reglab/housing_qa huggingface dataset:
RI Gen L § 27-51-2 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-51 - Managing General Agents Act|Section 27-51-2 - Definitions.

§ 27-51-2. Definitions.As used in this chapter:(1) "Actuary" means a person who is a member in good standing of the American Academy of Actuaries;(2) "Insurer" means any person, firm, association, or corporation duly licensed in this state as an insurance company pursuant to this title;(3) (i) "Managing general agent" (MGA) means any person, firm, association, or corporation who negotiates and binds ceding reinsurance contracts on behalf of an insurer or manages all or part of the insurance business of an insurer, including the management of a separate division, department, or underwriting office, and acts as an agent for the insurer whether known as a managing general agent, manager or other similar term, who, with or without the authority, either separately or together with affiliates, produces, directly or indirectly, and underwrites an amount of gross direct written premium equal to or more than five percent (5%) of the policyholder surplus as reported in the last annual statement of the insurer in any one quarter or year together with one or more of the following: (A) adjusts or pays claims in excess of an amount determined by the insurance commissioner or (B) negotiates reinsurance on behalf of the insurer;(ii) Notwithstanding paragraph (i) of this subdivision, the following persons shall not be considered as MGAs for the purposes of this chapter:(A) An employee of the insurer;(B) A U.S. manager of the United States branch of an alien insurer;(C) An underwriting manager which, pursuant to contract, manages all or part of the insurance operations of the insurer, is under common control with the insurer, subject to the holding company regulatory act, and whose compensation is not based on the volume of premiums written without regard to the profitability of the business written; and(D) An attorney in fact authorized by and acting for the subscribers of a reciprocal insurer or interinsurance exchange under powers of attorney,(4) "Producer" means insurance producer as defined in chapter 2.4 of this title; and(5) "Underwrite" means the authority to accept or reject risk on behalf of the insurer.History of Section.P.L. 1992, ch. 445, § 1.
RI Gen L § 27-51-3 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-51 - Managing General Agents Act|Section 27-51-3 - Licensure.

§ 27-51-3. Licensure.(a) No person, firm, association, or corporation shall act in the capacity of an MGA with respect to risks located in this state for an insurer licensed in this state unless that person is a licensed producer in this state.(b) No person, firm, association, or corporation shall act in the capacity of an MGA representing an insurer domiciled in this state with respect to risks located outside this state unless that person is licensed as a producer in this state. The license may be a nonresident license pursuant to the provisions of this chapter.(c) The commissioner may require a bond in an amount acceptable to him or her for the protection of the insurer.(d) The commissioner may require the MGA to maintain an errors and omissions policy.History of Section.P.L. 1992, ch. 445, § 1.
RI Gen L § 27-51-5 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-51 - Managing General Agents Act|Section 27-51-5 - Duties of insurers.

§ 27-51-5. Duties of insurers.(a) The insurer shall have on file an independent financial examination, in a form acceptable to the commissioner, of each MGA with which it has done business.(b) If an MGA establishes loss reserves, the insurer shall annually obtain the opinion of an actuary attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced by the MGA. This is in addition to any other required loss reserve certification.(c) The insurer shall periodically, at least semiannually, conduct an onsite review of the underwriting and claims processing operations of the MGA.(d) Binding authority for all reinsurance contracts or participation in insurance or reinsurance syndicates shall rest with an officer of the insurer, who shall not be affiliated with the MGA.(e) Within thirty (30) days of entering into or termination of a contract with an MGA, the insurer shall provide written notification of the appointment or termination to the commissioner. Notices of appointment of an MGA shall include a statement of duties which the applicant is expected to perform on behalf of the insurer, the lines of insurance for which the applicant is to be authorized to act, and any other information the commissioner may request.(f) An insurer shall review its books and records each quarter to determine if any producer has become an MGA by virtue of the provisions of this chapter. If the insurer determines that a producer has become a MGA pursuant to the provisions of this chapter, the insurer shall promptly notify the producer and the commissioner of the determination and the insurer and producer must fully comply with the provisions of this chapter within thirty (30) days.(g) An insurer shall not appoint to its board of directors an officer, director, employee, subproducer, or controlling shareholder of its MGAs. This subsection shall not apply to relationships governed by chapter 35 of this title, or, if applicable, the Broker Controlled Insurer Act.History of Section.P.L. 1992, ch. 445, § 1.
RI Gen L § 27-51-6 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-51 - Managing General Agents Act|Section 27-51-6 - Examination authority.

