reglab/housing_qa huggingface dataset:
RI Gen L § 27-4.2-1 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-4.2 - Life and Health Reinsurance Agreements Act|Section 27-4.2-1 - Preamble.

§ 27-4.2-1. Preamble.(a) The Rhode Island department of business regulation, the insurance division, recognizes that licensed insurers routinely enter into reinsurance agreements that yield legitimate relief to the ceding insurer from strain to surplus.(b) It is improper for a licensed insurer, in the capacity of ceding insurer, to enter into reinsurance agreements for the principal purpose of producing significant surplus aid for the ceding insurer, typically on a temporary basis, while not transferring all of the significant risks inherent in the business being reinsured. In substance or effect, the expected potential liability to the ceding insurer remains basically unchanged by the reinsurance transaction, notwithstanding certain risk elements in the reinsurance agreement, such as catastrophic mortality or extraordinary survival. The terms of agreements referred to in this section and described in § 27-4.2-3 would violate:(1) Applicable sections of the general laws relating to financial statements of insurers, resulting in distorted financial statements which do not properly reflect the financial condition of the ceding insurer;(2) Applicable sections of the general laws relating to reinsurance reserve credits, resulting in a ceding insurer improperly reducing liabilities or establishing assets for reinsurance ceded; and(3) Applicable sections of the general laws relating to creating a situation that may be hazardous to policyholders and the people of this state.History of Section.P.L. 1995, ch. 111, § 2.
RI Gen L § 27-4.2-2 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-4.2 - Life and Health Reinsurance Agreements Act|Section 27-4.2-2 - Applicability.

§ 27-4.2-2. Applicability.This chapter shall apply to all domestic life and accident and health insurers and to all other licensed life and accident and health insurers that are not subject to a substantially similar regulation in their domiciliary state. This chapter shall also similarly apply to licensed property and casualty insurers with respect to their accident and health business. This chapter shall not apply to assumption reinsurance, yearly renewable term reinsurance or certain non-proportional reinsurance such as stop loss or catastrophe reinsurance.History of Section.P.L. 1995, ch. 111, § 2.
RI Gen L § 27-4.2-4 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-4.2 - Life and Health Reinsurance Agreements Act|Section 27-4.2-4 - Written agreements.

§ 27-4.2-4. Written agreements.(a) No reinsurance agreement or amendment to any agreement may be used to reduce any liability or to establish any asset in any financial statement filed with the insurance division of the department of business regulation, unless the agreement, amendment, or a binding letter of intent has been duly executed by both parties no later than the "as of date" of the financial statement.(b) In the case of a letter of intent, a reinsurance agreement or an amendment to a reinsurance agreement must be executed within a reasonable period of time, not exceeding ninety (90) days from the execution date of the letter of intent, in order for credit to be granted for the reinsurance ceded.(c) The reinsurance agreement shall contain provisions which provide that:(1) The agreement shall constitute the entire agreement between the parties with respect to the business being reinsured and that there are no understandings between the parties other than as expressed in the agreement; and(2) Any change or modification to the agreement shall be null and void unless made by amendment to the agreement and signed by both parties.History of Section.P.L. 1995, ch. 111, § 2.
RI Gen L § 27-4.2-5 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-4.2 - Life and Health Reinsurance Agreements Act|Section 27-4.2-5 - Repealed.

§ 27-4.2-5. Repealed.
RI Gen L § 27-4.2-6 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-4.2 - Life and Health Reinsurance Agreements Act|Section 27-4.2-6 - Rules and regulations.

§ 27-4.2-6. Rules and regulations.The insurance commissioner shall have the authority to promulgate rules and regulations necessary to carry out the purposes of this chapter.History of Section.P.L. 1995, ch. 111, § 2.
RI Gen L § 27-4.2-7 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-4.2 - Life and Health Reinsurance Agreements Act|Section 27-4.2-7 - Existing agreements.

§ 27-4.2-7. Existing agreements.Insurers subject to this act shall reduce to zero by December 31, 1997, any reserve credits or assets established with respect to reinsurance agreements entered into prior to the effective date of this act which, under the provisions of this act would not be entitled to recognition of the reserve credits or assets; provided, however, that the reinsurance agreements shall have been in compliance with laws or regulations in existence immediately preceding the effective date of this act.History of Section.P.L. 2011, ch. 18, § 4; P.L. 2011, ch. 25, § 4.
RI Gen L § 27-4.3-1 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-4.3 - The Standard Nonforfeiture Law for Life Insurance|Section 27-4.3-1 - Short title.

§ 27-4.3-1. Short title.This chapter shall be known as the "Standard Nonforfeiture Law for Life Insurance Act."History of Section.P.L. 1993, ch. 180, § 1.
RI Gen L § 27-4.3-1.1 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-4.3 - The Standard Nonforfeiture Law for Life Insurance|Section 27-4.3-1.1 - Definitions.

