§6735 — Title 15 Commerce and Trade | U.S. Code

Summary

Defines the words used in this part so people know what they mean. “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 formed or chartered. “insurance licensee” is anyone licensed by a State to work as an insurance agent, subagent, broker, or consultant. “institution” is a company or similar business entity (corporation, LLC, partnership, trust, etc.). “licensed State” is any State, the District of Columbia, or the listed U.S. territories where the insurer had its certificate of authority just before moving. “mutual insurer” is a mutual insurance company formed under State law. “person” covers people, businesses, governments, estates, trustees, and similar entities. “policyholder” is the owner of a policy, and for voting it means a member given voting rights under State law. “redomesticated insurer” has completed a move of domicile. “redomesticating insurer” is one that is moving. “redomestication” or “transfer” is moving a mutual insurer’s domicile from one State to another under this subchapter. “State insurance regulator” is the main insurance authority of any State, DC, or listed territory. “State law” means the statutes, rules, orders, or requirements of any State, DC, or listed territory. “transferee domicile” is the State receiving the insurer. “transferor domicile” is the State the insurer is leaving.

Title 15, §6735

Commerce and Trade — Source: USLM XML via OLRC

For purposes of this subchapter, the following definitions shall apply:

(1)The term “court of competent jurisdiction” means a court authorized pursuant to section 6734(a) of this title to adjudicate litigation arising under this subchapter.

(2)The term “domicile” means the State in which an insurer is incorporated, chartered, or organized.

(3)The term “insurance licensee” means any person holding a license under State law to act as insurance agent, subagent, broker, or consultant.

(4)The term “institution” means a corporation, joint stock company, limited liability company, limited liability partnership, association, trust, partnership, or any similar entity.

(5)The term “licensed State” means any State, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands in which the redomesticating insurer has a certificate of authority in effect immediately prior to the redomestication.

(6)The term “mutual insurer” means a mutual insurer organized under the laws of any State.

(7)The term “person” means an individual, institution, government or governmental agency, State or political subdivision of a State, public corporation, board, association, estate, trustee, or fiduciary, or other similar entity.

(8)The term “policyholder” means the owner of a policy issued by a mutual insurer, except that, with respect to voting rights, the term means a member of a mutual insurer or mutual holding company granted the right to vote, as determined under applicable State law.

(9)The term “redomesticated insurer” means a mutual insurer that has redomesticated pursuant to this subchapter.

(10)The term “redomesticating insurer” means a mutual insurer that is redomesticating pursuant to this subchapter.

(11)The term “redomestication” or “transfer” means the transfer of the domicile of a mutual insurer from one State to another State pursuant to this subchapter.

(12)The term “State insurance regulator” means the principal insurance regulatory authority of a State, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands.

(13)The term “State law” means the statutes of any State, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands and any regulation, order, or requirement prescribed pursuant to any such statute.

(14)The term “transferee domicile” means the State to which a mutual insurer is redomesticating pursuant to this subchapter.

(15)The term “transferor domicile” means the State from which a mutual insurer is redomesticating pursuant to this subchapter.

Executive Documents

Termination of Trust Territory of the Pacific Islands For termination of Trust Territory of the Pacific Islands, see note set out preceding section 1681 of Title 48, Territories and Insular Possessions.

§6735 Definitions

Summary

Title 15, §6735

Notes & Related Subsidiaries

Executive Documents

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