(a)  Notwithstanding any contrary provision in the insurance code of this state, the rules and regulations promulgated under the insurance code, or any other applicable law or regulation, upon placement under administrative supervision or upon any order of conservation, rehabilitation or liquidation of a protected cell company, the receiver shall be bound to deal with the protected cell company‘s assets and liabilities including protected cell assets and protected cell liabilities in accordance with the requirements set forth in this chapter.

Terms Used In Rhode Island General Laws 27-64-7

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Protected cell: means an identified pool of assets and liabilities of a protected cell company segregated and insulated by means of this Act from the remainder of the protected cell company's assets and liabilities. See Rhode Island General Laws 27-64-3
  • Protected cell assets: means all assets, contract rights, and general intangibles, identified with and attributable to a specific protected cell of a protected cell company. See Rhode Island General Laws 27-64-3
  • Protected cell company: means a domestic insurer that has one or more protected cells. See Rhode Island General Laws 27-64-3
  • Protected cell company insurance securitization: means the issuance of debt instruments, the proceeds from which support the exposures attributed to the protected cell, by a protected cell company, where repayment of principal and/or interest to investors pursuant to the transaction terms is contingent upon the occurrence or nonoccurrence of an event with respect to which the protected cell company is exposed to loss under insurance or reinsurance contracts it has issued. See Rhode Island General Laws 27-64-3
  • Protected cell liabilities: means all liabilities and other obligations identified with and attributable to a specific protected cell of a protected cell company. See Rhode Island General Laws 27-64-3
  • Receiver: means the commissioner, where the commissioner is acting as a rehabilitator, liquidator, or administrative supervisor of a company, or any person appointed to carry out an order of rehabilitation or liquidation of a company. See Rhode Island General Laws 27-64-3

(b)  With respect to amounts recoverable under a protected cell company insurance securitization, the amount recoverable by the receiver shall not be reduced or diminished as a result of the placement under administrative supervision or entry of an order of conservation, rehabilitation or liquidation with respect to the protected cell company or any of its protected cells, notwithstanding any provisions to the contrary in the contracts or other documentation governing the protected cell company insurance securitization.

History of Section.
P.L. 1999, ch. 22, § 1; P.L. 2001, ch. 156, § 1.