§6735 Definitions

Summary

Defines key words used for the rules that let mutual insurance companies change their official home state. Court of competent jurisdiction is a court allowed under section 6734(a) to decide cases under these rules. Domicile is the State where an insurer is incorporated, chartered, or organized. Insurance licensee is anyone licensed by a State to act as an agent, subagent, broker, or consultant. Institution is a corporation, joint stock company, limited liability company, limited liability partnership, association, trust, partnership, or similar entity. Licensed State is any State, the District of Columbia, any U.S. territory, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, or the Northern Mariana Islands where the insurer had a certificate of authority in effect immediately before the redomestication. Mutual insurer is a mutual insurer formed under State law. Person is an individual, institution, government or government agency, State or local unit, public corporation, board, association, estate, trustee, fiduciary, or similar entity. Policyholder is the owner of a policy from a mutual insurer, but for voting it means a member or mutual holding company member who has the right to vote under State law. Redomesticated insurer is a mutual insurer that has completed the move. Redomesticating insurer is a mutual insurer that is making the move. Redomestication or transfer is the move of a mutual insurer’s domicile from one State to another under these rules. State insurance regulator is the main insurance authority of any State, the District of Columbia, or the listed territories. State law is the statutes of any State, the District of Columbia, or the listed territories and any regulation, order, or requirement made under those statutes. Transferee domicile is the State to which the insurer is moving. Transferor domicile is the State from which the insurer is moving.