According to Montana Law:

"Industrial Insured" means an insured:

• who procures the insurance of any risk or risks by use of the services of a full-time employee acting as an insurance manager or buyer
• whose aggregate annual premiums for insurance on all risks total at least $25,000
• who has at least 25 full-time employees
       

"Industrial insured captive insurance company" means any company:

• that insures risks of the industrial insureds that comprise the industrial insured group and their affiliated companies

"Industrial insured group" means any group of industrial insureds that collectively:

• owns, controls, or holds with power to vote all of the outstanding voting securities of an industrial insured captive insurance company incorporated as a stock insurer
• has complete voting control over an industrial insured captive insurance company incorporated as a mutual insurer

 

For additional Insurance Terms and Definitions supported by Montana Law, click here.