Source: https://rules.sos.ri.gov/regulations/part/230-20-45-1
Timestamp: 2019-07-16 06:05:11
Document Index: 237359932

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Insurance Holding Company Systems (230-RICR-20-45-1) - Rhode Island Department of State
Insurance Holding Company Systems (230-RICR-20-45-1)
230-RICR-20-45-1 ACTIVE RULE
This Part is promulgated pursuant to the authority granted by R.I. Gen. Laws § 27-35-7.
The purpose of this Part is to set forth rules and procedural requirements which the Commissioner deems necessary to carry out the provisions of R.I. Gen. Laws Chapter 27-35. The information called for by this Part is hereby declared to be necessary and appropriate in the public interest and for the protection of the policyholders in this State.
If any provision of this Part, or the application thereof to any person or circumstance, is held invalid, such determination shall not affect other provisions or applications of this Part which can be given effect without the invalid provision or application, and to that end the provisions of these regulations are severable.
1.4	Forms -- General Requirements
A.	Forms A, B, C, D, E and F (§§ 1.23 through 1.28 of this Part) are intended to be guides in the preparation of the statements required by R.I. Gen. Laws §§ 27-35-2 through 27-35-4. They are not intended to be blank forms which are to be filled in. The statements filed shall contain the numbers and captions of all items, but the text of the items may be omitted provided the answers thereto are prepared in such a manner as to indicate clearly the scope and coverage of the items. All instructions, whether appearing under the items of the form or elsewhere therein, are to be omitted. Unless expressly provided otherwise, if any item is inapplicable or the answer thereto is in the negative, an appropriate statement to that effect shall be made.
B.	One (1) complete copy of each statement including exhibits and all other papers and documents filed as a part thereof, shall be filed with the Commissioner by personal delivery or mail addressed to: State of Rhode Island. Department of Business Regulation, Insurance Division, Financial Analysis Section. At least one (1) of the copies shall be signed in the manner prescribed on the form. Unsigned copies shall be conformed. If the signature of any person is affixed pursuant to a power of attorney or other similar authority, a copy of the power of attorney or other authority shall also be filed with the statement.
C.	If an applicant requests a hearing on a consolidated basis under R.I. Gen. Laws § 27-35-2(d), in addition to filing the Form A with the department, the applicant shall file a copy of Form A (§ 1.23 of this Part) with the National Association of Insurance Commissioners (NAIC) in electronic form.
D.	Statements should be prepared electronically. Statements shall be easily readable and suitable for review and reproduction. Debits in credit categories and credits in debit categories shall be designated so as to be clearly distinguishable as such on photocopies. Statements shall be in the English language and monetary values shall be stated in United States currency. If any exhibit or other paper or document filed with the statement is in a foreign language, it shall be accompanied by a translation into the English language and any monetary value shown in a foreign currency normally shall be converted into United States currency.
1.5	Forms -- Incorporation by Reference, Summaries and Omissions
A.	Information required by any item of Form A, Form B, Form D, Form E or Form F (§§ 1.23, 1.24, 1.26, 1.27, and 1.28 of this Part) may be incorporated by reference in answer or partial answer to any other item. Information contained in any financial statement, annual report, proxy statement, statement filed with a governmental authority, or any other document may be incorporated by reference in answer or partial answer to any item of Form A, Form B, Form D, Form E or Form F (§§ 1.23, 1.24, 1.26, 1.27, and 1.28 of this Part) provided the document is filed as an exhibit to the statement. Excerpts of documents may be filed as exhibits if the documents are extensive. Documents currently on file with the Commissioner which were filed within three (3) years need not be attached as exhibits. References to information contained in exhibits or in documents already on file shall clearly identify the material and shall specifically indicate that such material is to be incorporated by reference in answer to the item. Matter shall not be incorporated by reference in any case where the incorporation would render the statement incomplete, unclear or confusing.
