Insurer

Insurer means any entity, including any affiliate of the entity, that meets the following requirements:
(1)
(i) The entity must fall within at least one of the following categories:
(A) It is licensed or admitted to engage in the business of providing primary or excess insurance in any State, (including, but not limited to, State licensed captive insurance companies, State licensed or admitted risk retention groups, and State licensed or admitted farm and county mutuals), and, if a joint underwriting association, pooling arrangement, or other similar entity, then the entity must:
(1) Have gone through a process of being licensed or admitted to engage in the business of providing primary or excess insurance that is administered by the State's insurance regulator, which process generally applies to insurance companies or is similar in scope and content to the process applicable to insurance companies;
(2) Be generally subject to State insurance regulation, including financial reporting requirements, applicable to insurance companies within the State; and
(3) Be managed independently from other insurers participating in the Program;
(B) It is not licensed or admitted to engage in the business of providing primary or excess insurance in any State, but is an eligible surplus line carrier listed on the Quarterly Listing of Alien Insurers of the NAIC, or any successor to the NAIC;
(C) It is approved or accepted for the purpose of offering property and casualty insurance by a Federal agency in connection with maritime, energy, or aviation activity, but only to the extent of such federal approval of commercial property and casualty insurance coverage offered by the insurer in connection with maritime, energy, or aviation activity;
(D) It is a State residual market insurance entity or State workers' compensation fund; or
(E) As determined by the Secretary, it falls within any other class or type of captive insurer or other self-insurance arrangement by a municipality or other entity, to the extent provided in Treasury regulations issued under section 103(f) of the Act.
(ii) If an entity falls within more than one category described in paragraph (f)(1)(i) of this section, the entity is considered to fall within the first category within which it falls for purposes of the Program.
(2) The entity must receive direct earned premiums for any type of commercial property and casualty insurance coverage, except in the case of:
(i) State residual market insurance entities and State workers' compensation funds, to the extent provided in Treasury regulations; and
(ii) Other classes or types of captive insurers and other self-insurance arrangements by municipalities and other entities, if such entities are included in the Program by Treasury under regulations in this Part.
(3) The entity must meet any other criteria as prescribed by Treasury.

Source

31 CFR § 50.5


Scoping language

For purposes of this Part:

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