Section 230-RICR-20-60-6.2 - DefinitionsA. Unless otherwise defined in the Act, for purposes of the Act and this Part, the following terms shall have the following meanings: 1. "Affiliate" means any Company that controls, is controlled by, or is under common control with another Company.2. "Commissioner" means the Insurance Commissioner of the State of Rhode Island.3. "Company" shall include any corporation, partnership, business trust, association or similar organization or entity, however formed.4. A Company has "Control" if: a. The Company directly or indirectly or acting through one or more other persons owns, controls, or has power to vote twenty-five percent (25%) or more of any class of voting securities of another entity,b. The Company controls in any manner the election of a majority of the directors or trustees of another entity; orc. The Department determines, after notice and opportunity for hearing, that the Company directly or indirectly exercises a controlling influence over the management or policies of another entity.5. "Department" means the Department of Business Regulation.6. "Financial institution" shall have the meaning given to it in R.I. Gen. Laws § 27-58-3, and shall also include the meaning given to it in R.I. Gen. Laws § 19-1-1.7. "Insurance" shall have the meaning given to it in R.I. Gen. Laws § 27-58-3, except that for purposes of the Act and this Part it shall not include insurance on property, which insurance is offered as security for a loan or extension of credit, the benefit of which may be used to pay the outstanding balance of such loan or extension of credit in the event such property is damaged or destroyed, commonly known as "credit property insurances."8. "Insurance producer" shall have the meaning given to it in R.I. Gen. Laws §27-2.3-2(5).9. "Insurance transaction" means a contractual relationship wherein a Financial Institution delivers or renews an Insurance policy on behalf of an insurance company for which the Financial Institution is authorized to act as an Insurance Producer. The term does not include a transaction in which the act of the Financial Institution is an incidental component of the transaction, such as when the Financial Institution is named as a "loss payee" or "mortgagee" or in which the Financial Institution requires insurance as collateral for a loan or extension of credit.10. "Physical separation" means any distinctive manner of separation from the deposit gathering or lending area of a Financial Institution (including, for example, but not limited to a separate building or walls, doors or dividers within an area of the same building) which provides a separation which will minimize the likelihood of confusion on the part of the customers of the Financial Institution and would cause a reasonable customer to believe that the business being conducted at that physically separate location is a different business activity. In locations with only a single multi-purpose meeting room, the Financial Institution may satisfy the intent of the Act by clearly communicating to the customer the purpose for which the room is being used. In no circumstances shall the room be used for the taking of federally-insured deposits.11. "Solicit" means the act of Solicitation.12. "Solicitation" means a negotiation, effectuation, procurement, delivery, renewal, continuation or binding of or otherwise offering Insurance. The term does not include a referral to another employee of the Financial Institution or a reference to written materials such as pamphlets, brochures or business cards. The term also excludes discussions relating to Insurance made by an employee of the trust department of a Financial Institution while engaged in the business of providing estate planning or trust services.13. "Subsidiary" means, with respect to a Company,a. Any Company twenty-five percent (25%) or more of whose voting shares is directly or indirectly owned or controlled by such Company, or is held by it with power to vote;b. Any Company the election of a majority of whose directors is controlled in any manner by such Company; orc. Any Company with respect to the management or policies of which such Company has the power, directly or indirectly, to exercise a controlling influence, as determined by the Department, after notice and opportunity for hearing.230 R.I. Code R. 230-RICR-20-60-6.2