reglab/housing_qa huggingface dataset:
RI Gen L § 27-1-37 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-1 - Domestic Insurance Companies|Section 27-1-37 - Minimum capital and surplus requirement - Charters.

§ 27-1-37. Minimum capital and surplus requirement — Charters.(a) No domestic insurance corporation shall commence business and write, issue, or effect any policy of insurance unless the capital stock of the company is at least equal to one million dollars ($1,000,000) and the gross paid in and contributed surplus of the company is at least equal to two million dollars ($2,000,000), or, if a mutual company, its net assets over all liabilities amount to not less than three million dollars ($3,000,000), or, if a mono line business company, has a combined capital and surplus of two million dollars ($2,000,000), and until it has secured from the commissioner of insurance a certificate in compliance with the provisions of its charter and this section. "Commence business" as used in this section means the date of issuance of a certificate in compliance by the insurance commissioner.(b) The provisions of this section relating to capital and surplus requirements shall also apply to all charters for domestic insurance companies which have not commenced business prior to June 18, 1991. The provisions of this section relating to capital and surplus requirements shall also apply to domestic insurance companies which have undergone a change in control subsequent to August 1, 1995, except that the commissioner of insurance may require lesser capital and surplus, but in no event less than one million dollars ($1,000,000) as he or she deems appropriate for the protection of all policyholders and the general public, based upon his or her review of the transaction resulting in the change in control of the insurer. "Control" as used in this section shall be defined in accordance with § 27-35-1(c).History of Section.P.L. 1974, ch. 144, § 1; P.L. 1977, ch. 186, § 1: P.L. 1978, ch. 349, § 1; P.L. 1991, ch. 348, § 5; P.L. 1996, ch. 188, § 1; P.L. 2001, ch. 122, § 1.
RI Gen L § 27-1-39 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-1 - Domestic Insurance Companies|Section 27-1-39 - Discrimination in rates prohibited.

§ 27-1-39. Discrimination in rates prohibited.(a) No insurance company organized to do business within this state shall make any distinction or discrimination as to the premiums or rates charged for policies of casualty, fire, home owners, accident and health, or marine insurance, nor shall the company make or permit the rejection of an individual's application for insurance coverage, and the determination of the rate class for the individual, solely on the basis of a disability unless the disability is relevant to the risk of loss, nor shall any insurance company make or require any rebate, diminution, or discount upon the sum to be paid on any policy based on any disability discrimination, nor insert in the policy any condition nor make any stipulation, where the person insured shall bind himself or herself, his or her heirs, executors, administrators, and assigns, to accept any less sum than the full value or amount of the policy in case of a claim accruing on the policy by reason of the claim of the person insured, other than those stipulations or conditions as are imposed upon all persons in similar cases, and any stipulation or condition made in this manner or inserted shall be void.(b) No insurance company organized to do business within this state shall make any distinction or discrimination as to the premiums or rates charged for automobile insurance policies, nor shall the company make or permit the rejection of an individual's application for insurance coverage, and the determination of the rate class of the individual, solely on the basis of a disability or the modification of the automobile with specialized equipment that permits an individual with a disability to operate the automobile, unless the disability or modification of the automobile is relevant to the risk or loss, nor shall any insurance company make or require any rebate, diminution, or discount upon the sum to be paid on any policy based on any disability discrimination, nor insert in the policy any condition nor make any stipulation where the person insured shall bind himself or herself, his or her heirs, executors, administrators, and assigns, to accept any less sum than the full value or amount of the policy in case of a claim accruing on the policy by reason of the claim of the person insured, other than those stipulations or conditions as are imposed upon all persons in similar cases, and any stipulation or condition made in this manner or inserted shall be void. The department of business regulation shall enforce the provisions of this section.History of Section.P.L. 1981, ch. 216, § 1; P.L. 1993, ch. 127, § 1; P.L. 1993, ch. 285, § 1; P.L. 1999, ch. 83, § 60; P.L. 1999, ch. 130, § 60.
RI Gen L § 27-1-41 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-1 - Domestic Insurance Companies|Section 27-1-41 - Repealed.

