9.__Insolvency.__"Insolvency" or "insolvent" means that the special purpose reinsurance vehicle is unable to pay its obligations when they are due unless the obligations are the subject of a bona fide dispute.

10.__Nonindemnity trigger.__"Nonindemnity trigger" means a transaction term by which the special purpose reinsurance vehicle's obligation to pay the ceding insurer under a special purpose reinsurance vehicle contract arises from the occurrence or existence of some event or condition other than the ceding insurer incurring a specified level of losses under its insurance or reinsurance contracts.

11.__Permitted investments.__"Permitted investments" means those investments that meet the qualifications under section 795.

12.__Qualified United States financial institution.__ "Qualified United States financial institution" means for purposes of meeting the requirements of a trustee as specified in section 784 a financial institution that is eligible to act as a fiduciary of a trust and:

A.__Is organized or, in the case of a United States branch or agency office of a foreign banking organization, is licensed under the laws of the United States or any state; and

B.__Is regulated, supervised and examined by federal or state authorities having regulatory authority over banks and trust companies.

13.__Reinsurance vehicle.__"Reinsurance vehicle" means a special purpose reinsurance vehicle.

14.__Special purpose reinsurance vehicle.__"Special purpose reinsurance vehicle" means an entity domiciled in and organized under the laws of this State that has received a limited certificate of authority from the superintendent under this subchapter exclusively for the limited purpose of entering into and effectuating special purpose reinsurance vehicle insurance securitizations, special purpose reinsurance vehicle contracts and other related transactions permitted by this subchapter.

15.__Special purpose reinsurance vehicle contract; contract.__ "Special purpose reinsurance vehicle contract" or "contract" means a contract between the special purpose