Section 27-64-1. – Short title.

§ 27-64-1. Short title. This chapter may be cited as the “Protected Cell Companies Act.” History of Section.P.L. 1999, ch. 22, § 1.

Section 27-64-10. – Penalties.

§ 27-64-10. Penalties. Any person violating the provisions of this chapter shall be subject to any and all enforcement procedures either currently employed or subsequently promulgated by the commissioner including, but not limited to, the imposition of fines, sanctions, or civil penalties, or an order to cease and desist from the establishment of additional protected […]

Section 27-64-11. – No transaction of insurance business.

§ 27-64-11. No transaction of insurance business. A protected cell company insurance securitization shall not be deemed to be an insurance or reinsurance contract. An investor in a protected cell company insurance securitization shall not, by sole means of this investment, be deemed to be transacting an insurance business in this state. The underwriters or […]

Section 27-64-12. – Rules.

§ 27-64-12. Rules. The commissioner may promulgate reasonable rules and regulations as may be necessary to effectuate the purposes of this chapter. History of Section.P.L. 1999, ch. 22, § 1.

Section 27-64-2. – Purpose.

§ 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 […]

Section 27-64-3. – Definitions.

§ 27-64-3. Definitions. As used in this chapter: (1) “Commissioner” means the director of the department of business regulation. (2) “Domestic insurer” means an insurance or reinsurance company domiciled in the state or a captive insurance or reinsurance company domiciled in the state. (3) “Fair value” of an asset (or liability) means the amount at […]

Section 27-64-4. – Establishment of protected cells.

§ 27-64-4. Establishment of protected cells. (a) A protected cell company may establish one or more protected cells, with the prior written approval of the commissioner of a plan of operation or amendments to it submitted by the protected cell company with respect to each protected cell. Upon the written approval of the commissioner of […]

Section 27-64-5. – Use and operation of protected cells.

§ 27-64-5. Use and operation of protected cells. (a) The protected cell assets of any protected cell may not be charged with liabilities arising out of any other business the protected cell company may conduct. All contracts or other documentation reflecting protected cell liabilities shall clearly indicate that only the protected cell assets are available […]

Section 27-64-6. – Reach of creditors and other claimants.

§ 27-64-6. Reach of creditors and other claimants. (a)(1) Protected cell assets shall only be available to the creditors of the protected cell company that are creditors in respect to that protected cell and shall be entitled, in conformity with the provisions of this chapter, to have recourse to the protected cell assets attributable to […]

Section 27-64-7. – Conservation, rehabilitation and liquidation of protected cell companies.

§ 27-64-7. Conservation, rehabilitation and liquidation of protected cell companies. (a) Notwithstanding any contrary provision in the insurance code of this state, the rules and regulations promulgated under the insurance code, or any other applicable law or regulation, upon placement under administrative supervision or upon any order of conservation, rehabilitation or liquidation of a protected […]

Section 27-64-8. – Rehabilitation and liquidation of protected cells.

§ 27-64-8. Rehabilitation and liquidation of protected cells. (a) If in relation to one or more protected cells of a protected cell company, the commissioner is satisfied that the protected cell assets attributable to that protected cell are insufficient to discharge the claims of creditors or other claimants with respect to that protected cell, the […]

Section 27-64-9. – Remuneration of receivers.

§ 27-64-9. Remuneration of receivers. (a) With respect to orders of rehabilitation, conservation or liquidation directed at a protected cell company, the remuneration, expenses, and other compensation of the receiver shall be payable from the assets of the company’s general account, in accordance with the priority of distribution set forth in §§ 27-14.3-46 and 27-14.4-22. […]