§ 27-1-41. Repealed.
RI Gen L § 27-1-42 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-1 - Domestic Insurance Companies|Section 27-1-42 - Maximum amount of single risk.

§ 27-1-42. Maximum amount of single risk.No company organized under the laws of this state, other than a life insurance company, shall incur in any one risk a greater hazard than one-tenth (1/10) part of its capital and surplus if a stock company or of its net assets if a mutual company. Any risk incurred on or before June 18, 1991, which is not in compliance with the provisions in this section shall not be subject to the established limitations.History of Section.P.L. 1991, ch. 348, § 2.
RI Gen L § 27-1-43 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-1 - Domestic Insurance Companies|Section 27-1-43 - Applicability.

§ 27-1-43. Applicability.The general provisions of law relating to the duties, obligations, prohibitions, or penalties which appertain to insurance companies incorporated under the authority of this state, and defining the powers and duties of the insurance commissioner in reference to those companies, shall be and are applicable to all corporations, companies and associations incorporated under the authority of this state, and to all partnerships and individuals, doing, as principals or otherwise, in this state, any insurance business of any name, kind or description, including the transaction of reinsurance.History of Section.P.L. 1996, ch. 188, § 2.
RI Gen L § 27-1-44 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-1 - Domestic Insurance Companies|Section 27-1-44 - Prohibition on the pledging of stock.

§ 27-1-44. Prohibition on the pledging of stock.No domestic insurance company, and no holding company as defined in § 27-35-1(f), shall pledge its own stock, or any stock of any domestic insurance company subsidiary, without the prior written consent of the director of business regulation. The provisions of this section shall not apply to any of these pledges in effect prior to August 5, 1996.History of Section.P.L. 1996, ch. 188, § 2; P.L. 1999, ch. 141, § 1.
RI Gen L § 27-1-45 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-1 - Domestic Insurance Companies|Section 27-1-45 - Determination of premium tax rate.

§ 27-1-45. Determination of premium tax rate.The department of business regulation may participate in proceedings under § 44-17-1(d) to implement guidelines, directives, criteria, and may promulgate additional resulting rules and regulations pursuant to chapter 35 of title 42 as are necessary to implement § 44-17-1(d).History of Section.P.L. 2016, ch. 538, § 2.
RI Gen L § 27-1.1-0.5 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-1.1 - Credit for Reinsurance Act|Section 27-1.1-0.5 - Purpose.

§ 27-1.1-0.5. Purpose.The purpose of this chapter is to protect the interest of insureds, claimants, ceding insurers, assuming insurers and the public generally. The legislature hereby declares its intent is to ensure adequate regulation of insurers and reinsurers and adequate protection for those to whom they owe obligations. In furtherance of that state interest, the legislature hereby provides a mandate that upon the insolvency of a non-U.S. insurer or reinsurer that provides security to fund its U.S. obligations in accordance with this chapter, the assets representing the security shall be maintained in the United States and claims shall be filed with and valued by the state insurance commissioner with regulatory oversight, and the assets shall be distributed, in accordance with the insurance laws of the state in which the trust is domiciled that are applicable to the liquidation of domestic U.S. insurance companies. The legislature declares that the matters contained in this chapter are fundamental to the business of insurance in accordance with 15 U.S.C. §§ 1011-1012.History of Section.P.L. 2013, ch. 84, § 3; P.L. 2013, ch. 91, § 3.
RI Gen L § 27-1.1-2 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-1.1 - Credit for Reinsurance Act|Section 27-1.1-2 - Asset or reduction from liability for reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of 27-1.1-1.

