Definitions.

CFR · 2024-01-01 · US · Title 12

For purposes of this part, the following terms are defined as follows: (1) An insured depository institution; (2) An insurance company; or (3) A covered broker or dealer. (1) Engaged in the business of insurance, (2) Subject to regulation by a State insurance regulator, and (3) Covered by a State law that is designed to specifically deal with the rehabilitation, liquidation or insolvency of an insurance company. (1) Is a subsidiary of a mutual insurance holding company; (2) Holds a majority of the issued and outstanding voting stock of the converted mutual insurance company created at the time of formation of the mutual insurance holding company; and (3) Holds, as its largest United States subsidiary (as measured by total assets as of the end of the previous calendar quarter), an insurance company. (1) Is lawfully organized under state law authorizing its formation in connection with the reorganization of a mutual insurance company that converts the mutual insurance company to a stock insurance company, and— (2) Holds either: (i) A majority of the issued and outstanding voting stock of the intermediate insurance stock holding company, if any, or (ii) If there is no intermediate insurance stock holding company, a majority of the issued and outstanding voting stock of the converted mutual insurance company.

official document · source cfr-2024 · id 12:§ 380.1