“Noninsurance subsidiary” means a corporation or other entity in which an insurer has, directly or indirectly, a majority ownership, and such corporation or other entity:

1. (1) Is not necessary and incidental to the convenient operation of the insurer’s insurance business;
2. (2) Does not administer any of the insurer’s lawful investments; and
3. (3) Is not subject to licensure by or registration with the Insurance Commissioner.