B.	Where an item requires a summary or outline of the provisions of any document, only a brief statement shall be made as to the pertinent provisions of the document. In addition to the statement, the summary or outline may incorporate by reference particular parts of any exhibit or document currently on file with the Commissioner which was filed within three (3) years and may be qualified in its entirety by such reference. In any case where two (2) or more documents required to be filed as exhibits are substantially identical in all material respects except as to the parties thereto, the dates of execution, or other details, a copy of only one of the documents need be filed with a schedule identifying the omitted documents and setting forth the material details in which the documents differ from the documents, a copy of which is filed.
1.6	Forms -- Information Unavailable and Extension of Time to Furnish
A.	If it is impractical to furnish any required information, document or report at the time it is required to be filed, there shall be filed with the Commissioner a separate document:
1.	Identifying the information, document or report in question;
2.	Stating why the filing thereof at the time required is impractical; and
3.	Requesting an extension of time for filing the information, document or report to a specified date. The request for extension shall be deemed granted unless the Commissioner within thirty (30) days after receipt thereof enters an order denying the request.
1.7	Forms -- Additional Information and Exhibits
In addition to the information expressly required to be included in Form A, Form B, Form C, Form D, Form E and Form F, the Commissioner may request such further material information, if any, as may be necessary to make the information contained therein not misleading. The person filing may also file such exhibits as it may desire in addition to those expressly required by the statement. The exhibits shall be so marked as to indicate clearly the subject matters to which they refer. Changes to Forms A, B, C, D, E or F (§§ 1.23 through 1.28 of this Part) shall include on the top of the cover page the phrase: “Change No. [insert number] to” and shall indicate the date of the change and not the date of the original filing.
A.	"Executive officer" means chief executive officer, chief operating officer, chief financial officer, treasurer, secretary, controller, and any other individual performing functions corresponding to those performed by the foregoing officers under whatever title.
B.	"Ultimate controlling person” means that person which is not controlled by any other person.
C.	Unless the context otherwise requires, other terms found in this Part and in R.I. Gen. Laws § 27-35-1 are used as defined in the said R.I. Gen. Laws § 27-35-1. Other nomenclature or terminology is according to the Insurance Code, or industry usage if not defined by the Code.
1.9	Subsidiaries of Domestic Insurers
The authority to invest in subsidiaries under R.I. Gen. Laws § 27-35-1.5 is in addition to any authority to invest in subsidiaries which may be contained in any other provision of the Insurance Code.
1.10	Acquisition of Control -- Statement Filing (Form A)
A person required to file a statement pursuant to R.I. Gen. Laws § 27-35-2 shall furnish the required information on Form A, hereby made a part of this Part. Such person shall also furnish the required information on Form E (§ 1.27 of this Part), hereby made a part of this Part and described in § 1.13 of this Part.
1.11	Amendments to Form A
The applicant shall promptly advise the Commissioner of any changes in the information furnished on Form A (§ 1.23 of this Part) arising subsequent to the date upon which the information was furnished but prior to the Commissioner's disposition of the application.
1.12	Acquisition of Section 27-35-2(a)(1) Insurers
A.	If the person being acquired is deemed to be a "domestic insurer" solely because of the provisions of R.I. Gen. Laws § 27-35-2(a)(1) , the name of the domestic insurer on the cover page should be indicated as follows:
1.	"ABC Insurance Company, a subsidiary of XYZ Holding Company."
B.	Where a R.I. Gen. Laws § 27-35-2(a)(1) insurer is being acquired, references to "the insurer" contained in Form A shall refer to both the domestic subsidiary insurer and the person being acquired.
1.13	Pre-Acquisition Notification
A.	If a domestic insurer, including any person controlling a domestic insurer, is proposing a merger or acquisition pursuant to R.I. Gen. Laws § 27-35-2(a)(1), that person shall file a pre-acquisition notification form, Form E, which was developed pursuant to R.I. Gen. Laws § 27-35-2.5(c).
B.	Additionally, if a non-domiciliary insurer licensed to do business in this state is proposing a merger or acquisition pursuant to R.I. Gen. Laws § 27-35-2.5, that person shall file a pre-acquisition notification form, Form E (§ 1.27 of this Part). No pre‑acquisition notification form need be filed if the acquisition is beyond the scope of R.I. Gen. Laws § 27-35-2.5 as set forth in R.I. Gen. Laws § 27-35-2.5(b)(2).
