reglab/housing_qa huggingface dataset:
RI Gen L § 27-5-6.2 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-5 - Fire Insurance Policies and Reserves|Section 27-5-6.2 - Escrow accounts for insurance premiums.

§ 27-5-6.2. Escrow accounts for insurance premiums.All banks and lending institutions doing business in this state, whether acting under state or federal authority, which include, but are not limited to: (1) a bank, savings bank, or trust company, as defined in title 19, its affiliates or subsidiaries, (2) a bank holding company, as defined in 12 U.S.C. § 1841, its affiliates or subsidiaries, (3) mortgage companies and mortgage services, and (4) any other individual, corporation, partnership, or association authorized to take deposits and/or to makes loans of money under the provisions of title 19, that in connection with a loan secured by residential property situated in the state of Rhode Island of four (4) or fewer units and occupied or to be occupied in whole or in part by the mortgagor, require the mortgagor to escrow for hazard insurance premiums, shall pay the annual premium to the insurance company on or before the last to occur of the following dates: (A) ten (10) days after receipt of the annual insurance premium bill, approved in writing by the mortgagor if required by the bank or lending institution provided the bank or lending institution has notified the mortgagor in writing that the mortgagor's approval is required, or (B) seven (7) days before the effective date of the hazard insurance policy; provided, that no payment shall be required unless the mortgagor has sufficient funds escrowed for payment of the annual premium.History of Section.P.L. 1987, ch. 167, § 1.
RI Gen L § 27-5-7 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-5 - Fire Insurance Policies and Reserves|Section 27-5-7 - Combination standard form.

§ 27-5-7. Combination standard form.Two (2) or more insurers authorized to do the business of fire insurance in this state may, with the approval of the director of business regulation, issue a combination standard form of fire insurance policy which shall contain the following provisions:(1) A provision substantially to the effect that the insurers executing the policy shall be severally liable for the full amount of any loss or damage, according to the terms of the policy, or for specified percentages or amounts of loss or damage, aggregating the full amount of the insurance under the policy; and(2) A provision substantially to the effect that service of process, or of any notice or proof of loss required by the policy, upon any of the insurers executing the policy, shall be deemed to be service upon all of the insurers.History of Section.G.L. 1923, ch. 258, § 4; P.L. 1929, ch. 1359, § 1; G.L. 1938, ch. 154, § 1; P.L. 1945, ch. 1623, § 1; G.L. 1956, § 27-5-7.
RI Gen L § 27-5-8 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-5 - Fire Insurance Policies and Reserves|Section 27-5-8 - Supplemental contract forms.

§ 27-5-8. Supplemental contract forms.Appropriate forms of supplemental contracts or extended coverage endorsements where the interest in the property described in a fire insurance policy shall be insured against one or more of the perils which the insurer is empowered to assume, in addition to the peril covered by the standard fire insurance policy, may be approved by the director of business regulation, and their use in connection with a standard fire insurance policy may be authorized by him or her. The first page of the policy may, in a form approved by the director of business regulation, be rearranged to provide space for the listing of amounts of insurance, rates, and premiums for the basic coverages insured under the standard form of policy, and for additional coverages or perils insured under endorsements attached, and any other data that may be conveniently included for duplication on daily reports for office records.History of Section.G.L. 1923, ch. 258, § 4; P.L. 1934, ch. 2112, § 1; G.L. 1938, ch. 154, § 1; P.L. 1945, ch. 1623, § 1; G.L. 1956, § 27-5-8.
RI Gen L § 27-5-9 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-5 - Fire Insurance Policies and Reserves|Section 27-5-9 - Standard form not required for reinsurance.

§ 27-5-9. Standard form not required for reinsurance.The standard fire insurance policy provided for in this chapter need not be used for effecting reinsurance between insurers.History of Section.G.L. 1938, ch. 154, § 1; P.L. 1945, ch. 1623, § 1; G.L. 1956, § 27-5-9.
RI Gen L § 27-5-9.1 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-5 - Fire Insurance Policies and Reserves|Section 27-5-9.1 - Simplified comprehensive policies of insurance.

