§ 27-64-2 — § 27-64-2. Purpose.

Rhode Island § 27-64-2

• Jurisdiction: Rhode Island
• Title 27: Insurance
• Ch. 27-64: Protected Cell Companies Act

Text

§ 27-64-2. Purpose.

This act is adopted to provide a basis for the creation of protected cells by a domestic insurer as one means of accessing alternative sources of capital and achieving the benefits of insurance securitization or voluntary restructuring as contemplated under chapter 14.5 of this title, including through effectuating insurance business transfers in accordance with the procedures promulgated by the commissioner under § 27-14.5-6. Investors in fully funded insurance securitization transactions provide funds that are available to pay the insurer's insurance obligations or to repay the investors or both. The creation of protected cells is intended to be a means to achieve more efficiencies in conducting insurance securitizations or voluntary restructurings.

Legislative History

P.L. 1999, ch. 22, § 1; P.L. 2001, ch. 156, § 1; P.L. 2018, ch. 218, § 3; P.L. 2018, ch. 290, § 3.