§ 27-43-1. Definitions.
As used in this chapter, unless the context requires otherwise:
(1) "Affiliated company� means any corporation controlled by or an affiliate of a parent,
an industrial insured, or a member organization by virtue of common ownership, control,
operation, or management.
(2) "Association� means any association of individuals, corporations, partnerships, or
associations that has a separate legal existence, the member organizations of which
collectively:
(i) Own, control, or hold with power to vote all of the outstanding voting securities
of an association captive insurance company incorporated as a stock insurance company;
or
(ii) Have complete voting control over an association captive insurance company incorporated
as a mutual insurance company.
(3) "Association captive insurance company� means any company that insures risks of the
member organizations of the association, and their affiliated companies.
(4) "Captive insurance company� means any subsidiary captive insurance company, association
captive insurance company, or industrial insured captive insurance company formed
or licensed under the provisions of this chapter, including a captive insurance company
that is organized as a protected cell company under the Protected Cell Companies Act,
chapter 64 of this title.
(5) "Commissioner� means the director of the department of business regulation.
(6) "Industrial insured� means an insured:
(i) Who procures the insurance of any risk or risks by use of the services of a full-time
employee acting as an insurance manager or buyer;
(ii) Whose aggregate annual premiums for insurance on all risks total at least twenty-five
thousand dollars ($25,000); and
(iii) Who has at least twenty-five (25) full-time employees.
(7) "Industrial insured captive insurance company� means any company that insures risks
of the industrial insured that comprise the industrial insured group, and their affiliated
companies.
(8) "Industrial insured group� means any group that meets either of the following criteria:
(i) Any group of industrial insureds that collectively: (A) Own, control, or hold with
power to vote all of the outstanding voting securities of an industrial insured captive
insurance company incorporated as a stock insurance company, or (B) Have complete
voting control over an industrial insured captive insurance company incorporated as
a mutual insurance company; or
(ii) Any group created under 15 U.S.C. § 3901 et seq., as a corporation or other limited liability association.
(9) "Member organization� means any individual, corporation, partnership, or association
that belongs to an association.
(10) "Parent� means a corporation, partnership, or individual that directly or indirectly
owns, controls, or holds with power to vote more than fifty percent (50%) of the outstanding
voting securities of a subsidiary captive insurance company.
(11) "Personal lines of insurance� means personal motor vehicle, homeowner's insurance
coverage, health insurance, life insurance, workers' compensation, residential fire
insurance, or any component of them.
(12) "Subsidiary captive insurance company� means any company that insures risks of its
parent and affiliated companies.