§ 27-34-3. Scope. [Effective until January 1, 2026.]
This chapter shall apply to all kinds of direct insurance, but shall not be applicable
to the following:
(1) Life, annuity, health, or disability insurance;
(2) Mortgage guaranty, financial guaranty, or other forms of insurance offering protection
against investment risks. For purposes of this section, "financial guaranty insurance�
includes any insurance under which loss is payable upon proof of occurrence of any
of the following events to the damage of an insured claimant or obligee:
(i) Failure of any obligor or obligors on any debt instrument or other monetary obligation,
including common or preferred stock, to pay when due the principal, interest, dividend,
or purchase price of such instrument or obligation, whether failure is the result
of a financial default or insolvency and whether or not the obligation is incurred
directly or as a guarantor by, or on behalf of, another obligor which has also defaulted;
(ii) Changes in the level of interest rates whether short-term or long-term, or in the
difference between interest rates existing in various markets;
(iii) Changes in the rate of exchange of currency, or from the inconvertibility of one currency
into another for any reason;
(iv) Changes in the value of specific assets or commodities, or price levels in general;
(3) Fidelity or surety bonds, or any other bonding obligations;
(4) Credit insurance, vendors' single interest insurance, or collateral protection insurance
or any similar insurance protecting the interests of a creditor arising out of a creditor-debtor
transaction. For purposes of this section, "credit insurance� means insurance on accounts
receivable;
(5) Insurance of warranties or service contracts including insurance that provides for
the repair, replacement, or service of goods or property, indemnification for repair,
replacement, or service for the operational or structural failure of the goods or
property due to a defect in materials, workmanship, or normal wear and tear, or provides
reimbursement for the liability incurred by the issuer of agreements or service contracts
that provide such benefits;
(6) Title insurance;
(7) Ocean marine insurance, except that portion of the marine protection and indemnity
insurance covering liability of the insured for personal injury, illness, or death
to employees and insurance covering pleasure craft;
(8) Any transaction or combination of transactions between a person, including affiliates
of the person, and an insurer, including affiliates of such insurer, which involves
the transfer of investment or credit risk unaccompanied by transfer of insurance risk;
(9) Any insurance provided by or guaranteed by government; or
(10) Any transaction or combination of transactions between a protected cell and the general
account or another protected cell of a protected cell company organized under the
Protected Cell Companies Act, chapter 64 of this title, as those terms are defined
in this chapter.