§ 27-5-9.1. Simplified comprehensive policies of insurance.Simplified policies of insurance providing broad coverage of all or various combinations of risks may be approved by the director of business regulation and issued by insurers notwithstanding those provisions of any other law which specify the contents of insurance policies; provided, that those policies contain provisions assuring to policyholders and claimants protection not less favorable than they would be entitled to under § 27-5-3 or a substantially similar policy which is not subject to this section.History of Section.P.L. 1979, ch. 48, § 2.
RI Gen L § 27-5-10 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-5 - Fire Insurance Policies and Reserves|Section 27-5-10 - Penalty for nonconforming policy - Validity.

§ 27-5-10. Penalty for nonconforming policy — Validity.Any insurance company or insurance producer who shall make, issue, or deliver a policy of fire insurance in willful violation of §§ 27-5-1 — 27-5-9, or any part of those sections, shall forfeit for each offense not less than fifty dollars ($50.00) nor more than two hundred dollars ($200); but the policy shall be binding upon the company issuing it.History of Section.G.L. 1896, ch. 183, § 6; G.L. 1909, ch. 222, § 6; G.L. 1923, ch. 258, § 6; G.L. 1938, ch. 154, § 3; G.L. 1938, ch. 154, § 2; P.L. 1945, ch. 1623, § 1; G.L. 1956, § 27-5-10.
RI Gen L § 27-5-11 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-5 - Fire Insurance Policies and Reserves|Section 27-5-11 - Enforcement of standard policy requirements.

§ 27-5-11. Enforcement of standard policy requirements.The director of business regulation shall enforce the provisions of §§ 27-5-1 — 27-5-10.History of Section.P.L. 1935, ch. 2250, § 73; G.L. 1938, ch. 154, § 4; G.L. 1938, ch. 154, § 3; P.L. 1945, ch. 1623, § 1; G.L. 1956, § 27-5-11.
RI Gen L § 27-5-12 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-5 - Fire Insurance Policies and Reserves|Section 27-5-12 - Declination of premium notes by mutual companies - Provision as to liability.

§ 27-5-12. Declination of premium notes by mutual companies — Provision as to liability.Every mutual fire insurance company organized under the laws of this state may decline to take premium notes in partial payment for insurance; provided, there is inserted in the body of the policy issued a provision making the assured, his or her or their executors, administrators, or assigns, liable for any assessments provided in the policy, and as shall become necessary in order to pay all losses and expenses not exceeding twenty (20) times the amount of the cash premium paid.History of Section.G.L. 1896, ch. 181, § 16; G.L. 1909, ch. 219, § 16; G.L. 1923, ch. 255, § 16; G.L. 1938, ch. 150, § 15; P.L. 1944, ch. 1524, § 1; P.L. 1953, ch. 3174, § 2; G.L. 1956, § 27-5-12.
RI Gen L § 27-5-13 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-5 - Fire Insurance Policies and Reserves|Section 27-5-13 - Mutual membership not acquired by reinsurance.

§ 27-5-13. Mutual membership not acquired by reinsurance.Any mutual company of this or any other state ceding reinsurance to a similar company shall not, unless the contract of reinsurance provides, become a member of the company accepting the reinsurance, or be entitled to any dividend or expiration return of premium or of unabsorbed premium deposit, or be subject to liability to assessment.History of Section.G.L. 1938, ch. 150, § 15; P.L. 1944, ch. 1524, § 1; P.L. 1953, ch. 3174, § 2; G.L. 1956, § 27-5-13.
RI Gen L § 27-5-14 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-5 - Fire Insurance Policies and Reserves|Section 27-5-14 - Reinsurance by mutual insurers - Agreements with policyholders.

§ 27-5-14. Reinsurance by mutual insurers — Agreements with policyholders.(a) Whenever any mutual company of this or any other state shall reinsure in a similar company the whole or any portion of a risk covered by its policy or policies of insurance, it may do so either:(1) By existing methods of reinsurance; or(2) By agreement with its policyholder or policyholders attached to and made a part of its policy or policies.(b) This agreement shall contain a schedule giving:(1) The name and location of each reinsuring company; and(2) The portion of the risk reinsured in each company.(c) This agreement shall also provide that the dividend or return of the premium or premium deposit to be paid or credited upon termination of the policy or policies shall be the sum of:(1) The dividend or return of the premium or premium deposit to be paid or credited upon that portion of the premium or premium deposit retained by the company issuing the policy or policies; and(2) The aggregate amount of the dividends or returns of the premium or premium deposit paid or credited upon all portions of the premium or premium deposit ceded to all the reinsuring companies.History of Section.G.L. 1938, ch. 150, § 15; P.L. 1953, ch. 3174, § 2; G.L. 1956, § 27-5-14.
RI Gen L § 27-5-15 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-5 - Fire Insurance Policies and Reserves|Section 27-5-15 - Power to create guaranty surplus and special reserve funds.

