Rhode Island General Laws 27-43-8. Exemption from chapter 34 of this title
No captive insurance company shall be required to join or to contribute financially to any plan, pool, association, or guaranty or insolvency fund in this state including, but not limited to, the fund established by chapter 34 of this title, nor shall any captive insurance company, or its insured, or its parent or any affiliated company, or any member organization of its association, receive any benefit from the plan, pool, association, or guaranty or insolvency funds for claims arising out of the operations of the captive insurance company.
History of Section.
P.L. 1988, ch. 76, § 1.
Terms Used In Rhode Island General Laws 27-43-8
- Affiliated company: means any corporation controlled by or an affiliate of a parent, an industrial insured, or a member organization by virtue of common ownership, control, operation, or management;
(2) "Association" means any association of individuals, corporations, partnerships, or associations that has a separate legal existence, the member organizations of which collectively:
(i) Own, control, or hold with power to vote all of the outstanding voting securities of an association captive insurance company incorporated as a stock insurance company; or
(ii) Have complete voting control over an association captive insurance company incorporated as a mutual insurance company;
(3) "Association captive insurance company" means any company that insures risks of the member organizations of the association, and their affiliated companies;
(4) "Captive insurance company" means any subsidiary captive insurance company, association captive insurance company, or industrial insured captive insurance company formed or licensed under the provisions of this chapter, including a captive insurance company that is organized as a protected cell company under the Protected Cell Companies Act, chapter 64 of this title;
(5) "Commissioner" means the director of the department of business regulation;
(6) "Industrial insured" means an insured:
(i) Who procures the insurance of any risk or risks by use of the services of a full-time employee acting as an insurance manager or buyer;
(ii) Whose aggregate annual premiums for insurance on all risks total at least twenty-five thousand dollars ($25,000); and
(iii) Who has at least twenty-five (25) full-time employees;
(7) "Industrial insured captive insurance company" means any company that insures risks of the industrial insured that comprise the industrial insured group, and their affiliated companies;
(8) "Industrial insured group" means any group that meets either of the following criteria:
(i) Any group of industrial insured that collectively: (A) own, control, or hold with power to vote all of the outstanding voting securities of an industrial insured captive insurance company incorporated as a stock insurance company, or (B) have complete voting control over an industrial insured captive insurance company incorporated as a mutual insurance company; or
(ii) Any group which is created under 15 U. See Rhode Island General Laws 27-43-1
- Member organization: means any individual, corporation, partnership, or association that belongs to an association;
(10) "Parent" means a corporation, partnership, or individual that directly or indirectly owns, controls, or holds with power to vote more than fifty percent (50%) of the outstanding voting securities of a subsidiary captive insurance company;
(11) "Personal lines of insurance" means personal motor vehicle, homeowner's insurance coverage, health insurance, life insurance, worker's compensation, residential fire insurance, or any component of them; and
(12) "Subsidiary captive insurance company" means any company that insures risks of its parent and affiliated companies. See Rhode Island General Laws 27-43-1