2006 Louisiana Laws - RS 22:1002 — Definitions

§1002.  Definitions

As used in this Part, the following terms shall have the respective meanings hereinafter set forth, unless the context shall otherwise require:

(1)  "Affiliate" means a person who directly, or indirectly through one or more intermediaries, controls, or is controlled by or is under common control with, the person specified.  

(2)  "Commissioner" shall mean the commissioner of insurance, or his deputy, or the Department of Insurance, as appropriate.  

(3)  "Control" means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract other than a commercial contract for goods or nonmanagement services, or otherwise, unless the power is the result of an official position with or corporate office held by the person.  Control shall be presumed to exist if any person, directly or indirectly, owns, controls, holds with the power to vote, or holds proxies representing ten percent or more of the voting securities of any other person.  This presumption may be rebutted by a showing made in the manner provided by R.S. 22:1005(K) that control does not exist in fact.  The commissioner may determine, after furnishing all persons in interest notice and opportunity to be heard and making specific findings of fact to support such determination, that control exists in fact, notwithstanding the absence of a presumption to that effect.  

(4)  "Debt obligation" shall mean an obligation to repay a certain sum of money pursuant to specific conditions.  

(5)  "Insurance holding company system" consists of two or more affiliated persons, one or more of which is an insurer.  

(6)  "Insurer" shall have the same meaning as set forth in R.S. 22:5(2), except that it shall not include agencies, authorities, or instrumentalities of the United States, its possessions and territories, the Commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state.  

(7)  "Person" means an individual, a corporation, a partnership, an association, a joint stock company, a trust, an unincorporated organization, any similar entity, or any combination of the foregoing acting in concert, but shall not include any joint venture partnership exclusively engaged in owning, managing, leasing, or developing real or tangible personal property.

(8)  "Securityholder" means one who owns any security of such person, including common stock, preferred stock, debt obligations, and any other security convertible into or evidencing the right to acquire any of the foregoing.  

(9)  "Subsidiary" means an affiliate controlled by such person directly or indirectly through one or more intermediaries.  

(10)  "Voting security" means any security convertible into or evidencing a right to acquire a voting security.  

Acts 1991, No. 794, §1; Acts 1992, No. 811, §1.  

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