2007 Minnesota Statutes

60D.15 DEFINITIONS.
    Subdivision 1. Terms. For purposes of this chapter, the terms in subdivisions 2 to 10 have
the meanings given them, unless the context otherwise requires.
    Subd. 2. Affiliate. An "affiliate" of, or person "affiliated" with, a specific person, is a person
that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is
under common control with, the person specified.
    Subd. 3. Commissioner. The term "commissioner" means the commissioner of commerce,
the commissioner's deputies, or the Commerce Department, as appropriate.
    Subd. 4. Control. The term "control," including the terms "controlling," "controlled by," and
"under common control with," 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, corporate office
held by, or court appointment of, the person. Control is 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 section 60D.19, subdivision 11, 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.
    Subd. 5. Insurance holding company system. An "insurance holding company system"
consists of two or more affiliated persons, one or more of which is an insurer.
    Subd. 6. Insurer. The term "insurer" means a company qualified and licensed by the
commissioner to transact the business of insurance, but does not include an insurance solicitor,
agent, or agency. The term also does not include:
(1) 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; or
(2) nonprofit medical and hospital service associations.
    Subd. 7. Person. A "person" is 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 does not include any joint venture partnership exclusively
engaged in owning, managing, leasing, or developing real or tangible personal property.
    Subd. 8. Security holder. A "security holder" of a specified person is one who owns any
security of the person, including common stock, preferred stock, debt obligations, and any other
security convertible into or evidencing the right to acquire any security of the person.
    Subd. 9. Subsidiary. A "subsidiary" of a specified person is an affiliate controlled by the
person directly or indirectly through one or more intermediaries.
    Subd. 10. Voting security. The term "voting security" includes any security convertible into
or evidencing a right to acquire a voting security.
History: 1991 c 325 art 14 s 2; 1992 c 564 art 1 s 27