                                 CODE OF VIRGINIA

DEFINITIONS (§ 38.2-1101)

As used in this chapter:
		&#8220;Affiliated company&#8221; means (i) any company that directly or
indirectly owns, controls, or holds, with power to vote, ten percent or more of
the outstanding voting securities of a pure captive insurer, or (ii) any company
of which ten percent or more of the voting securities are directly or indirectly
owned, controlled, or held, with power to vote, by a parent, subsidiary, or
associated company.
		&#8220;Associated company&#8221; means any company in the same corporate
system with a pure captive insurer.
		&#8220;Association captive insurer&#8221; means any domestic insurer
transacting the business of insurance and reinsurance only on risks, hazards,
and liabilities of the members of an insurance association.
		&#8220;Captive insurer&#8221; means any pure captive insurer or any
association captive insurer.
		&#8220;Insurance association&#8221; means any group of individuals,
corporations, partnerships, associations, or governmental units or agencies
whose members collectively own, control, or hold with power to vote all of the
outstanding voting securities of an association captive insurer.
		&#8220;Parent&#8221; means a corporation, partnership, governmental unit or
agency, or individual who directly or indirectly owns, controls or holds, with
power to vote, more than fifty percent of the outstanding voting securities of a
pure captive insurer.
		&#8220;Pure captive insurer&#8221; means any domestic insurer transacting the
business of insurance and reinsurance only on risks, hazards, and liabilities of
its parent, subsidiary companies of its parent, and associated and affiliated
companies.
		&#8220;Subsidiary company&#8221; means any corporation of which fifty percent
or more of the outstanding voting securities are directly or indirectly owned,
controlled, or held, with power to vote, by a parent or by a company that is a
subsidiary of the parent.

HISTORY: 1980, c. 665, § 38.1-917; 1981, c. 494; 1986, c. 562.