230 R.I. Code R. 230-RICR-20-50-2.3

Current through December 3, 2024
Section 230-RICR-20-50-2.3 - Definitions
A. As used in this Part:
1. "Continuing education course provider" or "Provider" means any person or entity which is approved by the Department to provide continuing education course(s) for insurance producers pursuant to R.I. Gen. Laws Chapter 27-3.2.
2. "Department" means Department of Business Regulation, Division of Insurance.
3. "Director" means the Director of the Department of Business Regulation or his or her designee.
4. "License" means a document issued by the Department authorizing a person to act as an insurance producer for the lines of authority specified in the document. The license itself does not create any authority, actual, apparent or inherent authority, in the holder to represent or commit an insurance carrier.
5. "License renewal period" means each biennial license period during which the individual holds the license prior to the renewal date.
6. "NAIC" mean National Association of Insurance Commissioners.
7. "Resident" means a person who either resides in Rhode Island or maintains an office in Rhode Island where the business of producing insurance is transacted and designates Rhode Island as the residence for purposes of licensure.
8. "Reciprocal state" means any state which grants nonresident insurance producer licenses to licensed Rhode Island insurance producers without the necessity of examination on the basis of the Rhode Island license.

230 R.I. Code R. 230-RICR-20-50-2.3