230 R.I. Code R. 230-RICR-20-55-2.1

Current through October 15, 2024
Section 230-RICR-20-55-2.1 - Definitions
A. "Alien insurance company" means any insurance company incorporated or organized under the laws of any country other than the United States.
B. "Authorized control level risk based capital" means the number determined under the risk-based capital formula in accordance with the provisions of R.I. Gen. Laws Chapter 27-4.6.
C. "Commissioner" means the Director of the Department of Business Regulation.
D. "Domestic insurer" means any insurance company incorporated under the authority of this state.
E. "License" means the approval granted under § 2.3 of this Part.
F. "State" means any state, commonwealth, territory or possession of the United States and the District of Columbia.
G. "Trusteed assets" means the assets in a trust account which the Commissioner requires be established and maintained by an alien insurance company.
H. "Trusteed surplus" means the aggregate value of the Alien Insurance Company's general state deposits and Trusteed Assets deposited with a trustee in compliance with §§ 2.4 and 2.5 of this Part, plus accrued investment income thereon where such income is collected by the states for trustees, less the aggregate net amount of all of its reserves and other liabilities in the United States as determined in accordance with § 2.6 of this Part, all as adjusted by any other amounts deemed appropriate by the Commissioner.
I. "United States" means the several states, commonwealths, territories and possessions of the United States and the District of Columbia.
J. "United States branch" means the business unit through which business is transacted within the United States by an Alien Insurance Company and the assets and liabilities of the Alien Insurance Company within the United States pertaining to such business.

230 R.I. Code R. 230-RICR-20-55-2.1