C.	In addition to the information required by Form E (§ 1.27 of this Part), the Commissioner may wish to require an expert opinion as to the competitive impact of the proposed acquisition.
1.14	Annual Registration of Insurers -- Statement Filing
An insurer required to file an annual registration statement pursuant to R.I. Gen. Laws § 27-35-3 shall furnish the required information on Form B (§ 1.24 of this Part), hereby made a part of this Part.
1.15	Summary of Registration - Statement Filing
An insurer required to file an annual registration statement pursuant to R.I. Gen. Laws § 27-35-3 is also required to furnish information required on Form C (§ 1.25 of this Part), hereby made a part of this Part.
1.16	Amendments to Form B
A.	An amendment to Form B (§ 1.24 of this Part) shall be filed within fifteen (15) days after the end of any month in which there is a material change to the information provided in the annual registration statement.
B.	Amendments shall be filed in the Form B format with only those items which are being amended reported. Each amendment shall include at the top of the cover page “Amendment No. [insert number] to Form B for [insert year]” and shall indicate the date of the change and not the date of the original filings.
1.17	Alternative and Consolidated Registrations
A.	Any authorized insurer may file a registration statement on behalf of any affiliated insurer or insurers which are required to register under R.I. Gen. Laws § 27-35-3. A registration statement may include information not required by R.I. Gen. Laws § 27-35-3(b) regarding any insurer in the insurance holding company system even if the insurer is not authorized to do business in this State. In lieu of filing a registration statement on Form B (§ 1.24 of this Part), the authorized insurer may file a copy of the registration statement or similar report which it is required to file in its State of domicile, provided:
1.	The statement or report contains substantially similar information required to be furnished on Form B (§ 1.24 of this Part); and
2.	The filing insurer is the principal insurance company in the insurance holding company system.
B.	The question of whether the filing insurer is the principal insurance company in the insurance holding company system is a question of fact and an insurer filing a registration statement or report in lieu of Form B (§ 1.24 of this Part) on behalf of an affiliated insurer, shall set forth a brief statement of facts which will substantiate the filing insurer's claim that it, in fact, is the principal insurer in the insurance holding company system.
C.	With the prior approval of the Commissioner, an unauthorized insurer may follow any of the procedures which could be done by an authorized insurer under § 1.17(A) of this Part above.
D.	Any insurer may take advantage of the provisions of R.I. Gen. Laws §§ 27-35-3(f) or 27-35-3(g) without obtaining the prior approval of the Commissioner. The Commissioner, however, reserves the right to require individual filings if he or she deems such filings necessary in the interest of clarity, ease of administration or the public good.
1.18	Disclaimers and Termination of Registration
A.	A disclaimer of affiliation or a request for termination of registration claiming that a person does not, or will not upon the taking of some proposed action, control another person (hereinafter referred to as the "subject") shall contain the following information:
1.	The number of authorized, issued and outstanding voting securities of the subject;
2.	With respect to the person whose control is denied and all affiliates of such person, the number and percentage of shares of the subject's voting securities which are held of record or known to be beneficially owned, and the number of shares concerning which there is a right to acquire, directly or indirectly;
3.	All material relationships and bases for affiliation between the subject and the person whose control is denied and all affiliates of such person;
4.	A statement explaining why the person should not be considered to control the subject.
B.	A request for termination of registration shall be deemed to have been granted unless the Commissioner, within thirty (30) days after receipt of the request, notifies the registrant otherwise.
1.19	Transactions Subject to Prior Notice -- Notice Filing
A.	An insurer required to give notice of a proposed transaction pursuant to R.I. Gen. Laws § 27-35-4 shall furnish the required information on Form D (§ 1.26 of this Part), hereby made a part of this Part.
