A.__Is organized or, in the case of a United States branch or agency office of a foreign banking organization, is licensed under the laws of the United States or any state; and

B.__Is regulated, supervised and examined by federal or state authorities having regulatory authority over banks and trust companies.

13.__Reinsurance vehicle.__"Reinsurance vehicle" means a special purpose reinsurance vehicle.

14.__Special purpose reinsurance vehicle.__"Special purpose reinsurance vehicle" means an entity domiciled in and organized under the laws of this State that has received a limited certificate of authority from the superintendent under this subchapter exclusively for the limited purpose of entering into and effectuating special purpose reinsurance vehicle insurance securitizations, special purpose reinsurance vehicle contracts and other related transactions permitted by this subchapter.

15.__Special purpose reinsurance vehicle contract; contract.__ "Special purpose reinsurance vehicle contract" or "contract" means a contract between the special purpose reinsurance vehicle and the ceding insurer pursuant to which the special purpose reinsurance vehicle agrees to pay the ceding insurer an agreed amount upon the occurrence of a triggering event.

16.__Special purpose reinsurance vehicle insurance securitization; insurance securitization.__"Special purpose reinsurance vehicle insurance securitization" or "insurance securitization" means a package of related risk transfer instruments and facilitating administrative agreements by which proceeds are obtained by a special purpose reinsurance vehicle through the issuance of securities and are held in trust pursuant to the requirements of this subchapter to secure the obligations of the special purpose reinsurance vehicle under a special purpose reinsurance vehicle contract with one or more ceding insurers, and in which the special purpose reinsurance vehicle's obligation to return the full initial investment to the holders of such securities pursuant to the transaction terms is contingent upon the funds not being used to pay the obligations of the special purpose reinsurance vehicle to the ceding insurers under the special purpose reinsurance vehicle contract.