§ 27-5-15. Power to create guaranty surplus and special reserve funds.Any insurance company organized under the laws of this state authorized to transact a fire insurance business may create the funds provided for in §§ 27-5-16 — 27-5-31, to be known and designated as the guaranty surplus fund and the special reserve fund, and may avail itself of the provisions of this section and §§ 27-5-16 — 27-5-31, upon complying with the requirements of those sections.History of Section.P.L. 1907, ch. 1438, § 1; G.L. 1909, ch. 219, § 26; G.L. 1923, ch. 255, § 26; G.L. 1938, ch. 150, § 25; G.L. 1956, § 27-5-15; P.L. 2002, ch. 292, § 22.
RI Gen L § 27-5-16 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-5 - Fire Insurance Policies and Reserves|Section 27-5-16 - Resolution to establish surplus and reserve funds - Certification of funds.

§ 27-5-16. Resolution to establish surplus and reserve funds — Certification of funds.Any state fire insurance company desiring to create guaranty surplus and special reserve funds may do so upon the adoption of a resolution by its board of directors, at a regular meeting of its board of directors, to that effect, and filing with the insurance commissioner a copy declaring the intention of the company to create those funds and to do business under the provisions of this chapter. As soon after the filing of a copy of the resolution as is convenient, the insurance commissioner shall make, or cause to be made, an examination of the company, and the commissioner shall make a certificate of the result which shall particularly set forth the amount of surplus funds held by the company at the date of the examination, the whole or any part of which under the provisions of this chapter may be equally divided between and set apart to constitute guaranty surplus and special reserve funds, which certificate shall be recorded in the office of the insurance commissioner.History of Section.P.L. 1907, ch. 1438, § 2; G.L. 1909, ch. 219, § 27; G.L. 1923, ch. 255, § 27; G.L. 1938, ch. 150, § 27; impl. am. P.L. 1953, ch. 3174, § 5; G.L. 1956, § 27-5-16.
RI Gen L § 27-5-17 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-5 - Fire Insurance Policies and Reserves|Section 27-5-17 - Restrictions on dividends - Payments into surplus and reserve funds.

§ 27-5-17. Restrictions on dividends — Payments into surplus and reserve funds.After the date of filing the resolution referred to in § 27-5-16 with the insurance commissioner, the company shall not make or declare or pay in any form any dividend upon its capital stock exceeding eight percent (8%) per annum and six percent (6%) per annum upon the surplus funds to be formed under this chapter until after its guaranty surplus fund and its special reserve fund shall have together accumulated to an amount equal to its capital stock. Any part of the surplus profits of the company above its annual dividend may be equally divided between and set apart to constitute the guaranty surplus fund and the special reserve fund, which funds shall be held and used as provided in this chapter and not otherwise. Any company doing business under this chapter that shall declare or pay any dividend contrary to the provisions contained in this section shall forfeit its charter and be liable to be proceeded against by the attorney general for its dissolution.History of Section.P.L. 1907, ch. 1438, § 3; G.L. 1909, ch. 219, § 28; G.L. 1923, ch. 255, § 28; G.L. 1938, ch. 150, § 27; impl. am. P.L. 1953, ch. 3174, § 5; G.L. 1956, § 27-5-17.
RI Gen L § 27-5-18 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-5 - Fire Insurance Policies and Reserves|Section 27-5-18 - Computation of profits.

§ 27-5-18. Computation of profits.(a) In estimating the profit of any company for the purpose of making a division between its guaranty surplus fund and its special reserve fund, until those funds shall together amount to a sum equal to the capital stock of the company, there shall be deducted from the gross assets of the company, including for this purpose the amount of the special reserve fund, the sum of the following items:(1) The amount of all outstanding claims;(2) An amount sufficient to meet the liability of the company for the unearned premiums upon its unexpired policies, which amount shall at least equal one half (½) of the premiums received on policies having less than one year to run from the date of the policy, and a pro rata proportion of the premiums received on the policies having more than one year to run from the date of the policy, and shall be known as the reinsurance liability;(3) The amount of its guaranty surplus fund and of its special reserve fund;(4) The amount of the capital of the company; and(5) Interest at the rate of eight percent (8%) per annum upon the amount of the capital and six percent (6%) per annum upon the amount of the funds for whatever time shall have elapsed since the last preceding cash dividend.(b) The balance shall constitute the net surplus of the company, any portion of which is subject to an equal division between the funds as provided in this section.History of Section.P.L. 1907, ch. 1438, § 7; G.L. 1909, ch. 219, § 32; G.L. 1923, ch. 255, § 32; G.L. 1938, ch. 150, § 31; P.L. 1939, ch. 659, § 2; G.L. 1956, § 27-5-18.
RI Gen L § 27-5-19 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-5 - Fire Insurance Policies and Reserves|Section 27-5-19 - Certification that funds equal capital stock - Subsequent additions.