§ 27-51-6. Examination authority.The acts of the MGA are considered to be the acts of the insurer on whose behalf it is acting. An MGA may be examined as if it was the insurer and cost of examination will be borne by the insurer pursuant to § 27-13-1.History of Section.P.L. 1992, ch. 445, § 1.
RI Gen L § 27-51-7 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-51 - Managing General Agents Act|Section 27-51-7 - Penalties and liabilities.

§ 27-51-7. Penalties and liabilities.(a) If the commissioner finds after a hearing conducted in accordance with the Administrative Procedures Act, chapter 35 of title 42, that any person has violated any provision(s) of this chapter, the commissioner may order:(1) For each separate violation, a penalty in an amount not exceeding one thousand dollars ($1,000);(2) Revocation or suspension of the producer's license. If it was found that because of material noncompliance the insurer has suffered any loss or damage, the commissioner may maintain a civil action brought by or on behalf of the insurer and its policyholders and creditors for recovery of compensatory damages for the benefit of the insurer and its policyholders and creditors or other appropriate relief.(b) If an order of rehabilitation or liquidation of the insurer has been entered pursuant to applicable Rhode Island law and the receiver appointed under that order determines that the MGA or any other person has not materially complied with this chapter, or any regulation or order promulgated pursuant to this chapter, and the insurer suffered any loss or damage from the noncompliance, the receiver may maintain a civil action for recovery of damages or other appropriate sanctions for the benefit of the insurer.(c) Nothing contained in this section shall affect the right of the commissioner to impose any other penalties provided for in the insurance law.(d) Nothing contained in this chapter is intended to or shall in any manner limit or restrict the rights of policyholders, claimants, and auditors.History of Section.P.L. 1992, ch. 445, § 1; P.L. 1996, ch. 188, § 19.
RI Gen L § 27-51-8 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-51 - Managing General Agents Act|Section 27-51-8 - Rules and regulations.

§ 27-51-8. Rules and regulations.The commissioner of insurance may adopt reasonable rules and regulations for the implementation and administration of the provisions of this chapter.History of Section.P.L. 1992, ch. 445, § 1.
RI Gen L § 27-51-9 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-51 - Managing General Agents Act|Section 27-51-9 - Utilization of services.

§ 27-51-9. Utilization of services.No insurer may continue to utilize the services of an MGA on and after December 31, 1992, unless that utilization is in compliance with this chapter.History of Section.P.L. 1992, ch. 445, § 1.
RI Gen L § 27-52-1 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-52 - Reinsurance Intermediaries|Section 27-52-1 - Short title.

§ 27-52-1. Short title.This chapter may be cited as the "Reinsurance Intermediary Act".History of Section.P.L. 1992, ch. 445, § 1.
RI Gen L § 27-52-4 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-52 - Reinsurance Intermediaries|Section 27-52-4 - Required contract provisions - Reinsurance intermediary - Brokers.

§ 27-52-4. Required contract provisions — Reinsurance intermediary — Brokers.Transactions between a RB and the insurer it represents in that capacity shall only be entered into pursuant to a written authorization, specifying the responsibilities of each party. The authorization shall, at a minimum, provide that:(1) The insurer may terminate the RB's authority at any time;(2) The RB will render accounts to the insurer accurately detailing all material transactions, including information necessary to support all commissions, charges, and other fees received by, or owing, to the RB, and remit all funds due to the insurer within thirty (30) days of receipt;(3) All funds collected for the insurer's account will be held by the RB in a fiduciary capacity in a bank that is a qualified U.S. financial institution as defined in this chapter;(4) The RB will comply with § 27-52-5;(5) The RB will comply with the written standards established by the insurer for the cession or retrocession of all risks; and(6) The RB will disclose to the insurer any relationship with any reinsurer to which business will be ceded or retroceded.History of Section.P.L. 1992, ch. 445, § 1.
RI Gen L § 27-52-5 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-52 - Reinsurance Intermediaries|Section 27-52-5 - Books and records - Reinsurance intermediary brokers.