B.	Agreements for cost sharing services and management services shall at a minimum and as applicable:
1.	Identify the person providing services and the nature of such services;
2.	Set forth the methods to allocate costs;
3.	Require timely settlement, not less frequently than on a quarterly basis, and compliance with the requirements in the Accounting Practices and Procedures Manual;
4.	Prohibit advancement of funds by the insurer to the affiliate except to pay for services defined in the agreement;
5.	State that the insurer will maintain oversight for functions provided to the insurer by the affiliate and that the insurer will monitor services annually for quality assurance;
6.	Define books and records of the insurer to include all books and records developed or maintained under or related to the agreement;
7.	Specify that all books and records of the insurer are and remain the property of the insurer and are subject to control of the insurer;
8.	State that all funds and invested assets of the insurer are the exclusive property of the insurer, held for the benefit of the insurer and are subject to the control of the insurer;
9.	Include standards for termination of the agreement with and without cause;
10.	Include provisions for indemnification of the insurer in the event of gross negligence or willful misconduct on the part of the affiliate providing the services;
11.	Specify that, if the insurer is placed in receivership or seized by the commissioner under the State Receivership Act:
a.	All of the rights of the insurer under the agreement extend to the receiver or commissioner; and,
b.	All books and records will immediately be made available to the receiver or the commissioner, and shall be turned over to the receiver or commissioner immediately upon the receiver or the commissioner’s request;
12.	Specify that the affiliate has no automatic right to terminate the agreement if the insurer is placed in receivership pursuant to the State Receivership Act; and
13.	Specify that the affiliate will continue to maintain any systems, programs, or other infrastructure notwithstanding a seizure by the commissioner under the State Receivership Act, and will make them available to the receiver, for so long as the affiliate continues to receive timely payment for services rendered.
1.20	Enterprise Risk Report
The ultimate controlling person of an insurer required to file an enterprise risk report pursuant to R.I. Gen. Laws § 27-35-3(l) shall furnish the required information on Form F (§ 1.28 of this Part), hereby made a part of this Part.
1.21	Extraordinary Dividends and Other Distributions
A.	Requests for approval of extraordinary dividends or any other extraordinary distribution to shareholders shall include the following:
1.	The amount of the proposed dividend;
2.	The date established for payment of the dividend;
3.	A statement as to whether the dividend is to be in cash or other property and, if in property, a description thereof, its cost, and its fair market value together with an explanation of the basis for valuation;
4.	A copy of the calculations determining that the proposed dividend is extraordinary. The work paper shall include the following information:
a.	The amounts, dates and form of payment of all dividends or distributions (including regular dividends but excluding distributions of the insurer’s own securities) paid within the period of twelve (12) consecutive months ending on the date fixed for payment of the proposed dividend for which approval is sought and commencing on the day after the same day of the same month in the last preceding year;
b.	Surplus as regards policyholders (total capital and surplus) as of the 31st day of December next preceding;
c.	If the insurer is a life insurer, the net gain from operations for the 12-month period ending the 31st day of December next preceding;
d.	If the insurer is not a life insurer, the net income less realized capital gains for the 12-month period ending the 31st day of December next preceding and the two preceding 12-month periods; and
e.	If the insurer is not a life insurer, the dividends paid to stockholders excluding distributions of the insurer’s own securities in the preceding two (2) calendar years;
5.	A balance sheet and statement of income for the period intervening from the last annual statement filed with the Commissioner and the end of the month preceding the month in which the request for dividend approval is submitted; and
6.	A brief statement as to the effect of the proposed dividend upon the insurer's surplus and the reasonableness of surplus in relation to the insurer's outstanding liabilities and the adequacy of surplus relative to the insurer's financial needs.
B.	Subject to R.I. Gen. Laws § 27-35-4(c), each registered insurer shall report to the Commissioner all dividends and other distributions to shareholders within fifteen (15) business days following the declaration thereof, including the same information required by § 1.21(A)(4) of this Part.
1.22	Adequacy of Surplus
The factors set forth in R.I. Gen. Laws § 27-35-4(b) are not intended to be an exhaustive list. In determining the adequacy and reasonableness of an insurer's surplus no single factor is necessarily controlling. The Commissioner, instead, will consider the net effect of all of these factors plus other factors bearing on the financial condition of the insurer. In comparing the surplus maintained by other insurers, the Commissioner will consider the extent to which each of these factors varies from company to company and in determining the quality and liquidity of investments in subsidiaries, the Commissioner will consider the individual subsidiary and may discount or disallow its valuation to the extent that the individual investments so warrant.
