“Parent” means a corporation, limited-liability company, partnership, association or other form of business organization that directly or indirectly owns, controls or holds with power to vote more than 50 percent of the outstanding voting securities of:

1. 1. A pure captive insurer organized as a stock corporation; or
2. 2. The membership of a pure captive insurer organized as a nonprofit corporation.

(Added to NRS by 1999, 3208; A 2005, 2152)