“Participant” defined.

“Participant” means a corporation, association, limited-liability company, partnership, trust, sponsor or other business organization, any affiliate thereof, and a homeowner or a unit-owners’ association, as defined in NRS 116.011, that is insured by a sponsored captive insurer, where the losses of the participant are limited by a participant contract to the participant’s pro rata share of the assets of one or more protected cells identified in such participant contract. (Added to NRS by 2005, 2147; A 2025, 2711)