convertible into or evidencing a right to acquire
a voting security.