Page 608

House Bill No. 5506

Public Act No. 22-118 608 of 739

(C) Constitute all of the subscribers of an industrial insured captive insurance company formed as a reciprocal insurer. [(18)] (19) "Insurance securitization" or "securitization" means a transaction or a group of related transactions, which may include capital market offerings, that are effected through related risk transfer instruments and facilitating administrative agreements, in which all or part of the result of such transaction is used to fund a special purpose financial captive insurance company's obligations under a reinsurance contract with a ceding insurer and by which: (A) A special purpose financial captive insurance company directly or indirectly obtains proceeds through the issuance of securities by such company or any other person; or (B) A person provides, for the benefit of a special purpose financial captive insurance company, one or more letters of credit or other assets that the commissioner has authorized such company to treat as admitted assets for purposes of its annual report. "Insurance securitization" or "securitization" does not include the issuance of a letter of credit for the benefit of the commissioner to satisfy all or part of a special purpose financial captive insurance company's capital and surplus requirements under section 38a-91dd. [(19)] (20) "Member organization" means any individual, corporation, limited liability company, partnership, association or other entity that belongs to an association. [(20)] (21) "Mutual corporation" means a corporation organized without stockholders and includes a nonprofit corporation with members. [(21)] (22) "Parent" means any individual, corporation, limited liability company, partnership or other entity that directly or indirectly owns, controls or holds with power to vote more than fifty per cent of