16.__Special purpose reinsurance vehicle insurance securitization; insurance securitization.__"Special purpose reinsurance vehicle insurance securitization" or "insurance securitization" means a package of related risk transfer instruments and facilitating administrative agreements by which proceeds are obtained by a special purpose reinsurance vehicle through the issuance of securities and are held in trust pursuant to the requirements of this subchapter to secure the obligations of the special purpose reinsurance vehicle under a special purpose reinsurance vehicle contract with one or more ceding insurers, and in which the special purpose reinsurance vehicle's obligation to return the full initial investment to the holders of such securities pursuant to the transaction terms is contingent upon the funds not being used to pay the obligations of the special purpose reinsurance vehicle to the ceding insurers under the special purpose reinsurance vehicle contract.

17.__Special purpose reinsurance vehicle organizer; organizer.__ "Special purpose reinsurance vehicle organizer" or "organizer" means one or more persons that have organized or intend to organize a special purpose reinsurance vehicle under authority obtained as specified in this subchapter.

18.__Special purpose reinsurance vehicle securities; securities.__"Special purpose reinsurance vehicle securities" or "securities" means the securities issued by a special purpose reinsurance vehicle.

19.__Triggering event.__"Triggering event" means an event or condition that if and when it occurs or exists obligates the special purpose reinsurance vehicle to make a payment to the ceding insurer under the provisions of a special purpose reinsurance vehicle contract.

§782.__Limited certificate of authority required

1.__Limited certificate of authority.__In order to securitize one or more ceding insurers' risks, a special purpose reinsurance vehicle shall obtain a limited certificate of authority from the superintendent according to the provisions of this section.

2.__Application.__A special purpose reinsurance vehicle organizer seeking to obtain a limited certificate of authority for a special purpose reinsurance vehicle shall file an