The Committee on Banking and Insurance proposes the following amendment (LC-210.PH0001S):

Amend the bill, as and if amended, SECTION 1, by striking Section 38-90-10(1), (6), and (21) and inserting:

 (1) "Alien or foreign captive insurance company" means an insurance company or protected cell, or its equivalent, of an insurance company formed to write insurance business for its parents and affiliates and licensed pursuant to the laws of an alien or foreign jurisdiction which imposes statutory or regulatory standards in a form acceptable to the director on companies transacting the business of insurance in such jurisdiction, but may not include a corporation controlled by an alien adversary.

 (6) "Branch captive insurance company" means an alien or foreign captive insurance company licensed by the director to transact the business of insurance in this State through a business unit with a principal place of business in this State.

 (21) "Participant" means an entity as defined in Section 38-90-24038-90-225, and any affiliates of that entity, that are insured by a sponsored captive insurance company, where the losses of the participant are limited through a participant contract to the assets of a protected cell.

Renumber sections to conform.

Amend title to conform.