§ 27-64-11 - No transaction of insurance business. - Rhode Island Statutes

SECTION 27-64-11

   § 27-64-11  No transaction of insurancebusiness. – A protected cell company insurance securitization shall not be deemed to be aninsurance or reinsurance contract. An investor in a protected cell companyinsurance securitization shall not, by sole means of this investment, be deemedto be transacting an insurance business in this state. The underwriters orselling agents (and their partners, directors, officers, members, managers,employees, agents, representatives and advisors) involved in a protected cellcompany insurance securitization shall not be deemed to be conducting aninsurance or reinsurance agency, brokerage, intermediary, advisory orconsulting business by virtue of their activities in connection with thosebusinesses.