Sec. 31.04.14.02. Definitions

A. In this chapter, the following terms have the meanings indicated.

B. Terms Defined.

(1) "Corporation" means the Life and Health Insurance Guaranty Corporation.

(2) Member Insurer.

(a) "Member insurer" means any person authorized in this State to transact:

(i) Direct nongroup life, health, annuity (including structured settlements), and supplemental policies or contracts; or

(ii) Certificates under direct group policies or contracts.

(b) "Member insurer" does not include:

(i) A health maintenance organization;

(ii) A fraternal benefit society;

(iii) A mandatory state pooling plan;

(iv) A mutual assessment company or any entity that operates on an assessment basis;

(v) An insurance exchange; or

(vi) An organization which is permitted to issue charitable gift annuity agreements.

(3) "Resident" means a person who resides in this State at the time a member insurer is determined to be an impaired insurer or an insolvent insurer, and to whom a contractual obligation is owed.

(4) "Supplemental contract" means an agreement entered into for the distribution of policy or contract proceeds.