Qualified education loan insurer defined

The term, qualified education loan insurer, means a domestic stock insurer formed under chapter 58-5 for the principal purposes of transacting surety insurance, in this state only, in the education loan market and principally or beneficially owning or through a wholly - owned subsidiary investing in education loans, including loans originated in accordance with the terms of the Higher Education Act of 1965, as amended. Source: SL 1998, ch 287 , § 1.