As used in this subchapter, unless the context requires otherwise:
(1) “Participant” means any person, including any counterparty as defined in § 6952(1) of this title, that is insured by a sponsored captive insurance company, where the losses of the participant are limited through a participant contract to the participant’s pro rata share of the assets of 1 or more protected cells identified in the participant contract.
(2) “Participant contract” means a contract by which a sponsored captive insurance company insures the risks of 1 or more participants, and limits the losses of each participant to its pro rata share of the assets of 1 or more protected cells identified in the participant contract, including an SPFC contract as defined in § 6952 of this title.
(3) “Protected cell” means a separate and distinct account established and maintained by or on behalf of a sponsored captive insurance company in which assets, including assets invested pursuant to § 6937 of this title, are accounted for and recorded for 1 or more participants in accordance with the terms of 1 or more participant contracts to fund the liability of the sponsored captive insurance company assumed on behalf of the participants as set forth in the participant contracts.
(4) “Sponsor” means a person qualifying as a sponsor under § 6935 of this title.
(5) “Sponsored captive insurance company” means a captive insurance company, including a special purpose financial captive insurance company as defined in § 6952 of this title:
a. Of which the minimum capital and surplus required by this chapter is provided by 1 or more sponsors;
b. That is licensed under the provisions of this chapter;
c. That insures the risks of its participants only, through separate participant contracts; and
d. That funds its liability to each participant through 1 or more protected cells and segregates the assets of each protected cell from the assets of other protected cells and from the assets of the sponsored captive insurance company’s general account.
75 Del. Laws, c. 150, § 1; 76 Del. Laws, c. 161, § 12.
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