§ 27-35-1 - Definitions.
SECTION 27-35-1
§ 27-35-1 Definitions. – (a) "Affiliate" of, or person "affiliated" with, a specific person, is a personwho directly or indirectly through one or more intermediaries controls, or iscontrolled by, or is under common control with, the person specified. An"affiliate" does not include a protected cell of a protected cell companyorganized under the Protected Cell Companies Act, chapter 64 of this title.
(b) "Commissioner" means the insurance commissioner and anyassistant to the insurance commissioner designated and authorized by him or herwhile acting under that designation.
(c) "Control", including the terms "controlling," "controlledby" and "under common control with", means the possession, direct or indirect,of the power to direct or cause the direction of the management and policies ofa person, whether through the ownership of voting securities, by contract otherthan a commercial contract for goods or non-management services, or otherwise,unless the power is the result of an official position with or corporate officeheld by the person. Control shall be presumed to exist if any person, directlyor indirectly, owns, controls, holds with the power to vote, or holds proxiesrepresenting, ten percent (10%) or more of the voting securities of any otherperson. This presumption may be rebutted by a showing made in the mannerprovided by § 27-35-3(i) that control does not exist in fact. Thecommissioner may determine, after furnishing all persons in interest notice andopportunity to be heard and making specific findings of fact to support thatdetermination, that control exists in fact, notwithstanding the absence of apresumption to that effect.
(d) "Insurance holding company system" consists of two (2) ormore affiliated persons, one or more of which is an insurer.
(e) "Insurer" means any person or persons or corporation,partnership or company authorized by the laws of this state to transact thebusiness of insurance in this state, including entities organized or authorizedto transact business in this state pursuant to chapters 19, 20, 20.1, 20.2,20.3, and 41 of this title, except that it does not include agencies,authorities, or instrumentalities of the United States, its possessions andterritories, the Commonwealth of Puerto Rico, the District of Columbia, or astate or political subdivision of a state.
(f) "Person" is an individual, corporation, partnership,association, joint stock company, trust, unincorporated organization, or anysimilar entity or any combination of the foregoing acting in concert, but shallnot include any securities broker performing no more than the usual andcustomary broker's function.
(g) "Securityholder" of a specified person is one who ownsany security of the person, including common stock, preferred stock, debtobligations, and any other security convertible into or evidencing the right toacquire any of these.
(h) "Subsidiary" of a specified person is an affiliatecontrolled by the person directly, or indirectly through one or moreintermediaries.
(i) "Voting security" includes any security convertible intoor evidencing a right to acquire a voting security.