§ 27-1.1-2. Asset or reduction from liability for reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of 27-1.1-1.An asset or a reduction from liability for the reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of § 27-1.1-1 shall be allowed in an amount not exceeding the liabilities carried by the ceding insurer; provided, further, that the commissioner may adopt by regulation pursuant to § 27-1.1-4 specific additional requirements relating to or setting forth:(1) The valuation of assets or reserve credits;(2) The amount and forms of security supporting reinsurance arrangements described in § 27-1.1-4; and(3) The circumstances pursuant to which credit will be reduced or eliminated.The reduction shall be in the amount of funds held by or on behalf of the ceding insurer, including funds held in trust for the ceding insurer, under a reinsurance contract with the assuming insurer as security for the payment of obligations thereunder, if the security is held in the United States subject to withdrawal solely by, and under the exclusive control of, the ceding insurer, or, in the case of a trust, held in a qualified United States financial institution as defined in § 27-1.1-3(b). This security may be in the form of:(1) Cash;(2) Securities listed by the securities valuation office of the National Association of Insurance Commissioners, including those deemed exempt from filing as defined by the Purposes and Procedures Manual of the Securities Valuation Office, and qualifying as admitted assets;(3) (i) Clean, irrevocable, unconditional letters of credit, issued or confirmed by a qualified United States financial institution as defined in § 27-1.1-3(a), no later than December 31st of the year for which the filing is being made, and in the possession of, or in trust for, the ceding insurer on or before the filing date of its annual statement.(ii) Letters of credit meeting applicable standards of issuer acceptability as of the dates of their issuance or confirmation shall, notwithstanding the issuing or confirming institution's subsequent failure to meet applicable standards of issuer acceptability, continue to be acceptable as security until their expiration, extension, renewal, modification, or amendment, whichever first occurs; or(4) Any other form of security acceptable to the commissioner.History of Section.P.L. 1991, ch. 257, § 1; P.L. 1991, ch. 348, § 1; P.L. 2013, ch. 84, § 2; P.L. 2013, ch. 91, § 2; P.L. 2017, ch. 389, § 1; P.L. 2017, ch. 434, § 1.
RI Gen L § 27-1.1-3 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-1.1 - Credit for Reinsurance Act|Section 27-1.1-3 - Qualified United States financial institutions.

§ 27-1.1-3. Qualified United States financial institutions.(a) For the purposes of § 27-1.1-2(3), "qualified United States financial institution" means an institution that:(1) Is organized, or in the case of a U.S. office of a foreign banking organization is licensed, under the laws of the United States or any of its states;(2) Is regulated, supervised, and examined by United States federal or state authorities having regulatory authority over banks and trust companies; and(3) Has been determined by either the commissioner or the securities valuation office of the National Association of Insurance Commissioners to meet those standards of financial condition and that are considered necessary and appropriate to regulate the quality of financial institutions whose letters of credit will be acceptable to the commissioner.(b) "Qualified United States financial institution" means, for the purposes of those provisions of this law specifying those institutions that are eligible to act as a fiduciary of a trust, an institution that:(1) Is organized, or in the case of a United States branch or agency office of a foreign banking organization is licensed, under the laws of the United States or any of its states and has been granted authority to operate with fiduciary powers; and(2) Is regulated, supervised, and examined by federal or state authorities having regulatory authority over banks and trust companies.History of Section.P.L. 1991, ch. 257, § 1; P.L. 1991, ch. 348, § 1.
RI Gen L § 27-1.1-4 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-1.1 - Credit for Reinsurance Act|Section 27-1.1-4 - Rules and regulations.

