33-14-120. Definitions.

As used in this article, the term:

‘‘Capital’’ means the capital stock component of statutory surplus, as defined in the National Association of Insurance Commissioners Accounting Practices and Procedures Manual, version effective January 1, 2001, and subsequent revisions.#

‘‘Director’’ means a person:#

1. (A)

   By or under whose authority the powers of a corporation are exercised; and#

2. (B)

   Under whose direction the business and affairs of the corporation are managed pursuant to the articles of incorporation or bylaws of the corporation.#

‘‘Divide’’ or ‘‘division’’ means a transaction in which a domestic insurer divides into two or more resulting domestic insurers.#

‘‘Dividing insurer’’ means a domestic insurer that approves a plan of division pursuant to Code Section 33-14-122.#

‘‘Liability’’ means a debt, obligation, or any other liability arising in any manner, regardless of whether it is secured or contingent.#

‘‘New insurer’’ means a domestic insurer that is created by a division occurring on or after July 1, 2019.#

‘‘Property’’ means all property, whether real, personal, or mixed, tangible or intangible, or any right or interest therein, including rights under contracts and other binding agreements.#

‘‘Resulting insurer’’ means a new insurer or a dividing insurer that survives a division.#

‘‘Share’’ means a share of membership in a corporation.#

‘‘Shareholder’’ means the person in whose name shares are registered in the records of a corporation or the beneficial owner of shares to the extent of the rights granted by a nominee certificate on file with a corporation.#

‘‘Sign’’ or ‘‘signature’’ means any manual, facsimile, conformed, or electronic signature.#

‘‘Surplus’’ means total statutory surplus less capital stock, adjusted for the par value of any treasury stock, calculated in accordance with the National Association of Insurance Commissioners Accounting Practices and Procedures Manual, version effective January 1, 2001, and subsequent revisions.#

‘‘Transfer’’ means an assignment, conveyance, sale, lease, or encumbrance, including a mortgage or security interest, gift, or transfer by operation of law.#