§ 27-14.1-1 - Definitions. - Rhode Island Statutes

SECTION 27-14.1-1

   § 27-14.1-1  Definitions. – As used in this chapter:

   (1) "Consent" means agreement to administrative supervisionby the insurer;

   (2) "Exceeded its powers" means the following conditions:

   (i) The insurer has refused to permit examination of itsbooks, papers, accounts, records, or affairs by the commissioner, his or herdeputies, employees or duly commissioned examiners;

   (ii) A domestic insurer has unlawfully removed from thisstate books, papers, accounts, or records necessary for an examination of theinsurer;

   (iii) The insurer has failed to promptly comply with theapplicable financial reporting statutes or rules and departmental requestsrelating to those statutes or rules;

   (iv) The insurer has neglected or refused to observe an orderof the commissioner to make good, within a prescribed time, any prohibiteddeficiency in its capital, capital stock or surplus;

   (v) The insurer is continuing to transact insurance or writebusiness after its license has been revoked or suspended by the commissioner;

   (vi) The insurer, by contract or otherwise, has unlawfully orhas in violation of an order of the commissioner or has without first havingobtained written approval of the commissioner if approval is required by law:

   (A) Totally reinsured its entire outstanding business; or

   (B) Merged or consolidated substantially its entire propertyor business with another insurer;

   (vii) The insurer engaged in any transaction in which it isnot authorized to engage under the laws of this state; or

   (viii) The insurer refused to comply with a lawful order ofthe commissioner;

   (3) "Insurer" means and includes every person subject to theprovisions of this title as limited to:

   (i) Any insurer who is doing an insurer business, or hastransacted insurance in this state, and against whom claims arising from thattransaction may exist now or in the future; and

   (ii) Any fraternal benefit society which is subject to theprovisions of this title; and

   (4) "Mono line business" for the purposes of this title meanseither a stock or mutual insurance company, whether foreign or domestic, whichdeals exclusively in surety bonding.