As used in this part 8, unless the context otherwise requires:
An "affiliate" of, or person "affiliated" with, a specific person is a person that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, the person specified.
"Commissioner" means the commissioner of insurance, the commissioner's deputies,or the division of insurance, as appropriate.
"Control", including the terms "controlling", "controlled by", and "under commoncontrol 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. Control is presumed to exist if any person, directly or indirectly, owns, controls, holds with the power to vote, or holds proxies representing, ten percent or more of the voting securities of any other person. A person may rebut this presumption by a showing made in the manner provided by section 10-3-804 (9) that control does not exist in fact. The commissioner may determine, after furnishing all persons in interest notice and opportunity to be heard and making specific findings of fact to support the determination, that control exists in fact, notwithstanding the absence of a presumption to that effect.
"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 anything that would cause the insurer's risk-based capital to fall into company action level as set forth in rules promulgated by the commissioner or would cause the insurer to be in hazardous financial condition as set forth in rules promulgated by the commissioner.
"Group-wide supervisor" means a regulatory official who is authorized to conductand coordinate group-wide supervision activities and who is designated or acknowledged by the commissioner pursuant to section 10-3-807.5.
"Insurance holding company system" means two or more affiliated persons, one ormore of which is an insurer.
"Insurer" has the meaning set forth in section 10-3-502 (12); except that "insurer"includes fraternal benefit societies and health maintenance organizations and does not include agencies, authorities, or instrumentalities of the United States, its possessions and territories, the Commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state.
"Internationally active insurance group" means an insurance holding company system that:
Includes an insurer registered pursuant to section 10-3-804;
Writes insurance premiums in at least three countries;
Writes insurance premiums in countries outside the United States, which insurancepremiums account for at least ten percent of the insurance holding company system's total gross written premiums; and
Has, based on an average of the immediately preceding three years, total assets of atleast fifty billion dollars or total gross written premiums of at least ten billion dollars.
"NAIC" or "national association of insurance commissioners" means the organization of insurance regulators from the fifty states, the District of Columbia, and the four United States territories.
"Person" means an individual, corporation, limited liability company, partnership,association, joint stock company, trust, unincorporated organization, any similar entity, or any combination of the foregoing acting in concert but does not include a joint venture partnership exclusively engaged in owning, managing, leasing, or developing real or tangible personal property.
"Security holder" of a specified person means one who owns any security of theperson, including common stock, preferred stock, debt obligations, and any other security convertible into or evidencing the right to acquire any of the foregoing.
"Subsidiary" of a specified person means an affiliate controlled by the person, eitherdirectly or indirectly through one or more intermediaries.
"Voting security" means a security convertible into or evidencing a right to acquirea voting security.
"Wholly owned subsidiary" means a subsidiary owned by an insurer that owns shares of the issued and outstanding voting stock of the subsidiary having at least ninety-five percent of the total voting power of the stock for the election of directors.
Source: L. 2014: Entire part R&RE, (SB 14-152), ch. 312, p. 1318, § 2, effective July 1. L. 2019: (4.5) and (6.5) added, (HB 19-1291), ch. 188, p. 2090, § 2, effective August 2.
Editor's note: This section is similar to former § 10-3-801 as it existed prior to 2014.