As used in this act, unless the context requires otherwise: (a) "Act" means the Kansas protected cell captive insurance company act; (b) "general account" means all assets and liabilities of a protected cell captive insurance company not attributable to a protected cell; (c) "participant" means a person or an entity, authorized to be a participant by section 5, and amendments thereto, or any affiliate of a participant, that is insured by a protected cell captive insurance company if the losses of the participant are limited through a participant contract; (d) "participant contract" means a contract by which a protected cell captive insurance company insures the risks of a participant and limits the losses of each such participant to its pro rata share of the assets of one or more protected cells identified in such participant contract; (e) "protected cell" means a separate account that is established by a protected cell captive insurance company formed or licensed pursuant to this act and in which an identified pool of assets and liabilities are segregated and insulated by means of this act from the remainder of the protected cell captive insurance company's assets and liabilities in accordance with the terms of one or more participant contracts to fund the liability of the protected cell captive insurance company with respect to the participants as set forth in the participant contracts; (f) "protected cell assets" means all assets, contract rights and general intangibles identified with and attributable to a specific protected cell of a protected cell captive insurance company; (g) "protected cell captive insurance company" means any captive insurance company: (1) In which the minimum capital and surplus required by the chapter are provided by one or more sponsors; (2) that is formed or licensed under this act; (3) that insures the risks of separate participants through participant contracts; and (4) that funds its liability to each participant through one 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 protected cell captive insurance company's general account; (h) "protected cell liabilities" means all liabilities and other obligations identified with and attributed to a specific protected cell of a protected cell captive insurance company; and* (i) "protected cell liabilities" means all liabilities and other obligations identified with and attributed to a specific protected cell of a protected cell captive insurance company; and (j) "sponsor" means any person or entity that is approved by the commissioner to provide all or part of the capital and surplus required by this act and organize and operate a protected cell captive insurance company.
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