§ 27-1.1-4. Rules and regulations.(a) The commissioner may adopt reasonable rules and regulations implementing the provisions of this law.(b) The commissioner is further authorized to adopt rules and regulations applicable to reinsurance arrangements described in subsection (b)(1) of this section.(1) A regulation adopted pursuant to this section may apply only to reinsurance relating to:(i) Life insurance policies with guaranteed nonlevel gross premiums or guaranteed nonlevel benefits;(ii) Universal life insurance policies with provisions resulting in the ability of a policyholder to keep a policy in force over a secondary guarantee period;(iii) Variable annuities with guaranteed death or living benefits;(iv) Long-term-care insurance policies; or(v) Other life and health insurance and annuity products as to which the NAIC adopts model regulatory requirements with respect to credit for reinsurance.(2) A regulation adopted pursuant to subsection (b)(1)(i) or (b)(1)(ii) of this section may apply to any treaty containing:(i) Policies issued on or after January 1, 2015; and(ii) Policies issued prior to January 1, 2015, if risk pertaining to the pre-2015 policies is ceded in connection with the treaty, in whole or in part, on or after January 1, 2015.(3) A regulation adopted pursuant to subsection (b) of this section may require the ceding insurer, in calculating the amounts or forms of security required to be held under regulations promulgated under this authority, to use the Valuation Manual adopted by the NAIC under Section 11B(1) of the NAIC Standard Valuation Law, including all amendments adopted by the NAIC and in effect on the date as of which the calculation is made, to the extent applicable.(4) A regulation adopted pursuant to subsection (b) of this section shall not apply to cessions to an assuming insurer that:(i) Meets the conditions set forth in § 27-1.1-1(g); or(ii) Is certified in this state; or(iii) Maintains at least two hundred fifty million dollars ($250,000,000) in capital and surplus when determined in accordance with the NAIC Accounting Practices and Procedures Manual, including all amendments thereto adopted by the NAIC, excluding the impact of any permitted or prescribed practices; and is:(A) Licensed in at least twenty-six (26) states; or(B) Licensed in at least ten (10) states, and licensed or accredited in a total of at least thirty-five (35) states.(5) The authority to adopt regulations pursuant to subsection (b) of this section does not limit the commissioner's general authority to adopt regulations pursuant to subsection (a) of this section.History of Section.P.L. 1991, ch. 257, § 1; P.L. 1991, ch. 348, § 1; P.L. 2002, ch. 292, § 6; P.L. 2017, ch. 389, § 1; P.L. 2017, ch. 434, § 1; P.L. 2021, ch. 230, § 1, effective July 8, 2021; P.L. 2021, ch. 231, § 1, effective July 8, 2021.
RI Gen L § 27-1.1-5 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-1.1 - Credit for Reinsurance Act|Section 27-1.1-5 - Reinsurance agreements affected.

§ 27-1.1-5. Reinsurance agreements affected.This chapter shall apply to all cessions after the effective date of this chapter under reinsurance agreements that have an inception, anniversary, or renewal date not less than six (6) months after the effective date of this chapter.History of Section.P.L. 1991, ch. 257, § 1; P.L. 1991, ch. 348, § 1; P.L. 1993, ch. 180, § 26; P.L. 2013, ch. 84, § 2; P.L. 2013, ch. 91, § 2.
RI Gen L § 27-1.1-6 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-1.1 - Credit for Reinsurance Act|Section 27-1.1-6 - Repealed.

§ 27-1.1-6. Repealed.History of Section.P.L. 1993, ch. 180, § 27; Repealed by P.L. 2013, ch. 84, § 4, effective June 17, 2013; P.L. 2013, ch. 91, § 4, effective June 17, 2013.
RI Gen L § 27-1.1-7 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-1.1 - Credit for Reinsurance Act|Section 27-1.1-7 - Repealed.

§ 27-1.1-7. Repealed.History of Section.P.L. 1993, ch. 180, § 27; Repealed by P.L. 2013, ch. 84, § 4, effective June 17, 2013; P.L. 2013, ch. 91, § 4, effective June 17, 2013.
RI Gen L § 27-1.1-8 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-1.1 - Credit for Reinsurance Act|Section 27-1.1-8 - Repealed.

§ 27-1.1-8. Repealed.
RI Gen L § 27-1.1-9 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-1.1 - Credit for Reinsurance Act|Section 27-1.1-9 - Asset or deduction from liability.

§ 27-1.1-9. Asset or deduction from liability.No credit shall be allowed as an admitted asset or as a deduction from liability to any ceding company for reinsurance unless the reinsurance is payable by the assuming company on the basis of the liability of the ceding company under the contractor contracts reinsured without diminution because of the insolvency of the ceding company.History of Section.P.L. 2015, ch. 82, § 18; P.L. 2015, ch. 105, § 18.
RI Gen L § 27-1.1-10 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-1.1 - Credit for Reinsurance Act|Section 27-1.1-10 - Payment by assuming company.