§ 27-5-19. Certification that funds equal capital stock — Subsequent additions.Whenever any company notifies the insurance commissioner that it has fulfilled the requirements already expressed in this chapter, and that its guaranty surplus fund and its special reserve fund taken together equal its capital stock, the commissioner shall make an examination of the company and make a certificate of the result and file the certificate in his or her office. If the commissioner finds that the combined funds equal the capital stock of the company, after this the company may continue, out of any subsequent profits of its business, to add to those funds; provided, that whenever any addition is made to the special reserve fund, an equal sum shall be carried to the guaranty surplus fund.History of Section.P.L. 1907, ch. 1438, § 4; G.L. 1909, ch. 219, § 29; G.L. 1923, ch. 255, § 29; G.L. 1938, ch. 150, § 28; impl. am. P.L. 1953, ch. 3174, § 5; G.L. 1956, § 27-5-19.
RI Gen L § 27-5-20 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-5 - Fire Insurance Policies and Reserves|Section 27-5-20 - Investment of guaranty surplus fund - Liability to payment of losses.

§ 27-5-20. Investment of guaranty surplus fund — Liability to payment of losses.The guaranty surplus fund shall be held and be invested by a state fire insurance company in the same manner as its capital stock and surplus accumulation may be held and be invested, and shall be liable and applicable in the same manner as the capital stock is to the payment generally of the losses of the company.History of Section.P.L. 1907, ch. 1438, § 5; G.L. 1909, ch. 219, § 30; G.L. 1923, ch. 255, § 30; G.L. 1938, ch. 150, § 29; G.L. 1956, § 27-5-20.
RI Gen L § 27-5-21 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-5 - Fire Insurance Policies and Reserves|Section 27-5-21 - Deposit of special reserve fund.

§ 27-5-21. Deposit of special reserve fund.The special reserve fund shall be invested according to existing laws relating to investments of capital by fire insurance companies, and shall be deposited as the fund shall accumulate and be invested, with the insurance commissioner of the state, who shall permit the company depositing the fund to change deposits by substituting for those withdrawn others of equal amount and value, and to collect and receive the interest or dividends upon those securities as the interest or dividends may accrue. The fund shall not be regarded as any part of the assets in possession of the company, so as to be or render the company liable for any claim for loss by fire or except as provided in this chapter.History of Section.P.L. 1907, ch. 1438, § 6; G.L. 1909, ch. 219, § 31; G.L. 1923, ch. 255, § 31; G.L. 1938, ch. 150, § 30; impl. am. P.L. 1953, ch. 3174, § 5; G.L. 1956, § 27-5-21.
RI Gen L § 27-5-23 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-5 - Fire Insurance Policies and Reserves|Section 27-5-23 - Annual statement of amounts of funds.

§ 27-5-23. Annual statement of amounts of funds.A fire insurance company shall, in its annual statement to the insurance commissioner, set forth the amount of its special reserve fund and of its guaranty surplus fund.History of Section.P.L. 1907, ch. 1438, § 8; G.L. 1909, ch. 219, § 33; G.L. 1923, ch. 255, § 33; G.L. 1938, ch. 150, § 32; impl. am. P.L. 1953, ch. 3174, § 5; G.L. 1956, § 27-5-23.
RI Gen L § 27-5-24 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-5 - Fire Insurance Policies and Reserves|Section 27-5-24 - Maintenance of surplus fund equal to reserve fund.