§ 27-52-5. Books and records — Reinsurance intermediary brokers.(a) For at least ten (10) years after the expiration of each contract of reinsurance transacted by the RB, the RB will keep a complete record for each transaction showing:(1) The type of contract, limits, underwriting restrictions, classes, or risks and territory;(2) Period of coverage, including effective and expiration dates, cancellation provisions, and notice required of cancellation;(3) Reporting and settlement requirements of balances;(4) Rate used to compute the reinsurance premium;(5) Names and addresses of assuming reinsurers;(6) Rates of all reinsurance commissions, including the commissions on any retrocessions handled by the RB;(7) Related correspondence and memoranda;(8) Proof of placement;(9) Details regarding retrocessions handled by the RB including the identity of retrocessionaries and percentage of each contract assumed or ceded;(10) Financial records including, but not limited to, premium and loss accounts; and(11) When the RB procures a reinsurance contract on behalf of a licensed ceding insurer:(i) Directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or(ii) If placed through a representative of the assuming reinsurer, other than an employee, written evidence that the reinsurer has delegated binding authority to the representative.(b) The insurer will have access and the right to copy and audit all accounts and records maintained by the RB related to its business in a form usable by the insurer.History of Section.P.L. 1992, ch. 445, § 1.
RI Gen L § 27-52-6 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-52 - Reinsurance Intermediaries|Section 27-52-6 - Duties of insurers utilizing the services of a reinsurance intermediary - Broker.

§ 27-52-6. Duties of insurers utilizing the services of a reinsurance intermediary — Broker.(a) An insurer shall not engage the services of any person, firm, association, or corporation to act as a RB on its behalf unless that person is licensed as required by this chapter.(b) An insurer may not employ an individual who is employed by a RB with which it transacts business, unless that RB is under common control with the insurer and subject to the Insurance Holding Company Systems Act, chapter 35 of this title.(c) The insurer shall annually obtain a copy of statements of the financial condition of each RB with which it transacts business.History of Section.P.L. 1992, ch. 445, § 1.
RI Gen L § 27-52-8 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-52 - Reinsurance Intermediaries|Section 27-52-8 - Prohibited acts.

§ 27-52-8. Prohibited acts.The RM shall not:(1) Cede retrocessions on behalf of the reinsurer, except that the RM may cede facultative retrocessions pursuant to obligatory facultative agreements if the contract with the reinsurer contains reinsurance underwriting guidelines for the retrocessions. The guidelines shall include a list of reinsurers with which the automatic agreements are in effect, and for each reinsurer, the coverages and amounts or percentages that may be reinsured, and commission schedules;(2) Commit the reinsurer to participate in reinsurance syndicates;(3) Appoint any producer without assuring that the producer is lawfully licensed to transact the type of reinsurance for which he or she is appointed;(4) Without prior approval of the reinsurer, pay or commit the reinsurer to pay a claim, net of retrocessions, that exceeds the lesser of an amount specified by the reinsurer or one percent (1%) of the reinsurer's policyholder's surplus as of December 31 of the last complete calendar year;(5) Collect any payment from a retrocessionaire or commit the reinsurer to any claim settlement with a retrocessionaire, without prior approval of the reinsurer. If prior approval is given, a report must be promptly forwarded to the reinsurer;(6) Jointly employ an individual who is employed by the reinsurer unless the RM is under common control with the reinsurer subject to chapter 35 of this title; and(7) Appoint a sub-RM.History of Section.P.L. 1992, ch. 445, § 1.
RI Gen L § 27-52-9 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-52 - Reinsurance Intermediaries|Section 27-52-9 - Duties of reinsurers utilizing the services of a reinsurance intermediary - Manager.

