reglab/statecodes huggingface dataset:
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4.7 - Risk-Based Capital (RBC) for Health Organizations Act › Section 27-4.7-8. - Hearings.

§ 27-4.7-8. Hearings.
Upon the occurrence of any of the following events the health organization has the right to a confidential department hearing, on the record, at which the health organization may challenge any determination or action by the commissioner. The health organization shall notify the commissioner of its request for a hearing within five (5) days after the notification by the commissioner under subdivisions (1), (2), (3), or (4) of this section. Upon receipt of the health organization’s request for a hearing, the commissioner shall set a date for the hearing, which shall be no less than ten (10) days nor more than thirty (30) days after the date of the health organization’s request. The events include:
(1)
Notification to a health organization by the commissioner of an adjusted RBC report;
(2)
Notification to a health organization by the commissioner that:
(i)
The health organization’s RBC plan or revised RBC plan is unsatisfactory; and
(ii)
Notification constitutes a regulatory action level event with respect to the health organization;
(3)
Notification to a health organization by the commissioner that the health organization has failed to adhere to its RBC plan or revised RBC plan and that the failure has a substantial adverse effect on the ability of the health organization to eliminate the company action level event with respect to the health organization in accordance with its RBC plan or revised RBC plan; or
(4)
Notification to a health organization by the commissioner of a corrective order with respect to the health organization.
History of Section.
P.L. 2000, ch. 178, § 1; P.L. 2000, ch. 200, § 11; P.L. 2000, ch. 229, § 11.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4.7 - Risk-Based Capital (RBC) for Health Organizations Act › Section 27-4.7-9. - Confidentiality — Prohibition on announcements — Prohibition on use in ratemaking.

§ 27-4.7-9. Confidentiality — Prohibition on announcements — Prohibition on use in ratemaking.
(a)
All RBC reports (to the extent the information is not required to be set forth in a publicly available annual statement schedule) and RBC plans (including the results or report of any examination or analysis of a health organization performed pursuant to this chapter and any corrective order issued by the commissioner pursuant to examination or analysis) with respect to a domestic health organization or foreign health organization that are filed with the commissioner constitute information that might be damaging to the health organization if made available to its competitors, and shall be kept confidential by the commissioner. This information shall not be made public or be subject to subpoena, other than by the commissioner and then only for the purpose of enforcement actions taken by the commissioner pursuant to this chapter or any other provision of the insurance laws of this state.
(b)
It is the judgment of the legislature that the comparison of a health organization’s total adjusted capital to any of its RBC levels is a regulatory tool which may indicate the need for corrective action with respect to the health organization, and is not intended as a means to rank health organizations generally. Except as required under the provisions of this chapter, the making, publishing, disseminating, circulating, or placing before the public, or causing, directly or indirectly to be made, published, disseminated, circulated, or placed before the public, in a newspaper, magazine, or other publication, or in the form of a notice, circular, pamphlet, letter, or poster, or over a radio or television station, or in any other way, an advertisement, announcement, or statement containing an assertion, representation, or statement with regard to the RBC levels of any health organization, or of any component derived in the calculation, by any health organization, agent, broker, or other person engaged in any manner in the insurance business, would be misleading and is prohibited; provided, that if any materially false statement with respect to the comparison regarding a health organization’s total adjusted capital to its RBC levels (or any of them) or an inappropriate comparison of any other amount to the health organization’s RBC levels is published in any written publication and the health organization is able to demonstrate to the commissioner with substantial proof the falsity of the statement, or the inappropriateness, then the health organization may publish an announcement in a written publication, if the sole purpose of the announcement is to rebut the materially false statement.
History of Section.
P.L. 2000, ch. 178, § 1; P.L. 2000, ch. 200, § 11; P.L. 2000, ch. 229, § 11.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4.7 - Risk-Based Capital (RBC) for Health Organizations Act › Section 27-4.7-10. - Supplemental provisions — Rules — Exemption.

