Section 230-RICR-20-50-5.3 - DefinitionsA. As used in this Regulation: 1. "Appointment" or "Appointed" means an insurance producer acting as an agent of an insurer. This is intended to include any licensed producer engaged in selling, soliciting or negotiating insurance policies on behalf of a licensed admitted insurer.2. "Continuing education tracking fee" means a fee that all insurance producers are required to pay pursuant to R.I. Gen. Laws § 27-3.2-9, this fee is included in the license fee.3. "Department" means the Department of Business Regulation, Financial Services Division.4. "License" means an insurance license issued by the Rhode Island Department of Business Regulation.5. "Licensee" means the holder of an insurance license issued by the Rhode Island Department of Business Regulation.6. "NAIC" means the National Association of Insurance Commissioners.7. "NIPR" means the National Insurance Producer Registry.8. "Reinstatement" means the process by which an insurance producer license, motor vehicle damage appraiser license, public, independent or company adjuster license or surplus line broker license is reinstated without examination within one (1) year from the date of expiration. A Licensee who allows his or her License to expire will have until one (1) year from the date of expiration to file a new application for a License without having to take an examination. A Licensee must still complete and file a reinstatement application and pay all applicable fees. If a license is reinstated it is not considered to have lapsed.9. "Resident" means a person who either resides in Rhode Island or maintains an office in Rhode Island where the business of producing insurance is transacted and designates Rhode Island as the residence for purposes of licensure.10. "Returned check" means any check submitted by or on behalf of an applicant for a License or submitted by a Licensee to the Department that is returned to the Department due to insufficient funds.230 R.I. Code R. 230-RICR-20-50-5.3
Amended effective 11/25/2024