reglab/housing_qa huggingface dataset:
RI Gen L § 27-43-4 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-43 - Captive Insurance Companies|Section 27-43-4 - Minimum capital.

§ 27-43-4. Minimum capital.(a) No subsidiary captive insurance company, association captive insurance company incorporated as a stock insurance company, or industrial insured captive insurance company incorporated as a stock insurance company shall be issued a license unless it possesses and after this maintains unimpaired paid in capital of:(1) In the case of a subsidiary captive insurance company, not less than one hundred thousand dollars ($100,000);(2) In the case of an association captive insurance company incorporated as a stock insurance company, not less than four hundred thousand dollars ($400,000); and(3) In the case of an industrial insured captive insurance company incorporated as a stock insurance company, not less than two hundred thousand dollars ($200,000). The capital may be in the form of cash or an irrevocable letter of credit issued by a bank chartered by the state of Rhode Island or a member bank of the Federal Reserve System and approved by the commissioner.(b) The commissioner may prescribe additional capital based upon the type, volume, and nature of insurance business transacted, which capital may be in the form of an irrevocable letter of credit issued by a bank chartered by the state of Rhode Island, or a member bank of the Federal Reserve System.(c) No captive insurance company may pay a dividend out of, or other distribution with respect to, capital or surplus, in excess of the limitations set forth in § 27-43-12, without the prior approval of the commissioner. Approval of an ongoing plan for the payment of dividends or other distributions shall be conditioned upon the retention, at the time of each payment, of the capital or surplus in excess of amounts specified by, or determined in accordance with formulas approved by, the commissioner.History of Section.P.L. 1988, ch. 76, § 1; P.L. 1996, ch. 232, § 1; P.L. 1996, ch. 256, § 1.
RI Gen L § 27-43-5 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-43 - Captive Insurance Companies|Section 27-43-5 - Minimum surplus.

§ 27-43-5. Minimum surplus.(a) (1) No captive insurance company shall be issued a license unless it shall possess and after this maintain free surplus of:(i) In the case of a subsidiary captive insurance company, not less than one hundred fifty thousand dollars ($150,000);(ii) In the case of an association captive insurance company incorporated as a stock insurance company, not less than three hundred fifty thousand dollars ($350,000);(iii) In the case of an industrial insured captive insurance company incorporated as a stock insurance company, not less than three hundred thousand dollars ($300,000);(iv) In the case of an association captive insurance company incorporated as a mutual insurance company, not less than seven hundred fifty thousand dollars ($750,000); and(v) In the case of an industrial insured captive insurance company incorporated as a mutual insurance company, not less than five hundred thousand dollars ($500,000).(2) The surplus may be in the form of cash or an irrevocable letter of credit issued by a bank chartered by the state of Rhode Island or a member bank of the Federal Reserve System and approved by the commissioner.(b) The commissioner may prescribe additional surplus based upon the type, volume, and nature of insurance business transacted, which surplus may be in the form of a irrevocable letter of credit issued by a bank chartered by the state of Rhode Island, or a member bank of the Federal Reserve System.(c) No captive insurance company may pay a dividend out of, or other distribution with respect to, surplus, in excess of the limitations set forth in § 27-43-12, without the prior approval of the commissioner. Approval of an ongoing plan for the payment of dividends or other distributions shall be conditioned upon the retention, at the time of each payment, of the capital or surplus in excess of amounts specified by, or determined in accordance with formulas approved by, the commissioner.History of Section.P.L. 1988, ch. 76, § 1; P.L. 1996, ch. 232, § 1; P.L. 1996, ch. 256, § 1.
RI Gen L § 27-43-6 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-43 - Captive Insurance Companies|Section 27-43-6 - Reports, statements, examinations, and investigations.

