§ 27-48-2 - Definitions.
SECTION 27-48-2
§ 27-48-2 Definitions. – As used in this chapter:
(1) "Accredited state" means a state in which the insurancedepartment or regulatory agency has qualified as meeting the minimum financialregulatory standards promulgated and established from time to time by theNational Association of Insurance Commissioners (NAIC);
(2) "Control" or "controlled" has the meaning ascribed in§ 27-35-1(c);
(3) "Controlled insurer" means a licensed insurer which iscontrolled, directly or indirectly, by a producer;
(4) "Controlling producer" means a producer who, directly orindirectly, controls an insurer;
(5) "Director" means the director of the department ofbusiness regulation, or his or her designee;
(6) "Licensed insurer" or "insurer" means any person, firm,association, or corporation duly licensed to transact a property or casualtyinsurance business in this state. The following, inter alia, are not licensedinsurers for the purposes of this chapter:
(i) All risk retention groups as defined in the RiskRetention Act, 15 U.S.C. § 3901 et seq., and chapter 46 of this title;
(ii) All residual market pools and joint underwritingauthorities or associations; and
(iii) All captive insurers; for the purposes of this chapter,"captive insurers" means insurance companies which are owned by anotherorganization whose exclusive purpose is to insure risks of the parentorganization and affiliated companies or, in the case of groups andassociations, insurance organizations owned by the insured whose exclusivepurpose is to insure risks to member organizations and/or group members andtheir affiliates; and
(7) "Producer" means an insurance broker or brokers or anyother person, firm, association, or corporation, when, for any compensation,commission, or other thing of value, that person, firm, association, orcorporation acts or aids in any manner in soliciting, negotiating, or procuringthe making of any insurance contract on behalf of an insured other than theperson, firm, association, or corporation.