§6735 Definitions

Summary

Gives simple meanings for key words used in this subchapter. A "court of competent jurisdiction" is a court allowed under section 6734(a) to decide cases under this subchapter. "Domicile" is the State where an insurer is incorporated, chartered, or organized. An "insurance licensee" is anyone licensed under State law to act as an insurance agent, subagent, broker, or consultant. An "institution" is a corporation, joint stock company, LLC, LLP, association, trust, partnership, or similar entity. A "licensed State" is any State, the District of Columbia, or U.S. territory (including Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands) where the redomesticating insurer had a certificate of authority right before redomestication. A "mutual insurer" is a mutual insurer formed under State law. "Person" means an individual, institution, government or government agency, State or political subdivision, public corporation or board, association, estate, trustee, fiduciary, or similar entity. A "policyholder" is the owner of a policy from a mutual insurer, except for voting rights where it means a member or mutual holding company with voting rights under State law. A "redomesticated insurer" is a mutual insurer that has redomesticated under this subchapter, and a "redomesticating insurer" is one in the process of redomesticating. "Redomestication" or "transfer" means moving a mutual insurer’s domicile from one State to another under this subchapter. The "State insurance regulator" is the main insurance regulator of a State, the District of Columbia, or a listed U.S. territory. "State law" means the statutes of those States, DC, and territories and any regulations, orders, or requirements made under those statutes. A "transferee domicile" is the State receiving the redomesticated insurer, and a "transferor domicile" is the State the insurer is leaving.