Sec. 125.2. Definitions

(a) Catastrophic loss means an event designated as a catastrophe by the property claims service, or an equivalent organization as determined by the superintendent, or any successor organization and covering losses related to a natural event including wind, hail, hurricane, earthquake, winter storms (snow, ice, freezing), fire, tsunami, or flood.

(b) GAAP means generally accepted accounting principles.

(c) IFRS means international financial reporting standards.

(d) NAIC means the National Association of Insurance Commissioners.

(e) Alien group of insurers means a group located outside the United States whose members consist of individual incorporated assuming insurers who are not engaged in any business other than underwriting as a member of the group and individual unincorporated assuming insurers, provided all the members are subject to the same level of solvency regulation and control by the group's domiciliary regulator, or a group of individual incorporated assuming insurers located outside the United States.