§ 27-4.7-10. Supplemental provisions — Rules — Exemption.
(a)
The provisions of this chapter are supplemental to any other provisions of the laws of this state, and shall not preclude or limit any other powers or duties of the commissioner under those laws, including, but not limited to, chapters 41, 19, 20, 20.1, 20.2, 20.3, 14.1, 14.2, and 14.3 of this title. The provisions of this chapter shall supersede any provisions of this title in conflict with this chapter.
(b)
The commissioner may adopt reasonable rules necessary for the implementation of this chapter.
(c)
The commissioner may exempt from the application of this chapter or modify the requirements of this chapter for:
(1)
A domestic health organization that:
(i)
Writes direct business only in this state;
(ii)
Assumes no reinsurance in excess of five percent (5%) of direct premium written; and
(iii)
Writes direct annual premiums for comprehensive medical business of two million dollars ($2,000,000) or less; or
(iv)
Is a limited health service organization that covers less than two thousand (2,000) lives; or
(2)
A domestic health organization that provides a plan of health insurance, health benefits, or health services to members, eighty-five percent (85%) or greater of which are participants in the RIte Care program administered by the State of Rhode Island, if the health organization has contracts with insurers, hospital or medical service corporations, governments, or other organizations that are sufficient to reasonably assure the performance of its obligations; provided, that in no event shall the net worth or total adjusted capital requirement be less than one hundred thousand dollars ($100,000).
History of Section.
P.L. 2000, ch. 178, § 1; P.L. 2000, ch. 200, § 11; P.L. 2000, ch. 229, § 11; P.L. 2008, ch. 475, § 75.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4.7 - Risk-Based Capital (RBC) for Health Organizations Act › Section 27-4.7-11. - Foreign health organizations.

§ 27-4.7-11. Foreign health organizations.
(a)(1)
A foreign health organization shall, upon the written request of the commissioner, submit to the commissioner an RBC report as of the end of the calendar year just ended the later of:
(i)
The date an RBC report would be required to be filed by a domestic health organization under this chapter;
(ii)
Fifteen (15) days after the request is received by the foreign health organization.
(2)
A foreign health organization shall, at the written request of the commissioner, promptly submit to the commissioner a copy of any RBC plan that is filed with the insurance commissioner of any other state.
(b)
In the event of a company action level event, regulatory action level event, or authorized control level event with respect to a foreign health organization as determined under the RBC statute applicable in the state of domicile of the health organization (or, if no RBC statute is in force in that state, under the provisions of this chapter), if the insurance commissioner of the state of domicile of the foreign health organization fails to require the foreign health organization to file an RBC plan in the manner specified under that state’s RBC statute (or, if no RBC statute is in force in that state, under § 27-4.7-4), the commissioner may require the foreign health organization to file an RBC plan with the commissioner. In that event, the failure of the foreign health organization to file an RBC plan with the commissioner is grounds to order the health organization to cease and desist from writing new insurance business in this state.
(c)
In the event of a mandatory control level event with respect to a foreign health organization, if no domiciliary receiver has been appointed with respect to the foreign health organization under the rehabilitation and liquidation statute applicable in the state of domicile of the foreign health organization, the commissioner may make application to the superior court of the county of Providence permitted under chapter 14.3 of this title with respect to the liquidation of property of foreign health organizations found in this state, and the occurrence of the mandatory control level event shall be considered adequate grounds for the application.
History of Section.
P.L. 2000, ch. 178, § 1; P.L. 2000, ch. 200, § 11; P.L. 2000, ch. 229, § 11; P.L. 2008, ch. 475, § 75.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4.7 - Risk-Based Capital (RBC) for Health Organizations Act › Section 27-4.7-12. - Immunity.

§ 27-4.7-12. Immunity.
There shall be no liability on the part of, and no cause of action shall arise against, the commissioner or the insurance department or its employees or agents for any action taken by them in the performance of their powers and duties under this chapter.
History of Section.
P.L. 2000, ch. 178, § 1; P.L. 2000, ch. 200, § 11; P.L. 2000, ch. 229, § 11.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4.7 - Risk-Based Capital (RBC) for Health Organizations Act › Section 27-4.7-13. - Severability.

§ 27-4.7-13. Severability.
If any provision of this chapter, or its application to any person or circumstance, is held invalid, that determination shall not affect the provisions or applications of this chapter that can be given effect without the invalid provision or application, and to that end the provisions of this chapter are severable.
History of Section.
P.L. 2000, ch. 178, § 1; P.L. 2000, ch. 200, § 11; P.L. 2000, ch. 229, § 11.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4.7 - Risk-Based Capital (RBC) for Health Organizations Act › Section 27-4.7-14. - Notices.

§ 27-4.7-14. Notices.
All notices by the commissioner to a health organization that may result in regulatory action under this chapter shall be effective upon dispatch if transmitted by registered or certified mail, or in the case of any other transmission shall be effective upon the health organization’s receipt of notice.
History of Section.
P.L. 2000, ch. 178, § 1; P.L. 2000, ch. 200, § 11; P.L. 2000, ch. 229, § 11.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4.7 - Risk-Based Capital (RBC) for Health Organizations Act › Section 27-4.7-16. - Prior notification of discontinuance of health insurance coverage.

