Terms Used In Rhode Island General Laws > Chapter 27-3 - Surplus Lines Insurance

• Admitted insurer: means an insurer licensed to do an insurance business in this state. See Rhode Island General Laws 27-3-38.2
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Commissioner: means the insurance commissioner of Rhode Island or his or her designee, deputies or staff, or the commissioner, director or superintendent of insurance in any other state. See Rhode Island General Laws 27-3-38.2
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• 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.
• Home state: means ,

  (i)  With respect to an insured:

  (A)  The state in which an insured maintains its principal place of business or, in the case of an individual, the individual's principal residence; or

  (B)  If one hundred percent (100%) of the insured risk is located out of the state referred to in subparagraph (i), the state to which the greatest percentage of the insured's taxable premium for that insurance contract is allocated. See Rhode Island General Laws 27-3-38.2

• 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
• Insurer: means any person, corporation, association, partnership, reciprocal exchange, interinsurer, Lloyds insurer, insurance exchange syndicate, fraternal benefit society, and any other legal entity engaged in the business of insurance. See Rhode Island General Laws 27-3-38.2
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• NAIC: means the National Association of Insurance Commissioners. See Rhode Island General Laws 27-3-38.2
• Nonadmitted insurer: means an insurer not licensed to do an insurance business in this state. See Rhode Island General Laws 27-3-38.2
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means any natural person or other entity, including, but not limited to, individuals, partnerships, associations, trusts or corporations. See Rhode Island General Laws 27-3-38.2
• Principal place of business: means , with respect to determining the home state of the insured. See Rhode Island General Laws 27-3-38.2
• Principal residence: means , with respect to determining the home state of the insured, (i) the state where the insured resides for the greatest number of days during a calendar years; or (ii) if the insured's principal residence is located outside any state, the state to which the greatest percentage of the insured's taxable premium for that insurance contract is allocated. See Rhode Island General Laws 27-3-38.2
• Service of process: The service of writs or summonses to the appropriate party.
• Surplus lines insurance: means any property and casualty insurance in this state on properties, risks or exposures, located or to be performed in this state, permitted to be placed through a surplus lines licensee with a nonadmitted insurer eligible to accept such insurance, pursuant to § 27-3-40. See Rhode Island General Laws 27-3-38.2
• Surplus lines licensee: means an individual, firm or corporation licensed under § 27-3-38 to place insurance on properties, risks or exposures located or to be performed in this state with nonadmitted insurers eligible to accept such insurance. See Rhode Island General Laws 27-3-38.2
• United States: include the several states and the territories of the United States. See Rhode Island General Laws 43-3-8