38.2-1101 - Definitions.
§ 38.2-1101. Definitions.
As used in this chapter:
"Affiliated company" means (i) any company that directly or indirectlyowns, controls, or holds, with power to vote, ten percent or more of theoutstanding voting securities of a pure captive insurer, or (ii) any companyof which ten percent or more of the voting securities are directly orindirectly owned, controlled, or held, with power to vote, by a parent,subsidiary, or associated company.
"Associated company" means any company in the same corporate system with apure captive insurer.
"Association captive insurer" means any domestic insurer transacting thebusiness of insurance and reinsurance only on risks, hazards, and liabilitiesof the members of an insurance association.
"Captive insurer" means any pure captive insurer or any association captiveinsurer.
"Insurance association" means any group of individuals, corporations,partnerships, associations, or governmental units or agencies whose memberscollectively own, control, or hold with power to vote all of the outstandingvoting securities of an association captive insurer.
"Parent" means a corporation, partnership, governmental unit or agency, orindividual who directly or indirectly owns, controls or holds, with power tovote, more than fifty percent of the outstanding voting securities of a purecaptive insurer.
"Pure captive insurer" means any domestic insurer transacting the businessof insurance and reinsurance only on risks, hazards, and liabilities of itsparent, subsidiary companies of its parent, and associated and affiliatedcompanies.
"Subsidiary company" means any corporation of which fifty percent or moreof the outstanding voting securities are directly or indirectly owned,controlled, or held, with power to vote, by a parent or by a company that isa subsidiary of the parent.
(1980, c. 665, § 38.1-917; 1981, c. 494; 1986, c. 562.)