§ 27-52-9. Duties of reinsurers utilizing the services of a reinsurance intermediary — Manager.(a) A reinsurer shall not engage the services of any person, firm, association, or corporation to act as a RM on its behalf unless that person is licensed as required by the provisions of this chapter.(b) The reinsurer shall annually obtain a copy of statements of the financial condition of each RM which the reinsurer has engaged prepared by an independent certified accountant in a form acceptable to the commissioner.(c) If an RM establishes loss reserves, the reinsurer shall annually obtain the opinion of an actuary attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced by the RM. This opinion shall be in addition to any other required loss reserve certification.(d) Binding authority for all retrocessional contracts or participation in reinsurance syndicates shall rest with an officer of the reinsurer who shall not be affiliated with the RM.(e) Within thirty (30) days of the termination of a contract with a RM, the reinsurer shall provide written notification of the termination to the commissioner.(f) A reinsurer shall not appoint to its board of directors any officer, director, employee, controlling shareholder, or subproducer of its RM. This subsection shall not apply to relationships governed by the Insurance Holding Systems Act, chapter 35 of this title.History of Section.P.L. 1992, ch. 445, § 1.
RI Gen L § 27-52-10 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-52 - Reinsurance Intermediaries|Section 27-52-10 - Examination authority.

§ 27-52-10. Examination authority.(a) A reinsurance intermediary shall be subject to examination by the commissioner. The commissioner shall have access to all books, bank accounts, and records of the reinsurance intermediary in a form usable to the commissioner. The cost of the examination shall be paid by the insurer in the same manner as the cost of examination of an insurer pursuant to chapter 13 of this title.(b) A RM may be examined as if it were the reinsurer.History of Section.P.L. 1992, ch. 445, § 1.
RI Gen L § 27-52-11 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-52 - Reinsurance Intermediaries|Section 27-52-11 - Penalties and liabilities.

§ 27-52-11. Penalties and liabilities.(a) A reinsurance intermediary, insurer, or reinsurer found by the commissioner, after a hearing conducted in accordance with the Administrative Procedures Act, chapter 35 of title 42, to be in violation of any provision(s) of this chapter, shall:(1) For each separate violation, pay a penalty in an amount not exceeding five thousand dollars ($5,000);(2) Be subject to revocation or suspension of its license; and(3) If a violation was committed by the reinsurance intermediary, the reinsurance intermediary shall make restitution to the insurer, reinsurer, rehabilitator, or liquidator for the net losses incurred by the insurer or reinsurer attributable to the violation.(b) The decision, determination, or order of the commissioner pursuant to subsection (a) of this section shall be subject to judicial review pursuant to the Administrative Procedures Act, chapter 35 of title 42.(c) Nothing contained in this section shall affect the right of the commissioner to impose any other penalties provided in the insurance law.(d) Nothing contained in this chapter is intended to or shall in any manner limit or restrict the rights of policyholders, claimants, creditors, or other third parties or confer any rights to those persons.History of Section.P.L. 1992, ch. 445, § 1.
RI Gen L § 27-52-12 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-52 - Reinsurance Intermediaries|Section 27-52-12 - Rules and regulations.

§ 27-52-12. Rules and regulations.The commissioner may adopt reasonable rules and regulations for the implementation and administration of the provisions of this chapter.History of Section.P.L. 1992, ch. 445, § 1.
RI Gen L § 27-52-13 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-52 - Reinsurance Intermediaries|Section 27-52-13 - Repealed.

§ 27-52-13. Repealed.
RI Gen L § 27-53-1 - 27-53-7 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-53 - Assumption Reinsurance|Section 27-53-1 - 27-53-7 - Repealed.

§ 27-53-1 — 27-53-7. Repealed.
RI Gen L § 27-53.1-1 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-53.1 - Assumption Reinsurance|Section 27-53.1-1 - Purpose.

