Section 230-RICR-20-45-6.3 - DefinitionsA. The following definitions shall apply to this Regulation:1. "Assuming Company" means an insurer as defined in R.I. Gen. Laws § 27-14.5-1(6) that has filed an application to assume commercial insurance or reinsurance business pursuant to this Regulation.2. "Court" means the Business Calendar of the Superior Court or its equivalent in and for the County of Providence, Rhode Island.3. "Department" means the Insurance Division of the Rhode Island Department of Business Regulation.4. "Insurance Business Transfer" means the transfer of liabilities and assets in accordance with the procedures delineated in this Regulation. An Insurance Business Transfer must be approved by the Department and sanctioned by the Court resulting in a novation of the insurance business identified in the Insurance Business Transfer Plan.5. "Insurance Business Transfer Plan" means the Plan submitted to the Department to accomplish the transfer of liabilities and assets pursuant to an Insurance Business Transfer.6. "Independent Consultant" means an impartial person who has no financial interest in either the Assuming Company or Transferring Company, has not been employed by or acted as a consultant or other independent contractor for either the Assuming Company or Transferring Company within the past twenty-four (24) months and is receiving no compensation in connection with the transaction governed by this regulation other than a fee premised on a fixed or hourly basis.7. "Meeting of Creditors" means a meeting of Creditors, to consider the Commutation Plan held within ninety (90) days of the date the Applicant's notice is transmitted to the Court, or as otherwise directed by the Court upon the Applicant's petition.8. "Novation" means an agreement between the policyholder and two insurers whereby a contract with one insurer is replaced by a contract with the other, regardless of any language to the contrary in the policy or contract.9. "Officer" means such individuals as specified and defined in the Commutation Plan.10. "Plan Administrator" means the individual or entity retained by the Applicant for the purpose of administering the Commutation Plan in accordance with its terms.11. "Transferring Company" means a company that transfers a part or all of its commercial insurance or reinsurance business to an Assuming Company pursuant to an Insurance Business Transfer Plan.12. "Value" means the amount of a claim by a Creditor or Class of Creditors as prescribed in the Commutation Plan.230 R.I. Code R. 230-RICR-20-45-6.3