§ 27-4.3-1.1. Definitions."Operative date of the valuation manual" means January 1 of the first calendar year that the valuation manual as defined in chapter 4.5 of this title is effective.History of Section.P.L. 2013, ch. 17, § 3; P.L. 2013, ch. 20, § 3.
RI Gen L § 27-4.3-3 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-4.3 - The Standard Nonforfeiture Law for Life Insurance|Section 27-4.3-3 - Computation of cash surrender value.

§ 27-4.3-3. Computation of cash surrender value.(a) Any cash surrender value available under the policy in the event of default in a premium payment due on any policy anniversary, whether or not required by § 27-4.3-2, shall be an amount not less than the excess, if any, of the present value, on the anniversary, of the future guaranteed benefits which could have been provided for by the policy, including any existing paid up additions, if there had been no default, over the sum of:(1) The then present value of the adjusted premiums as defined in § 27-4.3-5, corresponding to premiums which would have fallen due on and after the anniversary; and(2) The amount of any indebtedness to the insurance company on the policy.(b) For any policy issued on or after January 1, 1994, which provides supplemental life insurance or annuity benefits at the option of the insured and for an identifiable additional premium by rider or supplemental policy provision, the cash surrender value referred to in subsection (a) shall be an amount not less than the sum of the cash surrender value as defined in subsection (a) for a similar policy issued at the same age without the rider or supplemental policy provision and the cash surrender value as defined in subsection (a) for a policy which provides only the benefits provided by the rider or supplemental policy provision.(c) For any family policy issued on or after January 1, 1994, which defines a primary insured and provides term insurance on the life of the spouse of the primary insured expiring before the spouse's attaining age seventy-one (71), the cash surrender value referred to in subsection (a) of this section shall be an amount not less than the sum of the cash surrender value as defined in subsection (a) for a similar policy issued at the same age without the term insurance on the life of the spouse and the cash surrender value as defined in subsection (a) for a policy which provides only the benefits provided by the term insurance on the life of the spouse.(d) Any cash surrender value available within thirty (30) days after any policy anniversary under any policy paid up by completion of all premium payments or any policy continued under any paid up nonforfeiture benefit, whether or not required by § 27-4.3-2, shall be an amount not less than the present value, on the anniversary, of the future guaranteed benefits provided for by the policy, including any existing paid-up additions, decreased by any indebtedness to the insurance company on the policy.History of Section.P.L. 1993, ch. 180, § 1.
RI Gen L § 27-4.3-4 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-4.3 - The Standard Nonforfeiture Law for Life Insurance|Section 27-4.3-4 - Computation of paid-up nonforfeiture benefits.

§ 27-4.3-4. Computation of paid-up nonforfeiture benefits.Any paid-up nonforfeiture benefit available under the policy in the event of default in a premium payment due on any policy anniversary shall be such that its present value as of the anniversary shall be at least equal to the cash surrender value then provided for by the policy or, if none is provided for, that cash surrender value which would have been required by this chapter in the absence of the condition that the premium shall have been paid for at least a specified period.History of Section.P.L. 1993, ch. 180, § 1.
RI Gen L § 27-4.3-6 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-4.3 - The Standard Nonforfeiture Law for Life Insurance|Section 27-4.3-6 - Nonforfeiture benefits for indeterminate premium plans.

§ 27-4.3-6. Nonforfeiture benefits for indeterminate premium plans.In the case of any plan of life insurance which provides for future premium determination, the amounts of which are to be determined by the insurance company based on then estimates of future experience, or in the case of any plan of life insurance which is of such a nature that minimum values cannot be determined by the methods described in §§ 27-4.3-2 — 27-4.3-5, then:(1) The commissioner of insurance must be satisfied that the benefits provided under the plan are substantially as favorable to policyholders and insured as the minimum benefits required by §§ 27-4.3-2 — 27-4.3-5;(2) The commissioner of insurance must be satisfied that the benefits and the pattern of premiums of that plan are not such as to mislead prospective policyholders or insured; and(3) The cash surrender values and paid up nonforfeiture benefits provided by the plan must not be less than the minimum values and benefits required for the plan computed by a method consistent with the principles of this standard nonforfeiture law for life insurance, as determined by regulations promulgated by the commissioner of insurance.History of Section.P.L. 1993, ch. 180, § 1.
RI Gen L § 27-4.3-7 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-4.3 - The Standard Nonforfeiture Law for Life Insurance|Section 27-4.3-7 - Proration of values - Net value of paid-up additions.

