§ 27-43-1 - Definitions. - Rhode Island Statutes

SECTION 27-43-1

   § 27-43-1  Definitions. – As used in this chapter, unless the context requires otherwise:

   (1) "Affiliated company" means any corporation controlled byor an affiliate of a parent, an industrial insured, or a member organization byvirtue of common ownership, control, operation, or management;

   (2) "Association" means any association of individuals,corporations, partnerships, or associations that has a separate legalexistence, the member organizations of which collectively:

   (i) Own, control, or hold with power to vote all of theoutstanding voting securities of an association captive insurance companyincorporated as a stock insurance company; or

   (ii) Have complete voting control over an association captiveinsurance company incorporated as a mutual insurance company;

   (3) "Association captive insurance company" means any companythat insures risks of the member organizations of the association, and theiraffiliated companies;

   (4) "Captive insurance company" means any subsidiary captiveinsurance company, association captive insurance company, or industrial insuredcaptive insurance company formed or licensed under the provisions of thischapter, including a captive insurance company that is organized as a protectedcell company under the Protected Cell Companies Act, chapter 64 of this title;

   (5) "Commissioner" means the director of the department ofbusiness regulation;

   (6) "Industrial insured" means an insured:

   (i) Who procures the insurance of any risk or risks by use ofthe services of a full-time employee acting as an insurance manager or buyer;

   (ii) Whose aggregate annual premiums for insurance on allrisks total at least twenty-five thousand dollars ($25,000); and

   (iii) Who has at least twenty-five (25) full-time employees;

   (7) "Industrial insured captive insurance company" means anycompany that insures risks of the industrial insured that comprise theindustrial insured group, and their affiliated companies;

   (8) "Industrial insured group" means any group that meetseither of the following criteria:

   (i) Any group of industrial insured that collectively: (A)own, control, or hold with power to vote all of the outstanding votingsecurities of an industrial insured captive insurance company incorporated as astock insurance company, or (B) have complete voting control over an industrialinsured captive insurance company incorporated as a mutual insurance company; or

   (ii) Any group which is created under 15 U.S.C. § 3901et seq., as a corporation or other limited liability association;

   (9) "Member organization" means any individual, corporation,partnership, or association that belongs to an association;

   (10) "Parent" means a corporation, partnership, or individualthat directly or indirectly owns, controls, or holds with power to vote morethan fifty percent (50%) of the outstanding voting securities of a subsidiarycaptive insurance company;

   (11) "Personal lines of insurance" means personal motorvehicle, homeowner's insurance coverage, health insurance, life insurance,worker's compensation, residential fire insurance, or any component of them; and

   (12) "Subsidiary captive insurance company" means any companythat insures risks of its parent and affiliated companies.