Terms Used In Rhode Island General Laws > Chapter 27-64 - The Protected Cell Companies Act

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Commissioner: means the director of the department of business regulation. See Rhode Island General Laws 27-64-3
• Contract: A legal written agreement that becomes binding when signed.
• Domestic insurer: means an insurance or reinsurance company domiciled in the state or a captive insurance or reinsurance company domiciled in the state. See Rhode Island General Laws 27-64-3
• 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.
• Fully funded: means that, with respect to any exposure attributed to a protected cell, the fair value of the protected cell assets, on the date on which the insurance securitization is effected, equals or exceeds the maximum possible exposure attributable to the protected cell with respect to those exposures. See Rhode Island General Laws 27-64-3
• General account: means the assets and liabilities of a protected cell company other than protected cell assets and protected cell liabilities. See Rhode Island General Laws 27-64-3
• in writing: include printing, engraving, lithographing, and photo-lithographing, and all other representations of words in letters of the usual form. See Rhode Island General Laws 43-3-16
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
• 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 account: means a specifically identified bank or custodial account established by a protected cell company for the purpose of segregating the protected cell assets of one protected cell from the protected cell assets of other protected cells and from the assets of the protected cell company's general account. 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
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Trustee: A person or institution holding and administering property in trust.