33-28-101. Definitions. As used in this chapter, unless the context requires otherwise, the following definitions apply:
     (1) "Affiliated company" means any 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.
     (2) "Association" means any legal association of sole proprietorships, corporations, partnerships, limited liability companies, or associations that has been in continuous existence for at least 1 year, the member organizations of which collectively, or the association itself:
     (a) owns, controls, or holds with power to vote all of the outstanding voting securities of an association captive insurance company incorporated as a stock insurer; or
     (b) has complete voting control over an association captive insurance company incorporated as a mutual insurer.
     (3) "Association captive insurance company" means any company that insures risks of the member organizations of an association and their affiliated companies.
     (4) "Captive insurance company" means any pure captive insurance company, association captive insurance company, or industrial insured captive insurance company formed or licensed under the provisions of this chapter.
     (5) "Industrial insured" means an insured:
     (a) who procures the insurance of any risk or risks by use of the services of a full-time employee acting as an insurance manager or buyer;
     (b) whose aggregate annual premiums for insurance on all risks total at least $25,000; and
     (c) who has at least 25 full-time employees.
     (6) "Industrial insured captive insurance company" means any company that insures risks of the industrial insureds that comprise the industrial insured group and their affiliated companies.
     (7) "Industrial insured group" means any group of industrial insureds that collectively:
     (a) owns, controls, or holds with power to vote all of the outstanding voting securities of an industrial insured captive insurance company incorporated as a stock insurer; or
     (b) has complete voting control over an industrial insured captive insurance company incorporated as a mutual insurer.
     (8) "Member organization" means a sole proprietorship, corporation, partnership, or association that belongs to an association.
     (9) "Parent" means a corporation, partnership, or individual that directly or indirectly owns, controls, or holds with power to vote more than 50% of the outstanding voting securities of a pure captive insurance company.
     (10) "Pure captive insurance company" means any company that insures risks of its parent and affiliated companies.

     History: En. Sec. 1, Ch. 298, L. 2001.