§ 27-43-6. Reports, statements, examinations, and investigations.(a) Captive insurance companies shall annually file a statement of condition as provided in § 27-12-1; provided, that the commissioner may by regulation modify the required filing and content of the statements of captive insurance companies. Captive insurance companies are also subject to the further provisions of chapter 12 of this title; provided, that statements filed pursuant to this section, except for those reports filed by industrial insured captive insurance companies insuring the risks of industrial insured groups as defined in § 27-43-1(8)(ii), are not subject to the public inspection provisions of § 27-12-1(b).(b) The commissioner, either personally or by a committee appointed by him or her, consisting of one or more persons not directors or officers of any captive insurance company doing business in this state, may, at any time, examine the affairs of any captive insurance company incorporated by or doing business in this state. The officers of the company shall exhibit its books to the commissioner or committee, and facilitate the examination, and the commissioner or the committee may examine, under oath, the officers of the company in relation to its affairs, and the commissioner shall, if he or she deems it advisable, publish the result of the investigation in one or more newspapers published in the state. The total cost of the examinations shall be borne by the examined companies and shall be one hundred fifty percent (150%) of the total salaries paid to the examining personnel of the insurance division engaged in the examinations, less any salary reimbursements, and shall be paid to the commissioner to and for the use of the insurance division. The assessment shall be in addition to any taxes and fees payable to the state.(c) Whenever it shall appear to the commissioner, from the statements, or from an examination of the affairs of any captive insurance company, that the company is insolvent, or is in an unsound financial condition, or that its business policies are unsound or improper, or that its condition or management is such as to render its further transaction of business hazardous to the public or its policyholders, or that the amount of its funds, net cash or contingent assets is deficient, or that its capital is impaired, or that it is conducting its business fraudulently or refuses or neglects to comply with the laws of the state relating to captive insurance companies, it shall be the duty of the commissioner, after notice and hearing, to revoke the license issued to the company and the licenses issued to all of its insurance producers, or he or she may revoke the licenses or suspend them for a period not exceeding the unexpired terms of the licenses.History of Section.P.L. 1988, ch. 76, § 1; P.L. 1991, ch. 348, § 9; P.L. 2000, ch. 176, § 1; P.L. 2000, ch. 373, § 1.
RI Gen L § 27-43-7 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-43 - Captive Insurance Companies|Section 27-43-7 - Reinsurance.

§ 27-43-7. Reinsurance.(a) Any captive insurance company may provide reinsurance on risks ceded by any other insurer, provided, that the captive insurance company and the insurer comply with the requirements established by regulations promulgated pursuant to this chapter.(b) Any captive insurance company may reinsure its risks and take credit for reserves on risk or on portions of risk ceded to reinsurers as provided in chapter 1.1 of this title. Subsidiary captive insurance companies may take credit for reserves on risks or portions of risk ceded to reinsurers not complying with chapter 1.1 of this title only after obtaining the prior approval of the director. The director may require any other documents, financial information or other evidence that the reinsurer will be able to provide adequate security for its financial obligations. The commissioner may deny authorization or impose any limitations on the activities of a reinsurer that, in his or her judgment, are necessary and proper to provide adequate security for the ceding captive insurance company and for the protection and consequent benefit of the public at large.(c) For the purposes of this chapter, the insurance by a captive insurance company of any workers' compensation qualified self-insured plan of its parent and affiliates shall be deemed to be reinsurance.History of Section.P.L. 1988, ch. 76, § 1; P.L. 1996, ch. 232, § 1; P.L. 1996, ch. 256, § 1; P.L. 2001, ch. 122, § 12; P.L. 2004, ch. 6, § 13.
RI Gen L § 27-43-8 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-43 - Captive Insurance Companies|Section 27-43-8 - Exemption from chapter 34 of this title.

§ 27-43-8. Exemption from chapter 34 of this title.No captive insurance company shall be required to join or to contribute financially to any plan, pool, association, or guaranty or insolvency fund in this state including, but not limited to, the fund established by chapter 34 of this title, nor shall any captive insurance company, or its insured, or its parent or any affiliated company, or any member organization of its association, receive any benefit from the plan, pool, association, or guaranty or insolvency funds for claims arising out of the operations of the captive insurance company.History of Section.P.L. 1988, ch. 76, § 1.
RI Gen L § 27-43-10 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-43 - Captive Insurance Companies|Section 27-43-10 - Rules and regulations.

§ 27-43-10. Rules and regulations.The commissioner may establish and amend the rules relating to captive insurance companies that are necessary to enable the commissioner to carry out the provisions of this chapter.History of Section.P.L. 1988, ch. 76, § 1.
RI Gen L § 27-43-11 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-43 - Captive Insurance Companies|Section 27-43-11 - Laws applicable.

§ 27-43-11. Laws applicable.No provisions of this title, other than those contained in this chapter or contained in specific references contained in this chapter, shall apply to captive insurance companies. Insofar as the provisions of this chapter are inconsistent with the provisions of any other law, general, special, or local, the provisions of this chapter shall be controlling.History of Section.P.L. 1988, ch. 76, § 1.
RI Gen L § 27-43-12 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-43 - Captive Insurance Companies|Section 27-43-12 - Limitations on dividends.

