‘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:

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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.