PUBLIC Law Chapter 249

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 or corporate

office held by 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 10% or more of the

voting securities of any other person.__This presumption may be

rebutted by a showing that control does not exist.__Notwithstanding

this subsection, for the purposes of this subchapter, the fact that

a special purpose reinsurance vehicle exclusively provides

reinsurance to a ceding insurer under a special purpose reinsurance

vehicle contract is not by itself sufficient grounds for a finding

that the reinsurance vehicle or the special purpose reinsurance

vehicle organizer or owner is controlled by or under common control

with the ceding insurer.

6.__Fair value.__"Fair value" means:

A.__As to cash, the amount of cash; and

B.__As to an asset other than cash:

(1)__The amount at which that asset could be bought or
sold in a current transaction between arms-length,
willing parties;

(2)__The quoted market price for the asset in active
markets must be used if available; and

(3)__If quoted market prices are not available, a value
determined using the best information available
considering values of like assets and other valuation
methods, such as present value of future cash flows,
historical value of the same or similar assets or
comparison to values of other asset classes the value
of which have been historically related to the subject
asset.

7.__Fully funded.__"Fully funded" means, with respect to a
special purpose reinsurance vehicle contract, that the fair value
of the assets held in trust by or on behalf of the special
purpose reinsurance vehicle under the special purpose reinsurance
vehicle contract on the date on which the special purpose
reinsurance vehicle contract is effected, equals or exceeds the
aggregate limit as defined in this subchapter.

8.__Indemnity trigger.__"Indemnity trigger" means a
transaction term by which the special purpose reinsurance

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