(a)  Market conduct surveillance personnel shall be qualified by education, experience and, where applicable, professional designations. The commissioner may supplement the in-house market conduct surveillance staff with qualified outside professional assistance if he or she determines that such assistance is necessary.

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Terms Used In Rhode Island General Laws 27-71-9

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Commissioner: means the "director of the department of business regulation" or his or her designee. See Rhode Island General Laws 27-71-3
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.

(b)  Market conduct surveillance personnel have a conflict of interest, either directly or indirectly, if they are affiliated with the management, have been employed by, or own a pecuniary interest in the insurer subject to any examination under this chapter within the most recent five (5) years prior to the use of the personnel. This section shall not be construed to automatically preclude an individual from being:

(1)  A policyholder or claimant under an insurance policy;

(2)  A grantee of a mortgage or similar instrument on the individual’s residence from a regulated entity if done under customary terms and in the ordinary course of business;

(3)  An investment owner in shares of regulated diversified investment companies; or

(4)  A settlor or beneficiary of a “blind trust” into which any otherwise permissible holdings have been placed.

History of Section.
P.L. 2008, ch. 72, § 1; P.L. 2008, ch. 233, § 1.