§ 27-4.7-16. Prior notification of discontinuance of health insurance coverage.
(a)
At any time that a health organization elects to discontinue providing all health benefit plans to either individual or group policyholders in this state, the health organization shall provide written notice of this decision to the director of health and the director of the department of business regulation and to all affected health benefit plan group and individual policyholders at least one hundred eighty (180) days prior to the planned date of discontinuation of all health benefit plans by the health organization. Notice to the director of health and the director of the department of business regulation shall be provided at least five (5) working days prior to the notice to affected enrollees.
(b)
Any health organization in violation of this notification requirement is subject to an administrative penalty in an amount not less than five hundred dollars ($500) nor more than fifty thousand dollars ($50,000).
History of Section.
P.L. 2000, ch. 200, § 11; P.L. 2000, ch. 229, § 11.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4.8 - Group Life Insurance › Section 27-4.8-2. - Limits of group life insurance.

§ 27-4.8-2. Limits of group life insurance.
Group life insurance offered to a resident of this state under a group life insurance policy issued to a group other than one described in section 27-4.8-1 shall be subject to the following requirements:
(1)
A group life insurance policy shall not be delivered in this state unless the commissioner finds that:
(i)
The issuance of the group policy is not contrary to the best interest of the public;
(ii)
The issuance of the group policy would result in economies of acquisition or administration; and
(iii)
The benefits are reasonable in relation to the premiums charged.
(2)
A group life insurance coverage may not be offered in this state by an insurer under a policy issued in another state unless this state or another state having requirements substantially similar to those contained in subdivisions (i), (ii), and (iii) has made a determination that the requirements have been met.
(3)
The premium for the policy shall be paid either from the policyholder’s funds or from funds contributed by the covered persons, or from both.
(4)
An insurer may exclude or limit the coverage on any person as to whom evidence of individual insurability is not satisfactory to the insurer.
History of Section.
P.L. 2009, ch. 299, § 1; P.L. 2009, ch. 300, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4.8 - Group Life Insurance › Section 27-4.8-3. - Notice of compensation.

§ 27-4.8-3. Notice of compensation.
(a)
With respect to a program of insurance which, if issued on a group basis, would not qualify under § 27-4.8-1 of this act, the insurer shall cause to be distributed to prospective insureds a written notice that compensation will or may be paid, if compensation of any kind will or may be paid to:
(1)
A policyholder or sponsoring or endorsing entity in the case of a group policy; or
(2)
A sponsoring or endorsing entity in the case of individual, blanket or franchise policies marketed by means of direct response solicitation.
(b)
The notice shall be distributed:
(1)
Whether compensation is direct or indirect; and
(2)
Whether the compensation is paid to or retained by the policyholder or sponsoring or endorsing entity, or paid to or retained by a third-party at the direction of the policyholder or sponsoring or endorsing entity, or an entity affiliated therewith by way of ownership, contract or employment.
(c)
The notice required by this section shall be placed on or accompany an application or enrollment form provided to prospective insureds.
(d)
The following terms shall have the meanings indicated:
(1)
“Direct response solicitation” means a solicitation through a sponsoring or endorsing entity through the mails, telephone or other mass communications media;
(2)
“Sponsoring or endorsing entity” means an organization that has arranged for the offering of a program of insurance in a manner that communicates that eligibility for participation in the program is dependent upon affiliation with the organization or that it encourages participation in the program.
History of Section.
P.L. 2009, ch. 299, § 1; P.L. 2009, ch. 300, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4.8 - Group Life Insurance › Section 27-4.8-4. - Dependent group life insurance.

§ 27-4.8-4. Dependent group life insurance.
Except for a policy issued under § 27-4.8-1(2), a group life insurance policy may be extended to insure the employees or members against loss due to the death of their spouses and dependent children, or any class or classes thereof, subject to the following:
(1)
The premium for the insurance shall be paid either from funds contributed by the employer, union, association or other person to whom the policy has been issued, or from funds contributed by the covered persons, or from both. Except as provided in subdivision (2), a policy on which no part of the premium for the spouse’s and dependent child’s coverage is to be derived from funds contributed by the covered persons shall insure all eligible employees or members with respect to their spouses and dependent children, or any class or classes thereof.
(2)
An insurer may exclude or limit the coverage on any spouse or dependent child as to whom evidence of individual insurability is not satisfactory to the insurer.
(3)
[Deleted by P.L. 2013, ch. 31, § 3, and P.L. 2013, ch. 36, § 3].
History of Section.
P.L. 2009, ch. 299, § 1; P.L. 2009, ch. 300, § 1; P.L. 2013, ch. 31, § 3; P.L. 2013, ch. 36, § 3.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4.8 - Group Life Insurance › Section 27-4.8-6. - Supplementary bill relating to conversion privileges.

