§ 27-44-2. Definitions.
As used in this chapter:
(1) "Advisory organization� means any person or organization other than a rating organization
that assists insurers in the authorized activities enumerated in § 27-44-11, except no advisory organization may make any filings on behalf of insurers.
(2) "Competitive market� means a market that has not been found to be noncompetitive pursuant
to § 27-44-4.
(3) "Director� means the director of department of business regulation.
(4) "Market� means the interaction between buyers and sellers consisting of a product
market component. A product market component consists of identical or readily substitutable
products including, but not limited to, consideration of coverage, policy terms, rate
classifications, and underwriting. A geographic market component is a geographical
area in which buyers have a reasonable degree of access to the insurance product through
sales outlets and other marketing mechanisms. Determination of a geographic market
component shall consider existing marketing patterns.
(5) "Noncompetitive market� means a market for which there is a ruling in effect pursuant
to § 27-44-4 that a reasonable degree of competition does not exist.
(6) "Pool� means a voluntary arrangement, established on an on-going basis, pursuant to
which two (2) or more insurers participate in the sharing of risks on a predetermined
basis. The pool may operate through an association, syndicate, or other pooling agreement.
(7) "Rating organization� means any entity that either has two (2) or more member insurers
or is controlled either directly or indirectly by two (2) or more insurers and that
assists insurers in ratemaking. Two (2) or more insurers having a common ownership
or operating in this state under common management or control constitute a single
insurer for the purpose of this definition.
(8) "Residual market mechanism� means an arrangement, either voluntary or mandated by
law, involving participation by insurers in the equitable apportionment among them
of insurance that may be afforded applicants who are unable to obtain insurance through
ordinary methods.
(9) "Supplementary rate information� includes any manual or plan of rates, classification,
rating schedule, minimum premium, policy fee, rating rule, and any other similar information
needed to determine the applicable rate in effect or to be in effect.
(10) "Supporting information� means: (i) The experience and judgment of the filer and the
experience or data of other insurers or organizations relied upon by the filer; (ii)
The interpretation of any statistical data relied upon by the filer; and (iii) Description
of methods used in making the rates, and other similar information required by the
director to be filed.