Rhode Island General Laws 27-64-11. No transaction of insurance business
A protected cell company insurance securitization shall not be deemed to be an insurance or reinsurance contract. An investor in a protected cell company insurance securitization shall not, by sole means of this investment, be deemed to be transacting an insurance business in this state. The underwriters or selling agents (and their partners, directors, officers, members, managers, employees, agents, representatives and advisors) involved in a protected cell company insurance securitization shall not be deemed to be conducting an insurance or reinsurance agency, brokerage, intermediary, advisory or consulting business by virtue of their activities in connection with those businesses.
History of Section.
P.L. 1999, ch. 22, § 1; P.L. 2001, ch. 156, § 1.
Terms Used In Rhode Island General Laws 27-64-11
- Contract: A legal written agreement that becomes binding when signed.
- 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 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