§ 10-3-1701. Definitions

As used in this part 17, unless the context otherwise requires:

1. “Asset” means property, whether real, personal, mixed, tangible, or intangible, and any right or interest in the property, including all rights under a contract or other agreement.
2. “Capital” means the capital stock component of a statutory surplus, as defined in the National Association of Insurance Commissioners’ Accounting Practices and Procedures Manual, version effective January 1, 2001, as revised.
3. 1. “Contract holder” means the owner of an annuity contract.
   2. “Contract holder” does not mean a certificate holder of a group annuity contract or any other covered person thereunder.
4. “Divide” or “division” means the act by operation of law by which a domestic stock insurer splits into two or more resulting domestic stock insurers in accordance with a plan of division and this part 17.
5. “Dividing insurer” means a domestic stock insurer that approves a plan of division.
6. “Domestic stock insurer” means an insurance company that has capital stock and is incorporated under the laws of this state.
7. “Liability” means any liability or obligation arising in any manner.
8. “Plan of division” means a plan of division that is approved by a dividing insurer pursuant to section 10-3-1707.
9. 1. “Policyholder” means the owner of an insurance policy.
   2. “Policyholder” does not mean a certificate holder of a group insurance policy or any other covered person thereunder.
10. “Resulting insurer” means a dividing domestic stock insurer that survives a division or a new domestic stock insurer that is created by a division.
11. “Shareholder” means:
    1. A person in whose name shares are registered in the records of a corporation; or
    2. The beneficial owner of shares to the extent of the rights granted by a nominee certificate on file with a corporation.
12. “Surplus” means the total statutory surplus minus capital, calculated in accordance with the National Association of Insurance Commissioners’ accounting practices and procedures manual, version effective January 1, 2001, as revised.
13. “Transfer” means an assignment; assumption; conveyance; sale; lease; encumbrance, including a mortgage or security interest; gift; or transfer by operation of law.

Source: L. 2021: Entire part added, (HB 21-1013), ch. 144, p. 843, § 1, effective September 7.