§ 27-4.3-7. Proration of values — Net value of paid-up additions.Any cash surrender value and any paid-up nonforfeiture benefit, available under the policy in the event of default in a premium payment due at any time other than on the policy anniversary, shall be calculated with allowance for the lapse of time and the payment of fractional premiums beyond the last preceding policy anniversary. All values referred to in §§ 27-4.3-3 — 27-4.3-5 may be calculated upon the assumption that any death benefit is payable at the end of the policy year of death. The net value of any paid-up additions, other than paid-up term additions, shall not be less than the amounts used to provide the additions. Notwithstanding the provisions of § 27-4.3-3, additional benefits payable: (1) in the event of death or dismemberment by accident or accidental means, (2) in the event of total and permanent disability, (3) as reversionary annuity or deferred reversionary annuity benefits, (4) as term insurance benefits provided by a rider or supplemental policy provision to which, if issued as a separate policy, this chapter would not apply, (5) as term insurance on the life of a child or on the lives of children provided in a policy on the life of a parent of the child, if the term insurance expires before the child's age is twenty-six (26), is uniform in amount after the child's age is one, and has not become paid-up by reason of the death of a parent of the child, and (6) as other policy benefits additional to life insurance and endowment benefits, and premiums for all additional benefits, shall be disregarded in ascertaining cash surrender values and nonforfeiture benefits required by this chapter, and no additional benefits shall be required to be included in any paid-up nonforfeiture benefits.History of Section.P.L. 1993, ch. 180, § 1.
RI Gen L § 27-4.3-9 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-4.3 - The Standard Nonforfeiture Law for Life Insurance|Section 27-4.3-9 - Exceptions.

§ 27-4.3-9. Exceptions.(a) This chapter shall not apply to any of the following:(1) Reinsurance;(2) Group insurance;(3) Pure endowment;(4) Annuity or reversionary annuity contract;(5) Term policy of uniform amount, which provides no guaranteed nonforfeiture or endowment benefits, or renewal of the policy, of twenty (20) years or less expiring before age seventy-one (71), for which uniform premiums are payable during the entire term of the policy;(6) Term policy of decreasing amount, which provides no guaranteed nonforfeiture or endowment benefits, on which each adjusted premium, calculated as specified in § 27-4.3-5, is less than the adjusted premium calculated, on a term policy of uniform amount, or renewal of it, which provides no guaranteed nonforfeiture or endowment benefits, issued at the same age and for the same initial amount of insurance and for a term of twenty (20) years or less expiring before age seventy-one (71), for which uniform premiums are payable during the entire term of the policy;(7) A policy, which provides no guaranteed nonforfeiture or endowment benefits, for which no cash surrender value, if any, or present value of any paid up nonforfeiture benefit, at the beginning of any policy year, calculated as specified in §§ 27-4.3-3 — 27-4.3-5, exceeds two and one-half percent (2.5%) of the amount of insurance at the beginning of the same policy year; nor(8) A policy which shall be delivered outside this state through an insurance producer or other representative of the insurance company issuing the policy.(b) For the purposes of determining the applicability of this chapter, the age at expiry for a joint term life insurance policy shall be the age at expiry of the oldest life.History of Section.P.L. 1993, ch. 180, § 1.
RI Gen L § 27-4.3-10 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-4.3 - The Standard Nonforfeiture Law for Life Insurance|Section 27-4.3-10 - Severability.

§ 27-4.3-10. Severability.If any provision of this chapter, or the application of the provision to any person or circumstances, is held invalid, the remainder of the chapter, and the application of the provision to persons or circumstances other than those to which it is held invalid, shall not be affected by that invalidity.History of Section.P.L. 1993, ch. 180, § 1.
RI Gen L § 27-4.3-11 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-4.3 - The Standard Nonforfeiture Law for Life Insurance|Section 27-4.3-11 - Rules and regulations.

§ 27-4.3-11. Rules and regulations.The director of the department of business regulation may adopt reasonable rules and regulations for the implementation and administration of this chapter.History of Section.P.L. 1993, ch. 180, § 1.
RI Gen L § 27-4.4-1 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-4.4 - The Standard Nonforfeiture Law for Individual Deferred Annuities|Section 27-4.4-1 - Short title.

§ 27-4.4-1. Short title.This chapter shall be known as the "Standard Nonforfeiture Law for Individual Deferred Annuities Act."History of Section.P.L. 1993, ch. 180, § 1.
RI Gen L § 27-4.4-2 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-4.4 - The Standard Nonforfeiture Law for Individual Deferred Annuities|Section 27-4.4-2 - Applicability.

§ 27-4.4-2. Applicability.This chapter shall not apply to any reinsurance, group annuity purchased under a retirement plan or plan of deferred compensation established or maintained by an employer including a partnership or sole proprietorship or by an employee organization, or by both, other than a plan providing individual retirement accounts or individual retirement annuities under 26 U.S.C. § 408, premium deposit fund, variable annuity, investment annuity, immediate annuity, any deferred annuity contract after annuity payments have commenced, or reversionary annuity, nor to any contract which shall be delivered outside this state through an insurance provider or other representative of the company issuing the contract.History of Section.P.L. 1993, ch. 180, § 1.
RI Gen L § 27-4.4-5 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-4.4 - The Standard Nonforfeiture Law for Individual Deferred Annuities|Section 27-4.4-5 - Computation of present value.

