(1) (a) For purposes of this article, a "regulated investment company" shall have the same meaning as set forth in section 851 of the internal revenue code. (b) For purposes of this article, the "net income" of a regulated investment company in each year in which the corporation is taxed as a regulated investment company for federal income tax purposes shall be the "investment company taxable income" of such corporation, adjusted as provided in section 39-22-304 (2) and (3). (2) (a) For purposes of this article, a "captive regulated investment company" means a regulated investment company of which the shares or beneficial interests are not regularly traded on an established securities market and of which more than fifty percent of the voting power or value of the beneficial interests or shares are owned or controlled, directly, indirectly, or constructively, by a single entity that is: (I) Treated as an association taxable as a corporation under the internal revenue code; and (II) Not exempt from federal income tax pursuant to the provisions of section 501 (a) of the internal revenue code. (b) Any voting stock in a regulated investment company that is held in a segregated asset account of a life insurance corporation, as described in section 817 of the internal revenue code, shall not be taken into account for purposes of determining whether a regulated investment company is a captive regulated investment company.
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