§431:11-102 Definitions. As used in this article, unless the context shall otherwise require:
"Affiliate" (including affiliate of, or person affiliated with, a specific person) means a person that, directly or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the person specified.
"Control" (including controlling, controlled by, and under common control with) 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.
"Domestic insurance holding company system" means an insurance holding company system that consists of an ultimate controlling person formed in this State prior to January 1, 2000, and its insurer affiliates, all of which are domestic insurers authorized to transact insurance business only in this State.
"Enterprise risk" means any activity, circumstance, event, or series of events involving one or more affiliates of an insurer that, if not remedied promptly, is likely to have a material adverse effect upon the financial condition or liquidity of the insurer or its insurance holding company system as a whole, including but not limited to anything that would cause the insurer's risk-based capital to fall into company action level as set forth in section 431:3-403 or would cause the insurer to be in hazardous financial condition as pursuant to section 431:15-103.5.
"Executive officer" means chief executive officer, chief operating officer, chief financial officer, treasurer, secretary, controller, or any other individual performing functions corresponding to those performed by the foregoing officers under whatever title.
"Group capital calculation instructions" means the group capital calculation instructions as adopted by the National Association of Insurance Commissioners or the most recent version if adopted by the commissioner by order and without regard to chapter 91.
"Group-wide supervisor" means the regulatory official authorized to engage in conducting and coordinating group-wide supervision activities who is determined or acknowledged by the commissioner under section 431:11-107.7 to have sufficient significant contacts with the internationally active insurance group.
"Insurance holding company system" consists of two or more affiliated persons, one or more of which is an insurer.
"Insurer" shall have the same meaning as set forth in article 1, except that it shall not include:
"Internationally active insurance group" means an insurance holding company system that:
"Liquidity stress test framework" means the separate National Association of Insurance Commissioners publication that includes a history of the National Association of Insurance Commissioners' development of regulatory liquidity stress testing, the scope criteria applicable for a specific data year, and the liquidity stress test instructions and reporting templates for a specific data year, with the scope criteria, instructions, and reporting template in the form adopted by the National Association of Insurance Commissioners or the most recent version of the separate National Association of Insurance Commissioners publication if adopted by the commissioner by order and without regard to chapter 91.
"Person" means an individual, a corporation, a limited liability company, a partnership, an association, a joint stock company, a trust, an unincorporated organization, and any similar entity or any combination of the foregoing acting in concert, but shall not include any joint venture partnership exclusively engaged in owning, managing, leasing, or developing real or tangible personal property, or a securities broker performing only the usual and customary broker's function.
"Scope criteria" means the designated exposure bases along with minimum magnitudes thereof for the specified data year, used to establish a preliminary list of insurers considered scoped into the liquidity stress test framework for that data year.
"Security holder" of a specified person means one who owns 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.
"Statement" means information required to be filed with the commissioner pursuant to sections 431:11-104, 431:11-105, and 431:11-106, and guidelines set forth on a form or in a format approved by the commissioner.
"Subsidiary of a specified person" means an affiliate controlled by the person directly or indirectly through one or more intermediaries.
"Ultimate controlling person" means a person who is not controlled by any other person.
"Voting security" shall include any security convertible into or evidencing a right to acquire a voting security. [L 1987, c 349, pt of §8; am L 1989, c 195, §37; am L 2000, c 24, §8; am L 2014, c 234, §7; am L 2019, c 71, §3; am L 2024, c 84, §1]