§ 27-4.8-6. Supplementary bill relating to conversion privileges.
If an individual insured under a group life-insurance policy hereafter delivered in this state becomes entitled under the terms of the policy to have an individual policy of life insurance issued without evidence of insurability, subject to making of application and payment of the first premium within the period specified in the policy, and if the individual is not given notice of the existence of the right at least fifteen (15) days prior to the expiration date of the period, then in that event, the individual shall have an additional period within which to exercise the right, but nothing herein contained shall be construed to continue any insurance beyond the period provided in the policy. This additional period shall expire fifteen (15) days next after the individual is given notice, but in no event shall the additional period extend beyond sixty (60) days after the expiration date of the period provided in the policy. The notice shall clearly set forth the required conversion process. The notice may include the conversion provisions of the policy and certificate, but the notice may not just make reference to these provisions. The notice does not require prior approval, but the insurer is responsible to assure that the notice is clear and provides all the necessary information. If the insurer allows the conversion notice to be delivered by the employer, the insurer shall ensure that no other employer notice is included with the conversion notice. Written notice presented to the individual or mailed by the policy holder to the last-known address of the individual or mailed by the insurer to the last-known address of the individual as furnished by the policyholder shall constitute notice for the purpose of this paragraph.
History of Section.
P.L. 2009, ch. 299, § 1; P.L. 2009, ch. 300, § 1; P.L. 2016, ch. 376, § 3; P.L. 2016, ch. 392, § 3.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4.9 - Beneficiaries’ Bill of Rights › Section 27-4.9-1. - Short title.

§ 27-4.9-1. Short title.
This chapter shall be known and may be cited as the “Beneficiaries’ Bill of Rights Act of 2011.”
History of Section.
P.L. 2011, ch. 339, § 1; P.L. 2011, ch. 370, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4.9 - Beneficiaries’ Bill of Rights › Section 27-4.9-2. - Purpose.

§ 27-4.9-2. Purpose.
The purpose of this chapter is to require complete and proper disclosure, transparency, and accountability relating to any method of payment for life insurance death benefits and require that beneficiaries are fully informed in bold type and in layman’s language of their options.
History of Section.
P.L. 2011, ch. 339, § 1; P.L. 2011, ch. 370, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4.9 - Beneficiaries’ Bill of Rights › Section 27-4.9-3. - Definitions.

§ 27-4.9-3. Definitions.
As used in this section:
(1)
“Policy” means any policy or certificate of life insurance that provides a death benefit.
(2)
“Retained asset account” means any mechanism whereby the settlement of proceeds payable under a life insurance policy, including, but not limited to, the payment of cash surrender value, is accomplished by the insurer or an entity acting on behalf of the insurer depositing the proceeds into an account, where those proceeds are retained by the insurer, pursuant to a supplementary contract not involving annuity benefits.
History of Section.
P.L. 2011, ch. 339, § 1; P.L. 2011, ch. 370, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4.9 - Beneficiaries’ Bill of Rights › Section 27-4.9-4. - General requirements.

§ 27-4.9-4. General requirements.
(a)
An insurer may not use a retained asset account as the mode of settlement unless the insurer discloses such option to the beneficiary or the beneficiary’s legal representative prior to the transfer of the death benefit to a retained asset account.
(b)
A beneficiary shall be informed of his or her rights to receive a lump-sum payment of life insurance proceeds in the form of a bank check or other form of immediate full payment of benefits.
History of Section.
P.L. 2011, ch. 339, § 1; P.L. 2011, ch. 370, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4.9 - Beneficiaries’ Bill of Rights › Section 27-4.9-5. - Disclosure requirements.

§ 27-4.9-5. Disclosure requirements.
(a)
A complete listing and clear explanation of all of the life insurance proceeds payment options available to the beneficiary in written or electronic format shall accompany the tender of other than a lump sum payment of a life insurance death benefit.
(b)
The use of a retained asset account shall require in the description and explanation pursuant to subsection (a) herein the following:
(1)
The recommendation to consult a tax, investment, or other financial advisor regarding tax liability and investment options;
(2)
The initial interest rate, when and how interest rates may change, and any dividends and other gains that may be paid or distributed to the account holder;
(3)
The custodian of the funds or assets of the account;
(4)
The coverage guaranteed by the Federal Deposit Insurance Corporation (FDIC), if any, and the amount of such coverage;
(5)
The limitations, if any, on the numbers and amounts of withdrawals of funds from the account, including any minimum or maximum benefit payment amounts;
(6)
The delays, if any, that the account holder may encounter in completing authorized transactions and the anticipated duration of such delays;
(7)
The services provided for a fee, including a list of the fees or the method of their calculation;
(8)
The nature and frequency of statements of account;
(9)
The payment of some or all of the proceeds of the death benefit may be by the delivery of checks, drafts, or other instruments to access the available funds;
(10)
The entire proceeds are available to the account holder by the use of one such check, draft, or other instrument;
(11)
The insurer or a related party may derive income, in addition to any fees charged on the account, from the total gains received on the investment of the balance of funds in the account;
(12)
The telephone number, address, and other contact information, including website address, to obtain additional information regarding the account; and
(13)
The following statement: “For further information, please contact the department of business regulation.”
(c)
The writings produced to satisfy the requirements of this section shall be in easy-to-understand language and bold or at least twelve (12) point type.
History of Section.
P.L. 2011, ch. 339, § 1; P.L. 2011, ch. 370, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4.9 - Beneficiaries’ Bill of Rights › Section 27-4.9-6. - Insurer reporting.

