Nebraska Statutes 44-8203. Terms, defined
For purposes of the Captive Insurers Act:
Terms Used In Nebraska Statutes 44-8203
- Director: shall mean the Director of Insurance. See Nebraska Statutes 44-103
- Domestic: when applied to corporations shall mean all those created by authority of this state. See Nebraska Statutes 49-801
- Insurer: shall include all companies, exchanges, societies, or associations whether organized on the stock, mutual, assessment, or fraternal plan of insurance and reciprocal insurance exchanges. See Nebraska Statutes 44-103
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Reinsurance: shall mean a contract by which an insurer procures a third party to insure it against loss or liability by reason of such original insurance. See Nebraska Statutes 44-103
(1) Affiliated entity means any entity that directly or indirectly controls, is controlled by, or is under common control with a captive insurer;
(2) Captive insurer means a domestic insurer authorized under the act to provide insurance and reinsurance to its parent, any affiliated entity, or both. Such insurance and reinsurance shall be limited to the risks, hazards, and liabilities of its parent and affiliated entities;
(3) Control means the power to direct or cause the direction of the management and policies of an entity through ownership of voting securities;
(4) Director means the Director of Insurance; and
(5) Parent means an entity that directly or indirectly owns, controls, or holds, with power to vote, more than fifty percent of the outstanding voting securities or other ownership interest of a captive insurer.