23 CAR § 38-102. Definition of noninsurance subsidiary

“Noninsurance subsidiary” means a corporation or other entity in which an insurer has, directly or indirectly, a majority ownership, and such corporation or other entity: (1) Is not necessary and incidental to the convenient operation of the insurer’s insurance business; (2) Does not administer any of the insurer’s lawful investments; and (3) Is not subject to licensure by or registration with the Insurance Commissioner.