1.23	Form A: Statement Regarding Theacquisition Of Control Of Or Merger With A Domestic Insurer
Filed with the Insurance Department of Rhode Island
(b) If the applicant is not an individual, state the nature of its business operations for the past five (5) years or for such lesser period as such person and any predecessors thereof shall have been in existence. Briefly describe the business intended to be done by the applicant and the applicant's subsidiaries.
(c) Furnish a chart or listing clearly presenting the identities of the inter-relationships among the applicant and all affiliates of the applicant. Indicate in such chart or listing the percentage of voting securities of each such person which is owned or controlled by the applicant or by any other such person. If control of any person is maintained other than by the ownership or control of voting securities, indicate the basis of such control. As to each person specified in such chart or listing indicate the type of organization (e.g. -- corporation, trust, partnership) and the state or other jurisdiction of domicile. If court proceedings involving a reorganization or liquidation are pending with respect to any such person, indicate which person, and set forth the title of the court, nature of proceedings and the date when commenced.
On the biographical affidavit, include a third party background check, and state the following with respect to (1) the applicant if (s)he is an individual or (2) all persons who are directors, executive officers or owners of ten percent (10%) or more of the voting securities of the applicant if the applicant is not an individual.
State the number of shares of the insurer’s voting securities which the applicant, its affiliates and any person listed in Item 3 plan to acquire, and the terms of the offer, request, invitation, agreement or acquisition, and a statement as to the method by which the fairness of the proposal was arrived at.
Give a full description of any contracts, arrangements or understandings with respect to any voting security of the insurer in which the applicant, its affiliates or any persons listed in Item 3 is involved, including but not limited to transfer of any of the securities, joint ventures, loan or option arrangements, puts or calls, guarantees of loans, guarantees against loss or guarantees of profits, division of losses or profits, or the giving or withholding of proxies. Such description shall identify the persons with whom the contracts, arrangements or understandings have been entered into.
Describe any purchases of any voting securities of the insurer by the applicant, its affiliates or any person listed in Item 3 during the twelve (12) calendar months preceding the filing of this statement. Include in the description the dates of purchase, the names of the purchasers, and the consideration paid or agreed to be paid therefor. State whether any shares so purchased are hypothecated.
(b) The financial statements shall include the annual financial statements of the persons identified in Item 2(c) for the preceding five fiscal years (or for such lesser period as such applicant and its affiliates and any predecessors thereof shall have been in existence), and similar information covering the period from the end of such person's last fiscal year, if the information is available. The statements may be prepared on either an individual basis, or, unless the Commissioner otherwise requires, on a consolidated basis if consolidated statements are prepared in the usual course of business.
The annual financial statements of the applicant shall be accompanied by the certificate of an independent public accountant to the effect that such statements present fairly the financial position of the applicant and the results of its operations for the year then ended, in conformity with generally accepted accounting principles or with requirements of insurance or other accounting principles prescribed or permitted under law. If the applicant is an insurer which is actively engaged in the business of insurance, the financial statements need not be certified, provided they are based on the Annual Statement of the person filed with the insurance department of the person’s domiciliary State and are in accordance with the requirements of insurance or other accounting principles prescribed or permitted under the law and regulations of the state.
(c) File as exhibits copies of all tender offers for, requests or invitations for, tenders of, exchange offers for, and agreements to acquire or exchange any voting securities of the insurer and (if distributed) of additional soliciting material relating thereto; any proposed employment, consultation, advisory or management contracts concerning the insurer; annual reports to the stockholders of the insurer and the applicant for the last two fiscal years; and any additional documents or papers required by Form A or §§ 1.4 and 1.6 of this Part.
Pursuant to the requirements of R.I. Gen. Laws § 27-35-2 and the Part thereunder ____________________________ has caused this application to
be duly signed on its behalf in the City of _______________ and State of _____________ , on the day of ______________ , 20 ___ .
