Definitions

Definitions Terms used herein shall be defined as follows: A. “Creditor” shall mean a creditor as defined in Mississippi Code of 1972, Annotated, Title 83, Chapter 53, Section 3(2)(d), any person or entity licensed as an agent to write credit insurance and any person, partnership, corporation, association or other entity affiliated in any manner with or related to a creditor, including an affiliation arising by virtue of being designated by a creditor as a holder of stock which will benefit in any manner, directly or indirectly, from credit insurance written by the creditor. B. “Credit insurance” shall mean credit life insurance as defined in Mississippi Code of 1972, Annotated, Title 83, Chapter 53, Section 3(2) (b) and credit disability insurance as defined in Mississippi Code of 1972, Annotated, Title 83, Chapter 53, Section 3(2)(c). C. “Insurer” shall have the same meaning as defined in Mississippi Code of 1972, Annotated, Title 83, Chapter 53, Section 3(2) (g). D. “Credit insurance holding company” shall be defined as any corporation or other legal entity which controls an insurer engaged in the business of writing credit insurance. “Control” shall have the same meaning as defined in Mississippi Code of 1972, Annotated, Title 83, Chapter 6, Section 1(c). E. “Corporate allocation” shall mean the apportionment of any part of the assets, income, earnings, profits or losses of any corporation, insurer or other legal entity with respect to any class or series of stock, or other equity interest, in an insurer or credit insurance holding company. F. “Compensating balances” and/or “special deposit accounts” shall mean the deposit of premiums or money to the account of the insurer with a creditor through which the insurer writes credit insurance, when such account is either non-interest bearing or at a rate less than that which is usually paid on similar accounts or is controlled by the creditor.