Definitions.

45-03-21-01. Definitions. For the purposes of this chapter, the following definitions shall apply: 1. "Commissioner" means the insurance commissioner. 2. "Converted insurer" means a domestic mutual insurer that has completed a demutualization subject to this chapter. 3. "Converting insurer" means a domestic mutual insurer that has filed, or announced its intent to file, an application for demutualization under this chapter. 4. "Demutualization" means any transaction as part of which: a. A domestic mutual insurer is converted into a stock corporation; b. A substantial portion of the ownership of a domestic mutual insurer is acquired by, or merged with, another entity that is not a mutual insurer; or c. The ownership interest of the members in a domestic mutual insurer is reduced substantially or eliminated. 5. "Eligible member" means a person who, at any time during the one year preceding the record date, has been the owner of a policy of insurance issued by the converting insurer. Unless otherwise provided in the conversion plan and approved by the commissioner, a person insured under a certificate issued under a group policy is an eligible member. 6. "Equitable share" means the portion allocated to an eligible member of the securities or other consideration of the converting insurer referred to in subsection 3 of section 45-03-21-05, such allocation to be made in accordance with the provisions of subsection 4 of section