§ 27-1.1-10. Payment by assuming company.(a) No credit shall be allowed for reinsurance unless the reinsurance agreement provides that payments by the assuming company shall be made directly to the ceding company or to its liquidator, receiver, or statutory successor, except where the contract specifically provides direct payment of the reinsurance to the insured or a claimant on behalf of the insured in the event of the insolvency of the ceding company, or where the assuming company, with the consent of the direct insured or insureds, has assumed the policy obligations of the ceding company to the payees under the policies and in substitution for the obligations of the ceding company to the payees.(b) Except as provided in this section, no assuming company may pay or settle, or agree to pay or settle, any policy claim, or any portion of a claim, directly to or with a policyholder of any ceding company if an order of rehabilitation or liquidation has been entered against the ceding company.History of Section.P.L. 2015, ch. 82, § 18; P.L. 2015, ch. 105, § 18.
RI Gen L § 27-1.2-1 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-1.2 - Corporate Governance Annual Disclosure|Section 27-1.2-1 - Purpose and scope.

§ 27-1.2-1. Purpose and scope.(a) The purpose of this chapter is to:(1) Provide the insurance commissioner a summary of an insurer or insurance group's corporate governance structure, policies, and practices to permit the commissioner to obtain and maintain an understanding of the insurer's corporate governance framework;(2) Outline the requirements for completing a corporate governance annual disclosure with the insurance commissioner; and(3) Provide for the confidential treatment of the corporate governance annual disclosure and related information that will contain private, confidential, and sensitive information related to an insurer or insurance group's internal operations and proprietary and trade secret information which, if made public, could potentially cause the insurer or insurance group competitive harm or disadvantage.(b) Nothing in this chapter shall be construed to prescribe or impose additional corporate governance standards and internal procedures beyond that which is required under applicable state corporate and insurance laws. This chapter shall not be construed to limit the commissioner's authority, or the rights or obligations of third parties, under chapter 13.1 of this title.(c) The requirements of this chapter shall apply to all insurers domiciled in this state.History of Section.P.L. 2016, ch. 98, § 1; P.L. 2016, ch. 107, § 1.
RI Gen L § 27-1.2-2 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-1.2 - Corporate Governance Annual Disclosure|Section 27-1.2-2 - Definitions.

§ 27-1.2-2. Definitions.As used in this chapter:(1) "Commissioner" means the director of the department of business regulation and any assistant to the director.(2) "Corporate governance annual disclosure" (CGAD) means a confidential report filed by the insurer or insurance group made as required by this chapter.(3) "Insurance group" means those insurers and affiliates included within an insurance holding company system as defined in chapter 35 of this title.(4) "Insurer" shall have the same meaning as set forth in § 27-54.1-1, except that it shall not include agencies, authorities, or instrumentalities of the United States, its possessions and territories, the Commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state.(5) "ORSA summary report" means the report filed in accordance with chapter 77 of this title.History of Section.P.L. 2016, ch. 98, § 1; P.L. 2016, ch. 107, § 1.
RI Gen L § 27-1.2-4 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-1.2 - Corporate Governance Annual Disclosure|Section 27-1.2-4 - Rules and regulations.

§ 27-1.2-4. Rules and regulations.The commissioner may, in accordance with the administrative procedures act, chapter 35 of title 42, issue such rules, regulations, and orders as shall be necessary to carry out the provisions of this chapter.History of Section.P.L. 2016, ch. 98, § 1; P.L. 2016, ch. 107, § 1.
RI Gen L § 27-1.2-5 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-1.2 - Corporate Governance Annual Disclosure|Section 27-1.2-5 - Contents of corporate governance annual disclosure.

§ 27-1.2-5. Contents of corporate governance annual disclosure.(a) The insurer or insurance group shall have discretion over the responses to the CGAD inquiries, provided the CGAD shall contain the material information necessary to permit the commissioner to obtain an understanding of the insurer's or group's corporate governance structure, policies, and practices. The commissioner may request additional information that the commissioner deems material and necessary to provide the commissioner with a clear understanding of the corporate governance policies; the reporting or information system; or controls implementing those policies.(b) Notwithstanding subsection (a), the CGAD shall be prepared consistent with the corporate governance annual disclosure regulation adopted by the division of insurance and supporting information shall be maintained and made available upon examination or upon request of the commissioner.History of Section.P.L. 2016, ch. 98, § 1; P.L. 2016, ch. 107, § 1; P.L. 2017, ch. 451, § 12.