§ 5902. Definitions. The terms used in this article shall have the\nmeanings set forth in this chapter, except to the extent added or\nmodified by the following:\n (a) "Commissioner" means the commissioner, director or superintendent\nof financial services in any other state.\n (b) "Completed operations liability" means liability arising out of\nthe installation, maintenance, or repair of any product at a site which\nis not owned or controlled by:\n (1) any person who performs that work; or\n (2) any person who hires an independent contractor to perform that\nwork;\nbut shall include liability for activities which are completed or\nabandoned before the date of the occurrence giving rise to the\nliability.\n (c) "Domicile", for purposes of determining the state in which a\npurchasing group is domiciled, means:\n (1) for a corporation, the state in which the purchasing group is\nincorporated; and\n (2) for an unincorporated entity, the state of its principal place of\nbusiness.\n (d) "Financially impaired" means a risk retention group:\n (1) whose admitted assets are less than the sum of its aggregate\nliabilities and the amount of surplus to policyholders required to be\nmaintained by a domestic risk retention group authorized to do the same\nkind or kinds of insurance; or\n (2) whose admitted assets are less than the sum of its aggregate\nliabilities and outstanding capital stock; or\n (3) which is insolvent.\n (e) "Hazardous financial condition" means that, based on its present\nor reasonably anticipated financial condition, a risk retention group,\nalthough not yet financially impaired, is unlikely to be able:\n (1) to meet obligations to policyholders with respect to known claims\nand reasonably anticipated claims; or\n (2) to pay other obligations in the normal course of business.\n (f) "Insolvent" means a risk retention group whose admitted assets are\nless than the aggregate amount of its liabilities.\n (g) "Insurance" means primary insurance, excess insurance,\nreinsurance, excess line insurance, and any other arrangement for\nshifting and distributing risk which is determined to be insurance under\nthe laws of this state.\n (h) "Liability" means legal liability for damages (including costs of\ndefense, legal costs and fees, and other claims expenses) because of\ninjuries to other persons, damage to their property, or other damage or\nloss to such other persons resulting from or arising out of:\n (1) (A) any business (whether profit or nonprofit), trade, product,\nservices (including professional services), premises, or operations; or\n (B) any activity of any state or local government, or any agency or\npolitical subdivision thereof; and\n (2) does not include personal risk liability and an employer's\nliability with respect to its employees other than legal liability under\nthe Federal Employers' Liability Act (45 U.S.C. § 51 et seq.).\n (i) "Located" or "location", for purposes of determining the state in\nwhich a purchasing group is located, shall be defined in regulations\npromulgated by the superintendent which shall not be inconsistent with\nthe Federal Liability Risk Retention Act of 1986 and amendments thereto.\n (j) "Personal risk liability" means liability for damages because of\ninjury to any person, damage to property, or other loss or damage\nresulting from any personal, familial, or household responsibilities or\nactivities, rather than from responsibilities or activities referred to\nin subsection (h) of this section.\n (k) "Plan of operation or feasibility study" means an analysis which\npresents the expected activities and results of a risk retention group\nmaking application to become chartered and licensed as a domestic\nproperty/casualty insurer in this state, including at least the\nfollowing:\n (1) information sufficient to verify that its members are engaged in\nbusinesses or activities similar or related with respect to the\nliability to which such members are exposed by
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