§ 27-64-11. No transaction of insurance business.
A protected cell company insurance securitization shall not be deemed to be an insurance or reinsurance contract. An investor in a protected cell company insurance securitization shall not, by sole means of this investment, be deemed to be transacting an insurance business in this state. The underwriters or selling agents (and their partners, directors, officers, members, managers, employees, agents, representatives and advisors) involved in a protected cell company insurance securitization shall not be deemed to be conducting an insurance or reinsurance agency, brokerage, intermediary, advisory or consulting business by virtue of their activities in connection with those businesses.
History of Section.P.L. 1999, ch. 22, § 1; P.L. 2001, ch. 156, § 1.
Structure Rhode Island General Laws
Chapter 27-64 - The Protected Cell Companies Act
Section 27-64-1. - Short title.
Section 27-64-3. - Definitions.
Section 27-64-4. - Establishment of protected cells.
Section 27-64-5. - Use and operation of protected cells.
Section 27-64-6. - Reach of creditors and other claimants.
Section 27-64-7. - Conservation, rehabilitation and liquidation of protected cell companies.
Section 27-64-8. - Rehabilitation and liquidation of protected cells.
Section 27-64-9. - Remuneration of receivers.
Section 27-64-10. - Penalties.