§ 27-53.1-1. Purpose.This chapter provides for the regulation of the transfer and novation of contracts of insurance by way of assumption reinsurance. It defines assumption reinsurance and establishes notice and disclosure requirements which protect and define the rights and obligations of policyholders, regulators, and the parties to assumption reinsurance agreements.History of Section.P.L. 1996, ch. 188, § 21.
RI Gen L § 27-53.1-2 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-53.1 - Assumption Reinsurance|Section 27-53.1-2 - Scope.

§ 27-53.1-2. Scope.(a) This chapter applies to any insurer authorized in this state which either assumes or transfers the obligations and/or risks on contracts of insurance pursuant to an assumption reinsurance agreement.(b) This chapter does not apply to:(1) Any reinsurance agreement or transaction in which the ceding insurer continues to remain directly liable for its insurance obligations and/or risks under the contracts of insurance subject to the reinsurance agreement;(2) The substitution of one insurer for another upon the expiration of insurance coverage pursuant to statutory or contractual requirements and the issuance of a new contract of insurance by another insurer;(3) The transfer of contracts of insurance pursuant to mergers or consolidations of two (2) or more insurers to the extent that those transactions are regulated by statute;(4) Any insurer subject to a judicial order of liquidation or rehabilitation;(5) Any reinsurance agreement or transaction to which a state insurance guaranty association is a party, provided that policyholders do not lose any rights or claims afforded under their original policies pursuant to chapters 34, 34.1 and 34.3 of this title;(6) The transfer of liabilities from one insurer to another under a single group policy upon the request of the group policyholder; or(7) The transfer of liabilities from one insurer to another under chapter 14.5 of this title.History of Section.P.L. 1996, ch. 188, § 21; P.L. 2002, ch. 381, § 2.
RI Gen L § 27-53.1-3 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-53.1 - Assumption Reinsurance|Section 27-53.1-3 - Definitions.

§ 27-53.1-3. Definitions.(a) "Assuming insurer" means the insurer which acquires an insurance obligation and/or risk from the transferring insurer pursuant to an assumption reinsurance agreement.(b) "Assumption reinsurance agreement" means any contract which both:(1) Transfers insurance obligations and/or risks of existing or in-force contracts of insurance from a transferring insurer to an assuming insurer; and(2) Is intended to effect a novation of the transferred contract of insurance with the result that the assuming insurer becomes directly liable to the policyholders of the transferring insurer and the transferring insurer's insurance obligations and/or risks under the contracts are extinguished.(c) "Contract of insurance" means any written agreement between an insurer and policyholder pursuant to which the insurer, in exchange for premium or other consideration, agrees to assume an obligation and/or risk of the policyholder or to make payments on behalf of, or to, the policyholder or its beneficiaries; it shall include all property, casualty, life, health, accident, surety, title insurance transacted by insurers not domiciled in Rhode Island and annuity business authorized to be written pursuant to the insurance laws of this state.(d) "Home service business" means insurance business on which premiums are collected on a weekly or monthly basis by an agent of the insurer.(e) "Notice of transfer" means the written notice to policyholders required by § 27-53.1-4(a).(f) "Policyholder" means any individual or entity that has the right to terminate or otherwise alter the terms of a contract of insurance. It includes any certificate holder whose certificate is in force on the proposed effective date on the assumption, if the certificate holder has the right to keep the certificate in force without change in benefit following termination of the group policy. The right to keep the certificate in force referred to in this section shall not include the right to elect individual coverage under the Consolidated Omnibus Budget Reconciliation Act ("COBRA"), 42 U.S.C. § 403 et seq., or Section 601 et seq., of the Employee Retirement Income Security Act of 1974, 29 U.S.C. 1161 et seq.(g) "Transferring insurer" means the insurer that transfers an insurance obligation and/or risk to an assuming insurer pursuant to an assumption reinsurance agreement.History of Section.P.L. 1996, ch. 188, § 21.