§ 27-47-1 - Definitions. - Rhode Island Statutes

SECTION 27-47-1

   § 27-47-1  Definitions. – (a) "Chief executive officer" is the person, irrespective of his or her title,designated by the board of directors or trustees of an insurer as the personcharged with the responsibility of administering and implementing the insurer'spolices and procedures.

   (b) "Commissioner" means the commissioner of insurance or thecommissioner's equivalent of the state of domicile of any insurer.

   (c) "Impaired" is a financial situation in which the assetsof an insurer are less than the sum of the insurer's minimum required capital,minimum required surplus and all liabilities as determined in accordance withthe requirements for the preparation and filing of the annual statement of aninsurer under chapter 12 of this title.

   (d) "Insurer" means any insurance company or other insurerlicensed to do business in this state.