§ 27-14.4-2. Definitions.
For the purposes of this chapter:
(1) "Ancillary state� means any state other than a domiciliary state.
(2) "Delinquency proceeding� means any proceeding commenced against an insurer for the
purpose of liquidating, rehabilitating, reorganizing, or conserving that insurer.
(3) "Domiciliary state� means the state in which an insurer is incorporated or organized,
or, in the case of an insurer incorporated or organized in a foreign country, the
state in which that insurer, having become authorized to do business in that state,
has, at the commencement of delinquency proceedings, the largest amount of its assets
held in trust and assets held on deposit for the benefit of its policyholders or policyholders
and creditors in the United States; and any foreign insurer is deemed to be domiciled
in that state.
(4) "Foreign country� means territory not in any state.
(5) "General assets� means all property, real, personal, or otherwise, not specifically
mortgaged, pledged, deposited, or otherwise encumbered for the security or benefit
of specified persons or a limited class or classes of persons, and as to specifically
encumbered property the term includes all property or its proceeds in excess of the
amount necessary to discharge the sum or sums secured by that property. Assets held
in trust and assets held on deposit for the security or benefit of all policyholders,
or all policyholders and creditors in the United States, shall be deemed general assets;
provided that general assets shall not mean unearned premiums due or owed the insurer
by the policyholder, agent, or broker at the time an insolvency or liquidation is
declared by a court of competent jurisdiction, nor shall general assets mean unearned
premiums held in trust or held on deposit by the agent, broker, or insurer.
(6) "Insurer� means any person, firm, corporation, association, or aggregation of persons
doing an insurance business and subject to the insurance supervisory authority of,
or to liquidation, rehabilitation, reorganization, or conservation by, the department
of business regulation of this state, or the equivalent insurance supervisory official
of another state, including a protected cell company organized under the Protected
Cell Companies Act, chapter 64 of this title, and any of its protected cells established
pursuant to that chapter, to the extent not inconsistent with the provisions of chapter
64 of this title.
(7) "Preferred claim� means any claim with respect to which the law of a state or of the
United States accords priority of payment from the general assets of the insurer.
(8) "Receiver� means receiver, liquidator, rehabilitator, or conservator as the context
may require.
(9) "Reciprocal state� means any state other than this state in which in substance and
effect the provisions of this chapter are in force, including the provisions requiring
that the director of business regulation is the receiver of a delinquent insurer.
(10) "Secured claim� means any claim secured by mortgage, trust, deed, pledge, deposit
as security, escrow, or otherwise, but not including special deposit claims or claims
against general assets. The term also includes claims which more than four (4) months
prior to the commencement of delinquency proceedings in the state of the insurer's
domicile have become liens upon specific assets by reason of judicial process.
(11) "Special deposit claim� means any claim secured by a deposit made pursuant to statute
for the security or benefit of a limited class or classes of persons, but not including
any general assets.
(12) "State� means any state of the United States, and also the District of Columbia and
Puerto Rico.