Page 607

House Bill No. 5506

Public Act No. 22-118 607 of 739

transacting the business of insurance in such jurisdiction that the commissioner deems to be acceptable. [(14)] (15) "Incorporated protected cell" means a protected cell that is established as a corporation or a limited liability company, separate from the sponsored captive insurance company with which it has entered into a participant contract. [(15)] (16) "Industrial insured" means an insured: (A) Who procures the insurance of any risk or risks by use of the services of a full-time employee acting as an insurance manager or buyer; (B) Whose aggregate annual premiums for insurance on all risks total at least twenty-five thousand dollars; and (C) Who has at least twenty-five full-time employees. [(16)] (17) "Industrial insured captive insurance company" means any company that insures risks of the industrial insureds that comprise an industrial insured group, and includes a company that also insures risks of such industrial insureds' affiliated companies. [(17)] (18) "Industrial insured group" means any group of industrial insureds that collectively: (A) Directly or indirectly own, control or hold with power to vote all of the outstanding voting securities or other voting interests of an industrial insured captive insurance company incorporated as a stock insurer; (B) Have complete voting control over an industrial insured captive insurance company incorporated as a mutual corporation or formed as a limited liability company; or