58-27-64. "Affiliate" defined.
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The term "affiliate" when used in §§ 58-27-62 to 58-27-66 , inclusive, shall mean any person, firm, trust, corporation, or other business entity, which by stock ownership or by any contractual arrangement whatsoever, has the power, either directly or indirectly, to control twenty - five percent or more of the voting shares or voting rights of such insurer or any such organization which is similarly controlled by any such insurer to such extent and all other affiliates of any such affiliate.