§ 27-4.9-6. Insurer reporting.
(a)
Insurers shall, on an annual basis, report the following information to the insurance commissioner within the department of business regulation:
(1)
The number and dollar balance of retained asset accounts in force at the beginning of the year;
(2)
The number and dollar amount of retained asset accounts issued/added during the year;
(3)
The number and dollar amount of retained asset accounts closed out/withdrawn during the year;
(4)
The number and dollar balance of retained asset accounts in force at the end of the year;
(5)
The investment earnings or interest credited to retained asset accounts;
(6)
Fees and other charges assessed during the year;
(7)
A narrative description of how the accounts are structured. The description shall include:
(i)
All of the different interest rates paid to retained asset account holders during the reporting year and the number of times changes were made during the reporting year;
(ii)
A list of all applicable fees charged by the reporting entity directly or indirectly associated with the retained asset accounts; and
(iii)
Whether the retained asset accounts were the default method for satisfying life insurance claims;
(8)
The number and balance of retained asset accounts in force at the end of the current year and prior year segregated within “aging categories” of “up to twelve (12) months,” “thirteen (13) to twenty-four (24) months,” “twenty-five (25) to thirty-six (36) months,” “thirty-seven (37) to forty-eight (48) months,” “forty-nine (49) to sixty (60) months,” and over sixty (60) months“;
(9)
The identity of any entity or financial institution that administers retained asset accounts on the insurer’s behalf;
(10)
The number and amounts of retained asset accounts that are transferred annually to the state unclaimed property funds under abandoned property laws; and
(11)
Any other information relating to retained asset accounts as prescribed by the department of business regulation.
(b)
An insurer shall immediately return any remaining balance held in a retained asset account to the beneficiary when the account becomes inactive. A retained asset account shall become inactive for purposes of this subsection if no funds are withdrawn from the account, and if no affirmative directive has been provided to the insurer by the beneficiary, during any continuous three (3) year period.
(c)
All marketing materials, disclosure statements, and supplemental contract forms utilized in connection with retained asset accounts shall be filed with the state insurance department prior to their use. The commissioner shall disapprove any materials, statements, or forms submitted under this section that are inconsistent with § 27-4.9-5 or are otherwise untrue, deceptive, or misleading.
History of Section.
P.L. 2011, ch. 339, § 1; P.L. 2011, ch. 370, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4.9 - Beneficiaries’ Bill of Rights › Section 27-4.9-7. - Effective date.

§ 27-4.9-7. Effective date.
This chapter shall apply to claims for a death benefit under any policy or certificate of life insurance subject to the insurance laws of the state where the beneficiary resides submitted on or after September 1, 2011.
History of Section.
P.L. 2011, ch. 339, § 1; P.L. 2011, ch. 370, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4.10 - Mandatory Disclosure of Alternatives to Lapse or Surrender › Section 27-4.10-1. - Definitions.

§ 27-4.10-1. Definitions.
As used in this chapter, the term:
(1)
“Agent” means a person who is the agent of record of a policy or who has a business relationship with the policyholder or insured.
(2)
“Commissioner” means the director of the department of business regulation and any assistant to the director.
(3)
“Insured” means an individual who is covered by a policy.
(4)
“Insurer” means the insurance company that issued or currently insures the policy.
(5)
“Policy” means an individual life insurance policy owned by an individual who is a resident of this state, regardless of whether the policy has been issued, delivered, or renewed in this state.
History of Section.
P.L. 2018, ch. 126, § 1; P.L. 2018, ch. 196, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4.10 - Mandatory Disclosure of Alternatives to Lapse or Surrender › Section 27-4.10-2. - Notice.

