§ 27-66-4. Definitions.
For purposes of this chapter:
(1) "Acquiree� means the person or persons that lose(s) any ownership or control in a
health insurance corporation, health maintenance organization, nonprofit hospital
service corporation, or nonprofit medical service corporation.
(2) "Acquiror� means the person or persons who or that gain(s) an ownership or control
in a health insurance corporation, health maintenance organization, nonprofit hospital
service corporation, or nonprofit medical service corporation.
(3) "Conversion� means any transfer by a person or persons of an ownership or membership
interest or authority in a health insurance corporation, health maintenance organization,
nonprofit hospital service corporation, or nonprofit medical service corporation or
the assets of these corporations, whether by purchase, merger, consolidation, lease,
gift, joint venture, sale, or other disposition that results in a change of ownership
or control or possession of twenty percent (20%) or greater of the members or voting
rights or interests of the health insurance corporation, health maintenance organization,
nonprofit hospital service corporation, or nonprofit medical service corporation or
of the assets of the health insurance corporation, health maintenance organization,
nonprofit hospital service corporation, or nonprofit medical service corporation or
pursuant to which, by virtue of the transfer, a person, together with all persons
affiliated with that person, holds or owns, in the aggregate, twenty percent (20%)
or greater of the membership or voting rights or interests of the health insurance
corporations, health maintenance organization, nonprofit hospital service corporation,
or nonprofit medical service corporation or of the assets of the health insurance
organization, health maintenance organization, nonprofit hospital service corporation,
or nonprofit medical service corporation or the removal, addition, or substitution
of a partner that results in a new partner gaining or acquiring a controlling interest
in the health insurance organization, health maintenance organization, nonprofit hospital
service corporation, or nonprofit medical service corporation or any change in membership
that results in a new person gaining or acquiring a controlling vote in the health
insurance corporation, health maintenance organization, nonprofit hospital service
corporation, or nonprofit medical service corporation.
(4) "Department� means the department of business regulation.
(5) "Director� means the director of the department of business regulation.
(6) "Existing health insurance corporation, health maintenance organization, nonprofit
hospital service corporation, or nonprofit medical service corporation� means the
health insurance corporation, health maintenance organization, nonprofit hospital
service corporation, or nonprofit medical service corporation as it exists prior to
the acquisition.
(7) "For-profit corporation� means a legal entity formed for the purpose of transacting
business that has as any one of its purposes pecuniary profit.
(8) "Health insurance corporation� means any insurance company subject to chapter 1 of
this title that offers health insurance in Rhode Island except that "health insurance
corporation� shall not include companies whose health insurance policies only cover
one or more of the following: disability income, long-term care, legal services, hospital
confinement indemnity, specified disease indemnity, sickness or bodily injury by accident,
or other limited health benefits.
(9) "Mutual insurance company� means a corporation in which shares are held exclusively
by members to whom profits are distributed as dividends and members are both the insurer
and the insured.
(10) "New health insurance corporation, health maintenance organization, nonprofit hospital
service corporation, or nonprofit medical service corporation� means the health insurance
corporation, health maintenance organization, nonprofit hospital service corporation,
or nonprofit medical service corporation as it exists after the completion of a conversion.
(11) "Not-for-profit corporation� means a corporation subject to chapter 6 of title 7, including any corporation organized under special provisions of the general laws
or under a private act that is declared to be a "charitable corporation.�
(12) "Person� means any individual, trust or estate, partnership, joint venture, corporation,
whether for profit or not for profit (including associations, mutual insurance companies,
joint stock companies, and insurance companies).
(13) "Subscriber� means those persons or groups of persons who or that shall contract with
a health insurance corporation, health maintenance organization, nonprofit hospital
service corporation, or nonprofit medical service corporation for health insurance.
(14) "Transacting parties� means any person or persons who or that seeks either to transfer
or acquire ownership or a controlling interest or controlling authority in a health
insurance corporation, health maintenance organization, nonprofit hospital service
corporation, or nonprofit medical service corporation that would result in a change
of ownership, control, or authority of twenty percent (20%) or greater.