Terms Used In Rhode Island General Laws > Chapter 27-48 - Business Transacted with Producer Controlled Insurer Act

• Accredited state: means a state in which the insurance department or regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established from time to time by the National Association of Insurance Commissioners (NAIC). See Rhode Island General Laws 27-48-2
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• captive insurers: means insurance companies owned by another organization whose exclusive purpose is to insure risks of the parent organization and affiliated companies or, in the case of groups and associations, insurance organizations owned by the insured whose exclusive purpose is to insure risks to member organizations and/or group members and their affiliates. See Rhode Island General Laws 27-48-2
• Contract: A legal written agreement that becomes binding when signed.
• controlled: has the meaning ascribed in § 27-35-1. See Rhode Island General Laws 27-48-2
• Controlled insurer: means a licensed insurer that is controlled, directly or indirectly, by a producer. See Rhode Island General Laws 27-48-2
• Controlling producer: means a producer who, directly or indirectly, controls an insurer. See Rhode Island General Laws 27-48-2
• 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.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Director: means the director of the department of business regulation, or the director's designee. See Rhode Island General Laws 27-48-2
• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• Fiduciary: A trustee, executor, or administrator.
• insurer: means any person, firm, association, or corporation duly licensed to transact a property or casualty insurance business in this state. See Rhode Island General Laws 27-48-2
• 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.
• person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
• Producer: means an insurance broker or brokers or any other person, firm, association, or corporation, when, for any compensation, commission, or other thing of value, that person, firm, association, or corporation acts or aids in any manner in soliciting, negotiating, or procuring the making of any insurance contract on behalf of an insured other than the person, firm, association, or corporation. See Rhode Island General Laws 27-48-2