§ 27-43-12. Limitations on dividends.(a) An "extraordinary dividend or distribution" is defined as cash or other property, whose fair market value together with other dividends or distributions made within the preceding twelve (12) months exceeds the lesser of: (1) ten percent (10%) of the captive insurance company's surplus as of the preceding December 31st; or (2) net income, not including realized capital gains for the twelve (12) months ending the preceding December 31st, excluding pro rata distribution of any class of the captive insurance company's own securities.(b) Each captive insurance company may carry forward the net income from the preceding two (2) years (as calculated in subsection (a) of this section for each year) less any dividends paid in the two (2) preceding years in determining whether the dividend or distribution is extraordinary.History of Section.P.L. 1996, ch. 232, § 1; P.L. 1996, ch. 256, § 1.
RI Gen L § 27-43-13 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-43 - Captive Insurance Companies|Section 27-43-13 - Captive insurance regulatory and supervision fund.

§ 27-43-13. Captive insurance regulatory and supervision fund.(a) (1) There is created a fund to be known as the captive insurance regulatory and supervision fund for the purpose of providing the financial means for the commissioner to administrate this chapter and for reasonable expenses incurred in promoting the captive insurance industry in Rhode Island. An appropriation of ten percent (10%) of the premiums taxed under § 27-43-9, and all fees and assessments received by the department pursuant to the administration of this chapter with regards to the captive insurance industry shall be credited to this fund. Of this amount, not more than two percent (2%) of the premium tax under § 27-43-9 may be transferred to the Rhode Island economic development corporation, with approval of the director of administration, for promotional expenses.(2) All payments from the captive insurance regulatory and supervision fund for the maintenance of staff and associated expenses including contractual services as necessary, shall be disbursed from the state treasury only upon written request issued by the commissioner, after receipt of proper documentation regarding services rendered and expenses incurred.(b) At the end of each fiscal year, that portion of the balance in the captive insurance regulatory and supervision fund which exceeds one hundred thousand dollars ($100,000), shall be transferred to the general fund.(c) The commissioner may anticipate receipts for the captive insurance regulatory and supervision fund and issue a written request for payments based on it.History of Section.P.L. 1996, ch. 232, § 1; P.L. 1996, ch. 256, § 1.
RI Gen L § 27-44-1 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-44 - Casualty, Liability and Fire and Marine Insurance Rating|Section 27-44-1 - Purposes.

§ 27-44-1. Purposes.The purposes of this chapter are:(1) To prohibit price fixing agreements and other anticompetitive behavior by insurers;(2) To protect policy holders and the public against the adverse effects of excessive, inadequate, or unfairly discriminatory rates;(3) To promote price competition among insurers to provide rates that are responsive to competitive market conditions;(4) To provide regulatory assurance that price competition exists;(5) To improve availability, fairness and reliability of insurance;(6) To authorize essential cooperative action among insurers in the ratemaking process and to regulate that activity to prevent practices that tend to substantially lessen competition or create a monopoly;(7) To encourage the most efficient and economic marketing practices; and(8) To foster competitive insurance markets.History of Section.P.L. 1988, ch. 635, § 1.
RI Gen L § 27-44-2 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-44 - Casualty, Liability and Fire and Marine Insurance Rating|Section 27-44-2 - Definitions.

§ 27-44-2. Definitions.(a) "Advisory organization" means any person or organization other than a rating organization which assists insurers in the authorized activities enumerated in § 27-44-11, except no advisory organization may make any filings on behalf of insurers.(b) "Competitive market" means a market that has not been found to be noncompetitive pursuant to § 27-44-4.(c) "Director" means the director of department of business regulation.(d) "Market" means the interaction between buyers and sellers consisting of a product market component. A product market component consists of identical or readily substitutable products including, but not limited to, consideration of coverage, policy terms, rate classifications, and underwriting. A geographic market component is a geographical area in which buyers have a reasonable degree of access to the insurance product through sales outlets and other marketing mechanisms. Determination of a geographic market component shall consider existing marketing patterns.(e) "Noncompetitive market" means a market for which there is a ruling in effect pursuant to § 27-44-4 that a reasonable degree of competition does not exist.(f) "Pool" means a voluntary arrangement, established on an on-going basis, pursuant to which two (2) or more insurers participate in the sharing of risks on a predetermined basis. The pool may operate through an association, syndicate, or other pooling agreement.(g) "Rating organization" means any entity which either has two (2) or more member insurers or is controlled either directly or indirectly by two (2) or more insurers and which assists insurers in ratemaking. Two (2) or more insurers having a common ownership or operating in this state under common management or control constitute a single insurer for the purpose of this definition.(h) "Residual market mechanism" means an arrangement, either voluntary or mandated by law, involving participation by insurers in the equitable apportionment among them of insurance which may be afforded applicants who are unable to obtain insurance through ordinary methods.(i) "Supplementary rate information" includes any manual or plan of rates, classification, rating schedule, minimum premium, policy fee, rating rule, and any other similar information needed to determine the applicable rate in effect or to be in effect.(j) "Supporting information" means: (1) the experience and judgment of the filer and the experience or data of other insurers or organizations relied upon by the filer; (2) the interpretation of any statistical data relied upon by the filer; and (3) description of methods used in making the rates, and other similar information required by the director to be filed.History of Section.P.L. 1988, ch. 635, § 1.
RI Gen L § 27-44-3 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-44 - Casualty, Liability and Fire and Marine Insurance Rating|Section 27-44-3 - Scope of application.

