(a)  With respect to orders of rehabilitation, conservation or liquidation directed at a protected cell company, the remuneration, expenses, and other compensation of the receiver shall be payable from the assets of the company’s general account, in accordance with the priority of distribution set forth in § 27-14.3-46 and § 27-14.4-20.

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Terms Used In Rhode Island General Laws 27-64-9

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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
  • 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
  • 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 orders of rehabilitation, conservation or liquidation directed at a protected cell, the remuneration, expenses, and other compensation of the receiver shall be payable from the protected cell assets attributable to that protected cell. In the case where more than one protected cell is the subject of the order, the receiver shall account for remuneration, expenses, and other compensation separately for each protected cell in accordance with actual time and expenses attributable to the rehabilitation, conservation or liquidation of each respective protected cell.

(c)  With respect to orders of rehabilitation, conservation or liquidation directed at a protected cell company during a pending rehabilitation, conservation or liquidation of one or more protected cells, the remuneration, expenses, and other compensation of the receiver of the protected cells shall be satisfied from the protected cell assets of the protected cell or cells in accordance with the provisions of subsection (b) of this section, and the remuneration, expenses, and other compensation of the receiver of the protected cell company shall be satisfied from the assets of the company’s general account.

History of Section.
P.L. 1999, ch. 22, § 1; P.L. 2001, ch. 156, § 1; P.L. 2023, ch. 395, art. 1, § 21, effective December 31, 2023.