§ 27-4.10-2. Notice.
(a)
The commissioner shall develop, and post on its website, a written notice to inform a policyholder of alternatives to the lapse or surrender of a policy, and of the policyholder’s rights, as an owner of the policy, that are related to the disposition of a policy. The notice must be developed at no cost to insurers, agents, or other licensees and must be written in lay terms.
(b)
The written notice must contain all of the following:
(1)
A statement explaining that life insurance is a critical part of a broader financial plan;
(2)
A statement explaining that there are alternatives to the lapse or surrender of a policy;
(3)
A general description of the following alternatives to the lapse or surrender of a policy:
(i)
Accelerated death benefits available under the policy or as a rider to the policy;
(ii)
The assignment of the policy as a gift;
(iii)
The sale and assignment of the policy pursuant to a life settlement contract, including that a life settlement is a regulated transaction in this state pursuant to chapter 72 of title 27;
(iv)
The replacement of the policy;
(v)
The maintenance of the policy pursuant to the terms of the policy or a rider to the policy, or through a life settlement contract;
(vi)
The maintenance of the policy through loans issued by an insurer or a third party, using the policy or the cash surrender value of the policy as collateral for the loan;
(vii)
Conversion of the policy from a term policy to a permanent policy;
(viii)
Conversion of the policy in order to obtain long-term-care health insurance coverage or a long-term-care benefit plan; and
(4)
A statement explaining that life insurance, life settlements, or other alternatives to the lapse or surrender of the policy described in the notice may not be available to a particular policyholder depending on a number of circumstances, including the age and health status of the insured or the terms of a life insurance policy, and that the policyholder should contact his or her financial advisor, insurance agent, broker, or attorney to obtain further advice and assistance.
(c)
An insurer, an agent, or an insurer and its agent must advise a policyholder with the annual benefit statement or otherwise that policyholders considering making changes in the status of the policy should consult a licensed insurance agent or financial advisor and that important information related to policy options, including information about an accelerated death benefit, nursing home benefit, critical illness benefit, and additional benefits may be found on the department of business regulation (DBR) website.
History of Section.
P.L. 2018, ch. 126, § 1; P.L. 2018, ch. 196, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-5 - Fire Insurance Policies and Reserves › Section 27-5-1. - Standard fire insurance policy.

§ 27-5-1. Standard fire insurance policy.
The printed form of a policy of fire insurance, as set forth in § 27-5-3, shall be known and designated as the “standard fire insurance policy of the state of Rhode Island.”
The printed form of a policy of fire insurance, as set forth in § 27-5-3, shall be known and designated as the “standard fire insurance policy of the state of Rhode Island.”
The printed form of a policy of fire insurance, as set forth in § 27-5-3, shall be known and designated as the “standard fire insurance policy of the state of Rhode Island.”
History of Section.
G.L. 1896, ch. 183, § 4; G.L. 1909, ch. 222, § 4; G.L. 1923, ch. 258, § 4; G.L. 1938, ch. 154, § 1; P.L. 1945, ch. 1623, § 1; G.L. 1956, § 27-5-1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-5 - Fire Insurance Policies and Reserves › Section 27-5-2. - Compliance with standard policy required.

§ 27-5-2. Compliance with standard policy required.
Except as provided in § 27-5-9.1 and § 27-65-1(e), no policy or contract of fire insurance shall be made, issued, or delivered by any insurer or by any insurance producer or representative of an insurance producer on any property in this state, unless it shall conform, as to all provisions, stipulations, agreements, and conditions, with the standard form of policy.
History of Section.
G.L. 1896, ch. 183, § 4; G.L. 1909, ch. 222, § 4; G.L. 1923, ch. 258, § 4; G.L. 1938, ch. 154, § 1; P.L. 1945, ch. 1623, § 1; G.L. 1956, § 27-5-2; 1979, ch. 48, § 1; P.L. 2004, ch. 91, § 2; P.L. 2004, ch. 320, § 2; P.L. 2011, ch. 18, § 2; P.L. 2011, ch. 25, § 2.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-5 - Fire Insurance Policies and Reserves › Section 27-5-3.1. - Exclusion — Nuclear damage.

§ 27-5-3.1. Exclusion — Nuclear damage.
Insurers issuing the standard fire insurance policy of the state of Rhode Island pursuant to § 27-5-3 are authorized to affix to the policy or include in it a written statement that the policy does not cover loss or damage caused by nuclear reaction or nuclear radiation or radioactive contamination resulting from an insured peril under the policy; provided, that nothing contained in this section shall be construed to prohibit the attachment to any policy of an endorsement or endorsements specifically assuming coverage for loss or damage caused by nuclear reaction or nuclear radiation or radioactive contamination.
History of Section.
P.L. 1961, ch. 23, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-5 - Fire Insurance Policies and Reserves › Section 27-5-3.2. - Property insurance.

