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l. In this law -
'Means of control' of any body corporate - means any of the following:
(1) a right to vote at the general assembly of a company or at a corresponding body of another body corporate;
(2) the right to appoint a director of a body corporate, and to this purpose –
(1) a person who has appointed a director in a body corporate will be deemed as having the right to appoint such director;
(2) the right of a body corporate in which a holder of an office is appointed as director in another body corporate, and whoever controls such body corporate, who have such right to appoint him;
(3) the right to share in the profits of the body corporate;
(4) the right to the surplus assets of the body corporate. after discharge of its liabilities, upon its liquidation;
"Yield dependant insurance" – an insurance plan according to which benefits of a beneficiary are dependant upon yield earned by certain of the insurer's investments;
"Institutional entity" – insurer and management company;
"Possession" or "acquisition" - possession or acquisition, whether alone or with others, whether directly or indirectly, and includes possession or acquisition through a agent or trustee or through a controlled body corporate;
"Commissioner" - the Commissioner of Insurance as meant in Section 2;
"Committee” - the Advisory Committee established under Section 4;
"The Board" means the Advisory Board established under Section 6;
"Yield dependant liability" – liability of an insurer according to yield dependant insurance, according to which insurance benefits to which a beneficiary is entitled are dependant upon yield earned by certain of the insurer's investments;
"Management company", "insurance fund", "provident fund", "stipend provident fund", "central provident fund", "mature fund" – as their definition in the Provident Funds Control law;
"Companies Law" - The Companies Law – 1999;
"Financial Consulting and Marketing Law" – the Financial Services Control Law (Pension Consultancy and Financial Marketing Activity) Law – 2005;
"Provident Fund Control Law" – the Financial Services Control Law (Provident Fund) – 2005;
"The Penal law" – the Penal Law – 1977;
"Together with others" – together with others in regular cooperation; without prejudice to the generality of the aforesaid, in case of an individual – himself, his relatives and a body corporate which one of them controls, and in the case of a body corporate – the body corporate, whoever controls it, and one of whoever controls it.
"Investment consultant" – as defined in the law for Regularization of Financial Consulting Activity, Investment Marketing and Investment Portfolio Management – 1995;
"Pension consultant" – "pension consultancy" and "pension marketing" – as defined in the Pension Consultancy and Marketing Law;
"Insurer" means any one who has received an Israeli insurer license under section 15 (a) (I) and any one who has received a foreign insurer's license under section 15 (a) (2);
"Officer" – as defined in the Companies Law and any employee directly subordinate to him, and any member of the yield dependant investment committee and yield independent investment committee, according to their meaning in Article 41E;
"Insurance agent" or "agent" - any one who has received an individual agent license under section 25 or anyone who has received an incorporated agency license under section 26;
"Dealing in insurance" - entering into insurance contracts commercially except for the granting of a guarantee for a commodity or for a service which is incidental to the main business of the guarantor; on this subject 'entering into a contract’ includes a proposal to enter into a contract as well as entering into a contract not for profit;
“Relative” - a spouse, a brother or sister, a parent, a descendant, a descendant of the spouse, or a spouse of any of these.
"Control" – the means, whether alone or together with others, to guide the activities of a body corporate, including the means derived only from holding an office of director or other office holder in the body corporate; without prejudice to the generality of the aforesaid, a person will be seen as controlling a body corporate if one the following apply:
(1) He holds one half or more of a particular type of means of control in the body corporate;
(2) He is able to prevent acceptance of a decision in a body corporate, including decisions regarding the sale or liquidation of most of the activities of the body corporate or their substantial change;
"Incorporated banking entity" – as defined in the Banking Law (Licensing) – 1981;
"Provident fund regulations" – Income Tax Regulations (Rules for Approval and Management of Provident Funds) - 1964 law.
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