Section 58-5A-1 - Definition of terms.
58-5A-1. Definition of terms. Terms used in this chapter mean:
(1) "Affiliate of, or a person affiliated with, a specific person," any person who directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the person specified;
(2) "Control," including "controlling," "controlled by," and "under common control with," 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 solely the result of an official position with or a corporate office held by the person. Control shall be 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 by § 58-5A-29 that control does not exist in fact;
(3) "Insurance holding company system," any two or more affiliated persons, one or more of which is an insurer;
(4) "Insurer," a company qualified and licensed by the director of the Division of Insurance to transact the business of insurance in this state;
(5) "Security holder" of a specified person is one who owns any security of such person, including common stock, preferred stock, debt obligations, and any other security convertible into or evidencing the right to acquire any of the foregoing;
(6) "Subsidiary of a specified person," any affiliate controlled by such person directly, or indirectly, through one or more intermediaries;
(7) "Voting security," any security convertible into or evidencing a right to acquire a voting security.
Source: SL 1972, ch 267, § 1; SL 1992, ch 341, § 1.