§ 27-4.4-5. Computation of present value.Any paid up annuity benefit available under a contract shall be such that its present value on the date annuity payments are to commence is at least equal to the minimum nonforfeiture amount on that date. The present value shall be computed using the mortality table, if any, and the interest rate specified in the contract for determining the minimum paid up annuity benefits guaranteed in the contract.History of Section.P.L. 1993, ch. 180, § 1.
RI Gen L § 27-4.4-6 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-4.4 - The Standard Nonforfeiture Law for Individual Deferred Annuities|Section 27-4.4-6 - Calculation of cash surrender value.

§ 27-4.4-6. Calculation of cash surrender value.For contracts which provide cash surrender benefits, the cash surrender benefits available prior to maturity shall not be less than the present value as of the date of surrender of that portion of the maturity value of the paid-up annuity benefit which would be provided under the contract at maturity arising from consideration paid prior to the time of cash surrender reduced by the amount appropriate to reflect any prior withdrawals from or partial surrenders of the contract, the present value being calculated on the basis of an interest rate not more than one percent (1%) higher than the interest rate specified in the contract for accumulating the net considerations to determine the maturity value, decreased by the amount of any indebtedness to the company on the contract, including interest due and accrued, and increased by any existing additional amounts credited by the company to the contract. In no event shall any cash surrender benefit be less than the minimum nonforfeiture amount at that time. The death benefit under the contracts shall be at least equal to the cash surrender benefit.History of Section.P.L. 1993, ch. 180, § 1.
RI Gen L § 27-4.4-7 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-4.4 - The Standard Nonforfeiture Law for Individual Deferred Annuities|Section 27-4.4-7 - Calculation of paid-up annuity benefits.

§ 27-4.4-7. Calculation of paid-up annuity benefits.For contracts which do not provide cash surrender benefits, the present value of any paid-up annuity benefit available as a nonforfeiture option at any time prior to maturity shall not be less than the present value of that portion of the maturity value of the paid-up annuity benefit provided under the contract arising from considerations paid prior to the time the contract is surrendered in exchange for, or changed to, a deferred paid-up annuity, the present value being calculated for the period prior to the maturity date on the basis of the interest rate specified in the contract for accumulating the net consideration to determine the maturity value, and increased by any existing additional amount credited by the company to the contract. For contracts that do not provide any death benefits prior to the commencement of any annuity payments, the present values shall be calculated on the basis of the interest rate and the mortality table specified in the contract for determining the maturity value of the paid-up annuity benefit. In no event shall the present value of a paid-up annuity benefit be less than the minimum nonforfeiture amount at that time.History of Section.P.L. 1993, ch. 180, § 1.
RI Gen L § 27-4.4-8 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-4.4 - The Standard Nonforfeiture Law for Individual Deferred Annuities|Section 27-4.4-8 - Maturity date.

§ 27-4.4-8. Maturity date.For the purpose of determining the benefits calculated under §§ 27-4.4-6 and 27-4.4-7, in the case of annuity contracts under which an election may be made to have annuity payments commence at optional maturity dates, the maturity date shall be deemed to be the latest date for which election shall be permitted by the contract, but shall not be deemed to be later than the anniversary of the contract next following the annuitant's seventieth (70th) birthday or the tenth (10th) anniversary of the contract, whichever is later.History of Section.P.L. 1993, ch. 180, § 1.
RI Gen L § 27-4.4-9 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-4.4 - The Standard Nonforfeiture Law for Individual Deferred Annuities|Section 27-4.4-9 - Disclosure of limited death benefits.

§ 27-4.4-9. Disclosure of limited death benefits.Any contract that does not provide cash surrender benefits or does not provide death benefits at least equal to the minimum nonforfeiture amount prior to the commencement of any annuity payments shall include a statement in a prominent place in the contract that those benefits are not provided.History of Section.P.L. 1993, ch. 180, § 1.
RI Gen L § 27-4.4-10 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-4.4 - The Standard Nonforfeiture Law for Individual Deferred Annuities|Section 27-4.4-10 - Inclusion of lapse of time considerations.

§ 27-4.4-10. Inclusion of lapse of time considerations.Any paid-up annuity, cash surrender, or death benefits available at any time, other than on the contract anniversary under any contract with fixed scheduled considerations, shall be calculated with allowance for the lapse of time and the payment of any scheduled considerations beyond the beginning of the contract year in which cessation of payment of considerations under the contract occurs.History of Section.P.L. 1993, ch. 180, § 1.