§ 27-5-3.2. Property insurance.
(a)
No lending institution, as defined in § 19-9-1, doing business in this state, its affiliates or subsidiaries, or a bank holding company, as defined in 12 U.S.C. § 1841, its affiliates or subsidiaries, shall, as a condition of the mortgage or as a term of the mortgage deed, require that the mortgagor carry property insurance on the property which is the subject of the mortgage in excess of the replacement cost of any buildings or appurtenances subject to the mortgage; provided, when in the course of selling, transferring, conveying or assigning a mortgage, the servicing rights of the mortgage are similarly transferred, conveyed or assigned, then and in that event it shall be the responsibility of the holder of the mortgage to notify the insurance producer issuing the property insurance policy and the insurer in writing of that sale, transfer, conveyance, or assignment. This notice shall be made in writing and shall be sent to the insurance producer and the insurer within thirty (30) days of the sale, transfer, conveyance, or assignment by mail. In the event that the holder of a mortgage shall fail to notify the insurance producer and the insurer who issued the property insurance policy that is in force, in writing, of that sale, transfer, conveyance, or assignment within thirty (30) days, the holder shall indemnify and hold the insurance producer harmless.
(b)
Notwithstanding any provision in this title to the contrary, no such holder of a mortgage shall be entitled to payment of a claim under a property insurance policy for a loss to a covered building which equals less than three thousand five hundred dollars ($3,500), and for which such holder of a mortgage is otherwise entitled to payment, unless no liability exists as to the mortgagor.
History of Section.
P.L. 1986, ch. 166, § 1; P.L. 1988, ch. 63, § 1; P.L. 2002, ch. 112, § 1; P.L. 2003, ch. 102, § 1; P.L. 2003, ch. 105, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-5 - Fire Insurance Policies and Reserves › Section 27-5-3.3. - Resident agent — Banks.

§ 27-5-3.3. Resident agent — Banks.
All banks and lending institutions doing business in this state, whether acting under state or federal authority, which include, but are not limited to: (1) a bank, savings bank, or trust company, as defined in this title, its affiliates or subsidiaries, (2) a bank holding company, as defined in 12 U.S.C. § 1841, its affiliates or subsidiaries, (3) mortgage companies, and (4) any other individual, corporation, partnership, or association authorized to take deposits and/or to make loans of money under the provisions of title 19, shall maintain a resident agent in this state who shall have authority to endorse insurance claim checks on behalf of those banks and lending institutions.
History of Section.
P.L. 1988, ch. 74, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-5 - Fire Insurance Policies and Reserves › Section 27-5-3.4. - Cancellation or nonrenewal of standard fire insurance policy.

§ 27-5-3.4. Cancellation or nonrenewal of standard fire insurance policy.
(a)
A company issuing any policy of insurance which is subject to cancellation or nonrenewal by the company shall effect cancellation or nonrenewal by serving the notice of it provided by the policy. That notice shall be delivered in hand to the named insured, or be left at his or her last address as shown by the company’s records, or, if its records contain no last address, at his or her last business, residence, or other address known to the company, or be forwarded to that address by first class mail and maintain proof of mailing of the notice to the insured by United States Postal Service certificate of mailing in the ordinary course of the insurer’s business, and this proof of mailing shall be sufficient proof of notice.
(b)
If a policy is made payable to a mortgagee or any person other than the named insured, notice shall be given as provided in subsection (a) of this section to the payee and to the named insured.
(c)
Policies subject to cancellation by the named insured upon giving notice to the company may be cancelled by serving notice in the manner provided in subsection (a) of this section upon the company or upon its insurance producer who issued the policy.
History of Section.
P.L. 1989, ch. 483, § 1; P.L. 1996, ch. 188, § 4; P.L. 2001, ch. 122, § 4; P.L. 2002, ch. 292, § 22; P.L. 2003, ch. 101, § 1; P.L. 2003, ch. 104, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-5 - Fire Insurance Policies and Reserves › Section 27-5-3.5. - Earthquake coverage endorsement for property insurance.

§ 27-5-3.5. Earthquake coverage endorsement for property insurance.
Notwithstanding any general or special law to the contrary, all insurance companies authorized to provide condominium unit owner’s, tenant’s, or homeowner’s insurance on owner-occupied, one to four (4) unit dwellings in this state shall, in connection with that insurance, make available to any insured purchasing a policy, at the insured’s option, earthquake coverage. The premium amount and deductible amount for the earthquake coverage shall be shown separately on the declarations page of the policy.
History of Section.
P.L. 1990, ch. 126, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-5 - Fire Insurance Policies and Reserves › Section 27-5-3.6. - Notice concerning flood insurance.

