Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 45 - Financial Standards and Corporate Operations › Part 2 - Surrender and Non-Renewal of Licenses by Insurers (230-RICR-20-45-2) › Section 230-RICR-20-45-2.3 - Definitions

Current through June 14, 2024
A. As used in this Regulation, the following
				  terms shall mean:
1. "Applicant" means an
				  insurer who proposes to surrender, not renew, or amend any license to delete
				  approval, in whole or in part, to engage in the business of insurance in the
				  State of Rhode Island and seeks approval of a withdrawal plan to implement that
				  proposal.
2. "Affiliate" means any
				  corporation or business of any type which controls the applicant or any
				  corporation or business of any type which is either controlled by the
				  applicant, or by a corporation or business which controls the applicant.
3. "Control" shall have the
				  meaning ascribed to it in R.I. Gen. Laws §
											27-35-1(c).
4. "Commissioner" means the Commissioner of
				  Insurance appointed pursuant to R.I. Gen. Laws §
											42-14-1 et seq., or his or her
				  designee.
5. "Department" means the
				  Department of Business Regulation, established pursuant to R.I. Gen. Laws
				  §
											42-14-1 et seq.
6. "Insurer" means any company licensed under
				  Title 27 or R.I. Gen. Laws §
											42-62-1 et seq. of the General
				  Laws of Rhode Island.
7. "License"
				  means any license, certificate of authority, certificate of compliance, or
				  other formal approval granted or issued by the Department of Business
				  Regulation, Division of Insurance, allowing an insurer to transact the business
				  of insurance in Rhode Island. License shall not mean a formal approval to an
				  excess or surplus lines insurer.
8.
				  "NCCI" means National Council on Compensation Insurance.
9. "NWCRP" means National Worker's
				  Compensation Reinsurance Pool.
10.
				  "Policy" means any policy of insurance, annuity, rider, endorsement or other
				  contract which provides benefits to any Rhode Island resident.
11. "Producer" means an insurance "agent" or
				  "broker" or a person who solicits, negotiates, effects, procures, delivers,
				  renews, continues or binds policies of insurance or who offers advice, counsel,
				  opinion or service in this state licensed in accordance with the General Laws
				  of Rhode Island, as amended. An insurance producer does not include an excess
				  or surplus lines agent or broker licensed pursuant to R.I. Gen. Laws §
											27-3-38.
12. "Rhode Island Resident" means a person
				  who is domiciled in Rhode Island or a corporation or business entity doing
				  business or having any employees in Rhode Island.
13. "Surrender" means voluntary relinquishing
				  of a license or part of a license, the intentional failure to renew a license
				  or part of a license, or the amendment of any license to delete a line or lines
				  of business.
14. "Withdrawal Plan"
				  means a plan submitted by an applicant in accordance with the provisions of
				  this regulation which describes how the applicant proposes to surrender or not
				  renew any or all licenses.
15.
				  "Workers' Compensation Insurance Fund" means the plan and entity established by
				  R.I. Gen. Laws §
											27-7.2-1 et seq. which serves as a
				  voluntary and residual market mechanism for workers' compensation
				  insurance.