(a) As used in this Subchapter:(a) “Captive insurer” means an insurance company established under the provisions of this chapter.(b) “Commissioner” means the Commissioner of Insurance.(c) “Company” means Protected Cell Company.(d) “General Account” means the assets and liabilities of a protected cell company other than Protected Cell Assets and Protected Cell Liabilities.(e) “Protected Cell” means an entity created either by the allocation of one or more shares in a captive insurer, or as a separate corporation subject to an operating agreement with an captive insurer. A protected cell shall have attributed to it assets and liabilities that are segregated and insulated from the assets and liabilities of the captive insurer that formed it and of all of the other protected cells that have been or may be formed by that captive insurer pursuant to the provisions of this subchapter.(f) “Protected Cell Account” means a specifically identified bank or custodial account established by a Protected Cell for the purpose of physically segregating the Protected Cell Assets of one Protected Cell from the Protected Cell Assets of other protected cells within the same company and from the assets of the captive insurer with which it is associated. A Protected Cell may hold assets, including but not limited to, real estate and shares in any other corporation, in which case the title to such assets will be held in the name of the Protected Cell and will form part of its Protected Cell Account.(g) “Protected Cell Assets” means all assets identified with and attributable to a specific protected cell of a Protected Cell Company, including assets physically segregated in a Protected Cell Account.(h) “Protected Cell Company” means a captive insurer which has one or more Protected Cells.(i) “Protected Cell Liabilities” means all liabilities identified with and attributable to a specific Protected Cell Company.(j) “SAM” means the Superintendent of Alternative Markets of the Office of the Commissioner of Insurance, Division of Alternative Markets and Captive Reinsurance, or the SAM’s designee as established in VI Code Title 22 Chapter 4.
(a) “Captive insurer” means an insurance company established under the provisions of this chapter.
(b) “Commissioner” means the Commissioner of Insurance.
(c) “Company” means Protected Cell Company.
(d) “General Account” means the assets and liabilities of a protected cell company other than Protected Cell Assets and Protected Cell Liabilities.
(e) “Protected Cell” means an entity created either by the allocation of one or more shares in a captive insurer, or as a separate corporation subject to an operating agreement with an captive insurer. A protected cell shall have attributed to it assets and liabilities that are segregated and insulated from the assets and liabilities of the captive insurer that formed it and of all of the other protected cells that have been or may be formed by that captive insurer pursuant to the provisions of this subchapter.
(f) “Protected Cell Account” means a specifically identified bank or custodial account established by a Protected Cell for the purpose of physically segregating the Protected Cell Assets of one Protected Cell from the Protected Cell Assets of other protected cells within the same company and from the assets of the captive insurer with which it is associated. A Protected Cell may hold assets, including but not limited to, real estate and shares in any other corporation, in which case the title to such assets will be held in the name of the Protected Cell and will form part of its Protected Cell Account.
(g) “Protected Cell Assets” means all assets identified with and attributable to a specific protected cell of a Protected Cell Company, including assets physically segregated in a Protected Cell Account.
(h) “Protected Cell Company” means a captive insurer which has one or more Protected Cells.
(i) “Protected Cell Liabilities” means all liabilities identified with and attributable to a specific Protected Cell Company.
(j) “SAM” means the Superintendent of Alternative Markets of the Office of the Commissioner of Insurance, Division of Alternative Markets and Captive Reinsurance, or the SAM’s designee as established in VI Code Title 22 Chapter 4.