191—20.71(515) Definitions. For purposes of division III, the following definitions shall apply:
“ACORD” means the Association for Cooperative Operations Research and Development.
“Commercial real estate transaction” means a non-recourse commercial lending transaction in which the underlying property serves as the primary collateral securing the borrower’s repayment of the loan and neither the borrower nor any of its members, partners, or shareholders, nor any related person to any of the aforementioned persons, bears the economic risk of loss in the event of a payment default under the terms of the lending transaction.
“Division” means the insurance division.
“ISO” means the Insurance Services Office, Inc.
[ARC 0133C, IAB 5/30/12, effective 5/9/12; ARC 5602C, IAB 5/5/21, effective 6/9/21]