Rhode Island General Laws 27-3-38.2. Definitions
As used in this chapter:
(1) “Admitted insurer” means an insurer licensed to do an insurance business in this state.
(2) “Capital” as used in the financial requirements of § 27-3-40, means funds paid in for stock or other evidence of ownership.
(3) “Commissioner” means the insurance commissioner of Rhode Island or his or her designee, deputies or staff, or the commissioner, director or superintendent of insurance in any other state.
(4) “Eligible surplus lines insurer” means a nonadmitted insurer with which a surplus lines licensee may place surplus lines insurance pursuant to § 27-3-38.
(5) “Home state” means,
(i) With respect to an insured:
(A) The state in which an insured maintains its principal place of business or, in the case of an individual, the individual’s principal residence; or
(B) If one hundred percent (100%) of the insured risk is located out of the state referred to in subparagraph (i), the state to which the greatest percentage of the insured’s taxable premium for that insurance contract is allocated.
(ii) “Principal place of business” means, with respect to determining the home state of the insured.
(A) the state where the insured maintains its headquarters and where the insured’s high-level officers direct, control and coordinate the business activities; or
(B) if the insured’s high-level officers direct, control and coordinate the business activities in more than one state, the state in which the greatest percentage of the insured’s taxable premium for that insurance contract is allocated; or
(C) if the insured maintains its headquarters or the insured’s high-level officers direct, control and coordinate the business activities outside any state, the state to which the greatest percentage of the insured’s taxable premium for that insurance contract is allocated.
(iii) “Principal residence” means, with respect to determining the home state of the insured, (i) the state where the insured resides for the greatest number of days during a calendar years; or (ii) if the insured’s principal residence is located outside any state, the state to which the greatest percentage of the insured’s taxable premium for that insurance contract is allocated.
(iv) Affiliated groups. If more than one insured from an affiliated group are named insureds on a single nonadmitted insurance contract, the term “home state” means the home state, as determined above, of the member of the affiliated group that has the largest percentage of premium attributed to it under such insurance contract.
(v) Group insurance. When the group policyholder pays one hundred percent (100%) of the premium from its own funds, the term “home state” means the home state, as determined above, of the group policyholder. When the group policyholder does not pay one hundred percent (100%) of the premium from its own funds, the term “home state” means the home state, as determined above, of the group member.
(6) “Insurer” means any person, corporation, association, partnership, reciprocal exchange, interinsurer, Lloyds insurer, insurance exchange syndicate, fraternal benefit society, and any other legal entity engaged in the business of insurance.
(7) “NAIC” means the National Association of Insurance Commissioners.
(8) “Nonadmitted insurer” means an insurer not licensed to do an insurance business in this state.
(9) “Person” means any natural person or other entity, including, but not limited to, individuals, partnerships, associations, trusts or corporations.
(10) “Surplus” as used in the financial requirements of § 27-3-40, means funds over and above liabilities and capital of the company for the protection of policyholders.
(11) “Surplus lines insurance” means any property and casualty insurance in this state on properties, risks or exposures, located or to be performed in this state, permitted to be placed through a surplus lines licensee with a nonadmitted insurer eligible to accept such insurance, pursuant to § 27-3-40.
(12) “Surplus lines licensee” means an individual, firm or corporation licensed under § 27-3-38 to place insurance on properties, risks or exposures located or to be performed in this state with nonadmitted insurers eligible to accept such insurance.
History of Section.
P.L. 2011, ch. 14, § 3; P.L. 2011, ch. 22, § 3.
Terms Used In Rhode Island General Laws 27-3-38.2
- Commissioner: means the insurance commissioner of Rhode Island or his or her designee, deputies or staff, or the commissioner, director or superintendent of insurance in any other state. See Rhode Island General Laws 27-3-38.2
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Home state: means ,
(i) With respect to an insured:
(A) The state in which an insured maintains its principal place of business or, in the case of an individual, the individual's principal residence; or
(B) If one hundred percent (100%) of the insured risk is located out of the state referred to in subparagraph (i), the state to which the greatest percentage of the insured's taxable premium for that insurance contract is allocated. See Rhode Island General Laws 27-3-38.2
- Insurer: means any person, corporation, association, partnership, reciprocal exchange, interinsurer, Lloyds insurer, insurance exchange syndicate, fraternal benefit society, and any other legal entity engaged in the business of insurance. See Rhode Island General Laws 27-3-38.2
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Nonadmitted insurer: means an insurer not licensed to do an insurance business in this state. See Rhode Island General Laws 27-3-38.2
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: means any natural person or other entity, including, but not limited to, individuals, partnerships, associations, trusts or corporations. See Rhode Island General Laws 27-3-38.2
- Principal place of business: means , with respect to determining the home state of the insured. See Rhode Island General Laws 27-3-38.2
- Principal residence: means , with respect to determining the home state of the insured, (i) the state where the insured resides for the greatest number of days during a calendar years; or (ii) if the insured's principal residence is located outside any state, the state to which the greatest percentage of the insured's taxable premium for that insurance contract is allocated. See Rhode Island General Laws 27-3-38.2
- Surplus lines insurance: means any property and casualty insurance in this state on properties, risks or exposures, located or to be performed in this state, permitted to be placed through a surplus lines licensee with a nonadmitted insurer eligible to accept such insurance, pursuant to § 27-3-40. See Rhode Island General Laws 27-3-38.2
- Surplus lines licensee: means an individual, firm or corporation licensed under § 27-3-38 to place insurance on properties, risks or exposures located or to be performed in this state with nonadmitted insurers eligible to accept such insurance. See Rhode Island General Laws 27-3-38.2