§ 27-44-3. Scope of application.(a) This chapter applies to all kinds of insurance written on risks in this state by any insurers authorized to do business in this state, except:(1) Life insurance;(2) Annuities;(3) Accident and health insurance;(4) Ocean marine insurance;(5) Reinsurance;(6) Medical malpractice insurance;(7) Workers' compensation insurance; and(8) Insurance through residual market mechanisms.(b) The classes of insurance described in subsection (a) of this section shall be subject to all applicable provisions of law governing rates, including, but not limited to chapters 6, 7.1, 9, 19, and 20 of this title, and chapter 62 of title 42.History of Section.P.L. 1988, ch. 635, § 1.
RI Gen L § 27-44-4 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-44 - Casualty, Liability and Fire and Marine Insurance Rating|Section 27-44-4 - Competitive market.

§ 27-44-4. Competitive market.(a) A competitive market is presumed to exist unless the director, after a hearing, determines that a reasonable degree of competition does not exist in the market and issues a ruling to that effect. The ruling shall remain in effect until the time the director deems that a competitive market exists, and issues a ruling to that effect. The director may, without a hearing, make a ruling that a competitive market exists based upon a departmental analysis of the market. Notwithstanding the foregoing, any insurer may request a hearing before the director to present evidence that competition exists in the affected market after a ruling of noncompetition has been in effect for at least one year.(b) In determining whether a reasonable degree of competition exists, the director shall consider relevant tests of workable competition pertaining to market structure, market performance, and market conduct, and the practical opportunities available to consumers in the market to acquire pricing and other consumer information and to compare and obtain insurance from competing insurers. The tests may include, but are not limited to, the following: size and number of firms actively engaged in the market; market shares and changes in the market shares of firms; ease of entry and latent competition of insurers capable of easy entry and exit from a given market; underwriting restrictions; whether profitability for companies generally in the market is unreasonably high; availability of consumer information concerning the product and sales outlets or other sales mechanisms; existence of a degree of rate differential within a class of business; and efforts of insurers to provide consumer information. The determination of competition involves the interaction of the various tests, and the weight given to specific tests depends upon the particular situation and pattern of tests results.History of Section.P.L. 1988, ch. 635, § 1.
RI Gen L § 27-44-4.1 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-44 - Casualty, Liability and Fire and Marine Insurance Rating|Section 27-44-4.1 - Approval of policies.

§ 27-44-4.1. Approval of policies.(a) Every insurance company and every rating/advisory organization issuing policies covering casualty, liability and fire and marine insurance provided for in this chapter shall file with the director a copy of the form of the policies proposing to use. A policy may not be issued until the director has approved the form.(b) Any policy form, subject to this chapter and filed by an insurer or rating/advisory organization on behalf of its members or subscribers with the director, shall be deemed public information at the time of filing.History of Section.P.L. 2002, ch. 175, § 3.
RI Gen L § 27-44-6.1 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-44 - Casualty, Liability and Fire and Marine Insurance Rating|Section 27-44-6.1 - Costs.

§ 27-44-6.1. Costs.For the purpose of determining whether the filing meets the requirements of this chapter, the director may employ staff personnel and outside consultants, including, but not limited to, those authorized pursuant to § 27-9-52. The reasonable costs related to the review of rate filings, including the conduct of the hearing, shall be borne by the rating organizations or insurers making the filing.History of Section.P.L. 2005, ch. 174, § 5.