Rhode Island General Laws 27-46-14. Rules and regulations
The commissioner may establish and amend any rules and/or regulations relating to risk retention groups as may be necessary or desirable to carry out the provisions of this chapter.
History of Section.
P.L. 1991, ch. 348, § 1.
Terms Used In Rhode Island General Laws 27-46-14
- Commissioner: means the director of the department of business regulation or the commissioner, director, or superintendent of insurance in any other state;
(2) "Completed operations liability" means liability arising out of the installation, maintenance, or repair of any product at a site which is not owned or controlled by:
(i) Any person who performs that work; or
(ii) Any person who hires an independent contractor to perform that work; but shall include liability for activities which are completed or abandoned before the date of the occurrence giving rise to the liability;
(3) "Domicile" for the purposes of determining the state in which a purchasing group is domiciled, means:
(i) For a corporation, the state in which the purchasing group is incorporated; and
(ii) For an unincorporated entity, the state of its principal place of business;
(4) "Hazardous financial condition" means that, based on its present or reasonably anticipated financial condition, a risk retention group, although not yet financially impaired or insolvent, is unlikely to be able:
(i) To meet obligations to policyholders with respect to known claims and reasonably anticipated claims; or
(ii) To pay other obligations in the normal course of business;
(5) "Insurance" means primary insurance, excess insurance, reinsurance, surplus lines insurance, and any other arrangement for shifting and distributing risk, which is determined to be insurance under the laws of this state;
(6) "Liability":
(i) Means legal liability for damages, including costs of defense, legal costs and fees, and other claims expenses, because of injuries to other persons, damage to their property, or other damage or loss to other persons resulting from or arising out of:
(A) Any business whether profit or nonprofit, trade, product, services including professional services, premises, or operations; or
(B) Any activity of any state or local government, or any agency or political subdivision of any state or local government; and
(ii) Does not include personal risk liability and an employer's liability with respect to its employees other than legal liability under 45 U. See Rhode Island General Laws 27-46-2