The undersigned deposes and says that he has duly executed the attached application dated ________________ , for and on behalf of _________________________________ :
that he is the _______________________________ of such company, and
that he is authorized to execute and file such instrument. Deponent further says that he is familiar with such instrument and the contents thereof, and that the facts therein set forth are true to the best of his knowledge, information and belief.
(Signature) ____________________________________________________________
(Type or print name beneath) ______________________________________________
1.24	Form B: Insurance Holding Company System Annual Registration Statement
Filed with the Insurance Department of the State of Rhode Island
(f)	The name and address of any person who holds or owns ten percent (10%) or more of any class of voting security, the class of such security, the number of shares held of record or known to be beneficially owned, and the percentage of class so held or owned; and
If the ultimate controlling person is a corporation, an organization, a limited liability company, or other legal entity, furnish the following information for the directors and executive officers of the ultimate controlling person: the individual's name and address, his or her principal occupation and all offices and positions held during the past 5years, and any conviction of crimes other than minor traffic violations. If the ultimate controlling person is an individual, furnish the individual's name and address, his or her principal occupation and all offices and positions held during the past 5 years, and any conviction of crimes other than minor traffic violations.
(d)	Guarantees or undertakings for the benefit of an affiliate which result in an actual contingent exposure of the Registrant's asset to liability, other than insurance contracts entered into in the ordinary course of the Registrant's business;
(i)	Any pledge of the registrant’s stock and/or of the stock of any subsidiary or controlling affiliate, for a loan made to any member of the insurance holding company system.
No information need be disclosed if such information is not material for purposes of R.I. Gen. Laws § 27-35-3.
The description shall be in a manner as to permit the proper evaluation thereof by the Commissioner, and shall include at least the following: the nature and purpose of the transaction; the nature and amounts of any payments or transfers of assets between the parties; the identity of all parties to the transaction, and relationship of the affiliated parties to the registrant.
The insurer shall furnish a statement that transactions entered into since the filing of the prior year’s annual registration statement are not part of a plan or series of like transactions, the purpose of which is to avoid statutory threshold amounts and the review that might otherwise occur.
(c)	If at the time of the initial registration, the annual financial statements for the latest fiscal year are not available, annual statements for the previous fiscal year may be filed and similar financial information shall be filed for any subsequent period to the extent such information is available. Such financial statements may be prepared on either an individual basis; or, unless the Commissioner otherwise requires, on a consolidated basis if consolidated statements are prepared in the usual course of business.
(d)	Other than with respect to the foregoing, such financial statement shall be filed in a standard form and format adopted by the National Association of Insurance Commissioners, unless an alternative form is accepted by the Commissioner. Documentation and financial statements filed with the Securities and Exchange Commission or audited GAAP financial statements shall be deemed to be an appropriate form and format.
(e)	Unless the Commissioner otherwise permits, the annual financial statements shall be accompanied by the Certificate of an independent public accountant to the effect that the statements present fairly the financial position of the ultimate controlling person and the results of its operations for the year then ended, in conformity with generally accepted accounting principles or with requirements of insurance or other accounting principles prescribed or permitted under law. If the ultimate controlling person is an insurer which is actively engaged in the business of insurance, the annual financial statements need not be certified, provided they are based on the Annual Statement of the insurer’s domiciliary State and are in accordance with requirements of insurance or other accounting principles prescribed or permitted under the law and regulations of that state.
(f)	Any ultimate controlling person who is an individual may file personal financial statements that are reviewed rather than audited by an independent public accountant. The review shall be conducted in accordance with standards for review of personal financial statements published in the Personal Financial Statements Guide by the American Institute of Certified Public Accountants. Personal financial statements shall be accompanied by the independent public accountant's Standard Review Report stating that the accountant is not aware of any material modifications that should be made to the financial statements in order for the statements to be in conformity with generally accepted accounting principles.
(g)	Exhibits shall include copies of the latest annual reports to shareholders of the ultimate controlling person and proxy material used by the ultimate controlling person; and any additional documents or papers required by Form B or §§ 1.4 and 1.6 of this Part.
