"Association captive insurer" means a captive insurer that only insures risks of the member organizations of an association and the affiliated companies of those members if:
1. The association or the member organizations of the association:
(a) Have complete control over the power to vote all the outstanding voting securities of the association captive insurer, if the association captive insurer is incorporated as a stock insurer; or
(b) Have complete voting control over the captive insurer, if the captive insurer is formed as a mutual insurer; and
2. The member organizations of the association collectively constitute all the subscribers of the captive insurer, if the captive insurer is formed as a reciprocal insurer.
(Added to NRS by 1999, 3207; A 2003, 3331; 2019, 1709)