2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 521G - PROTECTED CELL COMPANIES
521G.3 - DEFINITIONS.

        521G.3  DEFINITIONS.
         For purposes of this chapter, unless the context otherwise
      requires:
         1.  "Domestic insurer" means an insurer domiciled in this
      state and organized under chapter 508 or 515.
         2.  "Fair value" of an asset or liability means the amount at
      which that asset or liability could be bought or incurred, or sold or
      settled, in a current transaction between willing parties, other than
      in a forced or liquidation sale, and as determined under section
      521G.4.
         3.  "Fully funded" means, with respect to any exposure
      attributed to a protected cell, that the fair value of the protected
      cell assets, on the date on which the insurance securitization is
      effected, equals or exceeds the maximum possible exposure
      attributable to the protected cell with respect to such exposures.
         4.  "General account" means the assets and liabilities of a
      protected cell company other than protected cell assets and protected
      cell liabilities.
         5.  "Indemnity trigger" means a transaction term by which
      relief of the issuer's obligation to repay investors is triggered by
      its incurring a specified level of losses under its insurance or
      reinsurance contracts.
         6.  "Nonindemnity trigger" means a transaction term by which
      relief of the issuer's obligation to repay investors is triggered
      solely by some event or condition other than the individual protected
      cell company incurring a specified level of losses under its
      insurance or reinsurance contracts.
         7.  "Protected cell" means an identified pool of assets and
      liabilities of a protected cell company segregated and insulated as
      provided under this chapter from the remainder of the protected cell
      company's assets and liabilities.
         8.  "Protected cell account" means a specifically identified
      bank or custodial account established by a protected cell company for
      the purpose of segregating the protected cell assets of one protected
      cell from the protected cell assets of other protected cells and from
      the assets of the protected cell company's general account.
         9.  "Protected cell assets" means all assets, contract rights,
      and general intangibles, identified with and attributable to a
      specific protected cell of a protected cell company.
         10.  "Protected cell company" means a domestic insurer that
      has one or more protected cells.
         11.  "Protected cell company insurance securitization" means
      the issuance of a debt instrument, the proceeds from which support
      the exposures attributed to a protected cell, by a protected cell
      company where repayment of principal or interest, or both, to
      investors pursuant to the transaction terms is contingent upon the
      occurrence or nonoccurrence of an event with respect to which the
      protected cell company is exposed to loss under insurance or
      reinsurance contracts which the protected cell company has issued.
         12.  "Protected cell liabilities" means all liabilities and
      other obligations identified with and attributable to a specific
      protected cell of a protected cell company.  

         2000 Acts, ch 1046, §3