Pursuant to the requirements of R.I. Gen. Laws § 27-35-3 and the Registrant has caused this annual registration statement to be duly signed on its behalf in the City of _______________ and State of _____________ , on the day of ______________, 20___.
By _________________________(Name)	(Title)
_______________________________(Signature of Officer)
_____________________________(Title)
The undersigned deposes and says that he has duly executed the attached application dated __________________, for and on behalf of ________________: that he is the _______________________________ of
(Name of Company)	(Title of Officer)
such company, and that he is authorized to execute and file such instrument. Deponent further says that he is familiar with such instrument and the contents thereof, and that the facts therein set forth are true to the best of his knowledge, information and belief.
(Type or print name beneath) _______________________________________
1.25	Form C: Summary Of Changes To Registration Statement
Date: __________________ 20 __
Name, Title, Address and Telephone Number of Individual to Whom Notice and Correspondence Concerning This Statement Should Be Addressed:
Furnish a brief description of all items in the current annual registration statement which represent changes from the prior year’s annual registration statement. The description shall be in a manner as to permit the proper evaluation thereof by the Commissioner, and shall include specific references to Item numbers in the annual registration statement and to the terms contained therein.
Changes occurring under Item 2 of Form B insofar as changes in the percentage of each class of voting securities held by each affiliate is concerned, need only be included where such changes are ones which result in ownership or holdings of 10 percent (10%) or more of voting securities, loss or transfer of control, or acquisition or loss of partnership interest.
Pursuant to the requirements of R.I. Gen. Laws § 27-35-3, the Registrant has caused this summary of registration statement to be duly signed on its behalf in the City of _____________ and State of ____________ , on the day of _______________ .
____________________________Name of Registrant
The undersigned deposes and says that he has duly executed the attached summary of registration statement dated __________________ , for and on behalf of _____________________________ that he is the __________________________ of
(Type or print name beneath) _______________________
1.26	Form D: Prior Notice Of A Transaction
(d)	The organizational structure, i.e. corporation, partnership, individual, trust, etc;
(a)	A statement as to whether notice is being given under R.I. Gen. Laws § 27-35-4(b)(1), (2), (3), (4), or (5).
(c)	A statement of how the transaction meets the 'fair and reasonable' standard of R.I. Gen. Laws § 27-35-4(a)(i); and
Furnish a brief description of the amount and source of funds, securities, property or other consideration for the sale, purchase, exchange, loan, extension of credit, guarantee, or investment, whether any provision exists for purchase by the insurer filing notice, by any party to the transaction, or by any affiliate of the insurer filing notice, a description of the terms of any securities being received, if any, and a description of any other agreements relating to the transaction such as contracts or agreements for services, consulting agreements and the like. If the transaction involves other than cash, furnish a description of the consideration, its costs and its fair market value, together with an explanation of the basis for evaluation.
No notice need be given if the maximum amount which can at any time be outstanding or for which the insurer can be legally obligated under the loan, extension of credit or guarantee is less than (a) in the case of non-life insurers, the lesser of three percent (3%) of the insurer's admitted assets or twenty five percent (25%) of surplus as regards policyholders, or (b) in the case of life insurers, three percent (3%) of the insurer's admitted assets, each as of the 31st day of December next preceding.
If the transaction is a reinsurance agreement or modification thereto, as described by R.I. Gen. Laws § 27-35-4(b)(3), or a reinsurance pooling agreement or modification thereto as described by R.I. Gen. Laws § 27-35-4(a)(2)(C), furnish a description of the known and/or estimated amount of liability to be ceded and/or assumed in each calendar year, the period of time during which the agreement will be in effect, and a statement whether an agreement or understanding exists between the insurer and non-affiliate to the effect that any portion of the assets constituting the consideration for the agreement will be transferred to one or more of the insurer's affiliates. Furnish a brief description of the consideration involved in the transaction, and a brief statement as to the effect of the transaction upon the insurer's surplus.