§ 27-5-24. Maintenance of surplus fund equal to reserve fund.If, in consequence of the payment of losses by fires, or of the expenses of the business, or of the interest or dividends payable under the provisions of this chapter to stockholders, or from any cause, the guaranty surplus fund shall be reduced in amount below the amount of the special reserve fund, the directors of the corporation shall make no additions to the special reserve fund until the guaranty surplus fund is equal to the special reserve fund.History of Section.P.L. 1907, ch. 1438, § 8; G.L. 1909, ch. 219, § 33; G.L. 1923, ch. 255, § 33; G.L. 1938, ch. 150, § 32; G.L. 1956, § 27-5-24.
RI Gen L § 27-5-25 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-5 - Fire Insurance Policies and Reserves|Section 27-5-25 - Use of special reserve fund to replace capital stock.

§ 27-5-25. Use of special reserve fund to replace capital stock.If any amount greater than a sum equal to one half (½) of its capital stock shall have been deposited with the commissioner by a fire insurance company under the provisions of this chapter, the commissioner shall retain of those securities an amount equal to one half (½) of what amount he or she shall hold in excess of a sum equal to one half (½) of the capital stock, and the commissioner shall transfer the balance to the company, and the amount transferred to the company shall from the time of the transfer, provided the amount shall not be less than two hundred thousand dollars ($200,000), constitute the capital stock of the company for the further conduct of its business, and the retained securities shall be regarded as the special reserve fund of the company, to which additions may be made, and shall be held in the same manner, and for the same purpose, and under the same conditions as the original special reserve fund of the company was held.History of Section.P.L. 1907, ch. 1438, § 8; G.L. 1909, ch. 219, § 33; G.L. 1923, ch. 255, § 33; G.L. 1938, ch. 150, § 32; impl. am. P.L. 1953, ch. 3174, § 5; G.L. 1956, § 27-5-25.
RI Gen L § 27-5-26 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-5 - Fire Insurance Policies and Reserves|Section 27-5-26 - Physical assets for protection of policyholders.

§ 27-5-26. Physical assets for protection of policyholders.The policy registers, insurance maps, books of record, and other books in use by a fire insurance company in its business, and its policy and other blanks, office furniture, fixtures, and supplies, are not to be considered as assets, but shall be held by the company for its use in the protection of its policyholders.History of Section.P.L. 1907, ch. 1438, § 8; G.L. 1909, ch. 219, § 33; G.L. 1923, ch. 255, § 33; G.L. 1938, ch. 150, § 32; G.L. 1956, § 27-5-26.
RI Gen L § 27-5-27 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-5 - Fire Insurance Policies and Reserves|Section 27-5-27 - Making up of impairments of capital.

§ 27-5-27. Making up of impairments of capital.If, at any time after a special reserve fund has been accumulated by any company, the directors of the company shall present evidence satisfactory to the insurance commissioner that the capital of the company has become impaired, the commissioner shall order the directors to call upon the stockholders to make up that impairment, and the board of directors may then require the necessary payment by the stockholders to make good the whole of that impairment, or they may apply for that purpose the whole or any part of the special reserve fund and require of the stockholders payment of any amount as may be necessary to make up the balance of that impairment not made up out of the special reserve fund. The stock of every stockholder shall be pledged and liable for the amount assessed upon the stockholder to make up that impairment either in whole or in part, and in case any stockholder refuses to pay that assessment the stock standing in his or her name may be sold at public auction after thirty (30) days' notice in any manner as the directors may provide. If the board of directors elects to make good that impairment or any part of the impairment out of the special reserve fund, the insurance commissioner shall, upon request of the board, transfer to the company so much of the special reserve fund as is necessary for the purpose.History of Section.P.L. 1907, ch. 1438, § 9; G.L. 1909, ch. 219, § 34; P.L. 1919, ch. 1783, § 1; G.L. 1923, ch. 255, § 34; G.L. 1938, ch. 150, § 33; impl. am. P.L. 1953, ch. 3174, § 5; G.L. 1956, § 27-5-27.
RI Gen L § 27-5-28 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-5 - Fire Insurance Policies and Reserves|Section 27-5-28 - Maximum single risk insured.

§ 27-5-28. Maximum single risk insured.No company doing business under §§ 27-5-15 — 27-5-31 shall insure any larger amount upon any single risk than is permitted by law to a company possessing the same amount of capital irrespective of the fund provided for in this chapter.History of Section.P.L. 1907, ch. 1438, § 9; G.L. 1909, ch. 219, § 34; P.L. 1919, ch. 1783, § 1; G.L. 1923, ch. 255, § 34; G.L. 1938, ch. 150, § 33; G.L. 1956, § 27-5-28.