New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 35 - INSURANCE HOLDING COMPANY SYSTEMS › Section 11:1-35.2 - Definitions

Current through Register Vol. 56, No. 14, July 15, 2024
The following words and terms, when used in this subchapter, shall have the following meanings, unless the context clearly indicates otherwise.
"Acquisition" means any agreement, arrangement or activity, the consummation of which results in a person acquiring directly or indirectly the control of another person, and includes, but is not limited to, the acquisition of voting securities, and assets, and bulk reinsurance and mergers.
"Affiliate" means a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the person specified.
"Alien insurer" means an insurer formed under the laws of any country other than the United States, its states, districts, territories, commonwealth and possessions.
"Authorized insurer" means a foreign or alien insurer, duly authorized by a certificate of authority issued by the Commissioner to transact insurance in this State pursuant to 17:32-1 et seq. or 17B:23-1 et seq.
"Commissioner" means the Commissioner of the New Jersey Department of Banking and Insurance.
"Control" is as defined at N.J.S.A. 17:27A-1c.
"Department" means the New Jersey Department of Banking and Insurance.
"Domestic insurer" means an insurer formed under the laws of this State.
"Enterprise risk" is as defined at 17:27A-1.l.
"Executive officer" means chief executive officer, chief operating officer, chief financial officer, treasurer, secretary, controller, and any other individual performing functions corresponding to those performed by the foregoing officers under whatever title.
"Foreign insurer" means an insurer formed under the laws of a jurisdiction of the United States other than this State, and shall include an alien insurer except where clearly noted otherwise.
"Insurance holding company system" means two or more affiliated persons, one or more of which is an insurer.
"Insurer" means any person or persons, corporation, partnership, or company authorized by the laws of this State to transact the business of insurance in this State, except that it shall 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 a political subdivision of a state.
"Person" means an individual, a corporation, a limited liability company, a partnership, an association, a joint stock company, a trust, an unincorporated organization, any similar entity, or any combination of the foregoing acting in concert.
"Principal insurer" means the insurer with the largest amount of direct written premium within the holding company system as shown by the last filed annual statement.
"Subsidiary" of a specified person is an affiliate controlled by such person directly, or indirectly through one or more intermediaries.
"Ultimate controlling person" means that person which is not controlled by any other person.
"Unauthorized insurer" means an insurer that is not an authorized insurer.
"Voting security" includes any security convertible into or evidencing a right to acquire a voting security.