No notice need be given for reinsurance agreements or modifications thereto if the reinsurance premium or a change in the insurer's liabilities, or the projected reinsurance premium or change in the insurer’s liabilities in any of the next three years, in connection with the reinsurance agreement or modification thereto is less than five percent (5%) of the insurer's surplus as regards policyholders, as of the 31st day of December next preceding. Notice shall be given for all reinsurance pooling agreements including modifications thereto.
(c)	a brief description of each party’s expenses or costs covered by the agreement;
(e)	A brief statement as to the effect of the transaction upon the insurer’s policyholder surplus;
(f)	A statement regarding the cost allocation methods that specifies whether proposed charges are based on “cost or market.” If market based, rationale for using market instead of cost, including justification for the company’s determination that amounts are fair and reasonable; and
Pursuant to the requirements of R.I. Gen. Laws § 27-35-4, _________________________ has caused this notice to be duly signed on its behalf in the City of _______________ and State of _____________ , on the day of ______________ , 20 ___ .
The undersigned deposes and says that he has duly executed the attached notice dated ____________ , for and on behalf of __________ (Name of Applicant) that (s) he is the ____________ (Title of Officer) of such company, and that (s) he is authorized to execute and file such instrument. Deponent further says that (s) he is familiar with such instrument and the contents thereof, and that the facts therein set forth are true to the best of his/her knowledge, information and belief.
(Type or print name beneath) _______________________________
1.27	Form E: Pre-Acquisition Notification Form Regarding The Potential Competitive Impact Of A Proposed Merger Or Acquisition By A Non-Domiciliary Insurer Doing Business In This State Or By A Domestic Insurer
Name of Other Person Involved in Merger or Acquisition
State specifically what market and market share in each relevant insurance market the persons identified in Item 1 and Item 2 currently enjoy in this state. Provide historical market and market share data for each person identified in Item 1 and Item 2 for the past five years and identify the source of such data. Provide a determination as to whether the proposed acquisition or merger, if consummated, would violate the competitive standards of the state as stated in R.I. Gen. Laws §27-35-2.5(d). If the proposed acquisition or merger would violate competitive standards, provide justification of why the acquisition or merger would not substantially lessen competition or create a monopoly in the state.
1.28	Form F: Enterprise Risk Report
Filed with the Insurance Department of the State of Rhode Island.
On Behalf of/Related to the Following Insurance Companies
The Registrant/Applicant, to the best of its knowledge and belief, shall provide information regarding the following areas that could produce enterprise risk as defined in R.I. Gen. Laws § 27-35-1(f), provided such information is not disclosed in the Insurance Holding Company System Annual Registration Statement filed on behalf of itself or another insurer for which it is the ultimate controlling person:
(a)	Any material developments regarding strategy, internal audit findings, compliance or risk management affecting the insurance holding company system;
(b)	Acquisition or disposal of insurance entities and reallocating of existing financial or insurance entities within the insurance holding company system;
(c)	Any changes of shareholders of the insurance holding company system exceeding ten percent (10%) or more of voting securities;
(d)	Developments in various investigations, regulatory activities or litigation that ay have a significant bearing or impact on the insurance holding company system;
(e)	Business plan of the insurance holding company system and summarized strategies for next 12 months;
(f)	Identification of material concerns of the insurance holding company system raised by supervisory college, if any, in last year;
(g)	Identification of insurance holding company system capital resources and material distribution patterns;
(h)	Identification of any negative movement, or discussions with rating agencies which may have caused, or may cause, potential negative movement in the credit ratings and individual insurer financial strength ratings assessment of the insurance holding company system (including both the rating score and outlook);
(i)	Information on corporate or parental guarantees throughout the holding company and the expected source of liquidity should such guarantees be called upon; and
(j)	Identification of any material activity or development of the insurance holding company system that, in the opinion of senior management, could adversely affect the insurance holding company system.
Part 1 Insurance Holding Company Systems (230-RICR-20-45-1)
Effective 04/12/2012
R.I. Gen. Laws § 27-35-7
ACTIVE RULE Technical Revision - effective from 04/12/2012 to Current
INACTIVE RULE Amendment - effective from 04/12/2012 to 04/12/2012
INACTIVE RULE Periodic Refile - effective from 12/19/2001 to 04/12/2012