§ 27-5-3.6. Notice concerning flood insurance.
Upon issuance and each renewal of insurance policies covering standard fire insurance as defined in §§ 27-5-3 and 27-5-9.1, insurers shall provide written notice advising the policy holder that the insurance policy may not cover damages resulting from the flood, that flood insurance may be available through the Federal Emergency Management Agency (FEMA) National Flood Insurance Program, and to contact their insurer or producer for assistance. The notice shall be clear and conspicuous to the policyholder.
History of Section.
P.L. 2005, ch. 172, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-5 - Fire Insurance Policies and Reserves › Section 27-5-3.7. - Repealed.

§ 27-5-3.7. Repealed.
History of Section.
P.L. 2007, ch. 169, § 1; P.L. 2007, ch. 262, § 1; P.L. 2008, ch. 475, §§ 5, 76; P.L. 2009, ch. 15, § 1; P.L. 2009, ch. 42, § 1; Repealed by P.L. 2012, ch. 64, § 1, effective May 14, 2012; P.L. 2012, ch. 83, § 1, effective May 21, 2012. For comparable provisions, see § 27-76-2.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-5 - Fire Insurance Policies and Reserves › Section 27-5-3.9. - Vacant property.

§ 27-5-3.9. Vacant property.
No residential property insurance policy shall exclude coverage for vandalism or malicious mischief unless the dwelling has been vacant for more than sixty (60) consecutive days immediately before the loss.
History of Section.
P.L. 2018, ch. 78, § 1; P.L. 2018, ch. 100, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-5 - Fire Insurance Policies and Reserves › Section 27-5-4. - Items shown at head of policy.

§ 27-5-4. Items shown at head of policy.
There shall be printed at the head of a fire insurance policy the name of the insurer or insurers issuing the policy, the location of the home office of the insurer or insurers, and a statement whether the insurer or insurers are stock or mutual corporations; and there may be added to the policy any device or devices that the insurer or insurers issuing the policy shall desire; provided, that any company organized under special charter provisions may indicate this upon its policy and may add a statement of the plan under which it operates in this state.
History of Section.
G.L. 1896, ch. 183, § 4; G.L. 1909, ch. 222, § 4; G.L. 1923, ch. 258, § 4; G.L. 1938, ch. 154, § 1; P.L. 1945, ch. 1623, § 1; G.L. 1956, § 27-5-4.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-5 - Fire Insurance Policies and Reserves › Section 27-5-5. - Inclusion of regulations of mutual insurer.

§ 27-5-5. Inclusion of regulations of mutual insurer.
If the policy is issued by a mutual insurer having special regulations with respect to the payment by the policyholder of assessments, those regulations shall be printed upon the policy, and any mutual insurer may print upon the policy any regulations that may be appropriate to or required by its form of organization.
History of Section.
G.L. 1938, ch. 154, § 1; P.L. 1945, ch. 1623, § 1; G.L. 1956, § 27-5-5.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-5 - Fire Insurance Policies and Reserves › Section 27-5-6. - Binders and temporary insurance.

§ 27-5-6. Binders and temporary insurance.
Binders or other contracts for temporary insurance may be made, orally or in writing, for a period which shall not exceed thirty (30) days, and shall be deemed to include all of the terms of the standard fire insurance policy and all applicable endorsements, approved by the director of business regulation, as may be designated in the contract of temporary insurance; except that the cancellation clause of the standard fire insurance policy, and the clause specifying the hour of the day at which the insurance shall commence, may be superseded by the express terms of the contract of temporary insurance; provided, that all banks and lending institutions doing business in this state, whether acting under state or federal authority, which include, but are not limited to: (1) a bank, savings bank, or trust company, as defined in this title, its affiliates or subsidiaries, (2) a bank holding company as defined in 12 U.S.C. § 1841, its affiliates or subsidiaries, (3) mortgage companies, and (4), any other individual, corporation, partnership, or association authorized to take deposits and/or to make loans of money under the provisions of title 19, shall be required to accept an insurance binder as evidence of insurance from any duly licensed insurance producer or insurance company; provided, that the binders are in writing and in a form acceptable to the mortgagee and indicating that the mortgagee will be listed as a loss payee on the binder or temporary contract and that the mortgagee will be notified by registered or certified mail in the event the binder or temporary insurance is cancelled. If a binder is utilized, a policy shall, at the request of the mortgagee, be produced within thirty (30) days after the real estate closing has been consummated. Any subsequent holder of the mortgage, as a result of the sale, transfer, conveyance, or assignment of the mortgage, shall have its interest automatically protected and covered in accordance with the notice requirements in § 27-5-3.2.
History of Section.
G.L. 1938, ch. 154, § 1; P.L. 1945, ch. 1623, § 1; G.L. 1956, § 27-5-6; P.L. 1985, ch. 295, § 1; P.L. 1989, ch. 340, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-5 - Fire Insurance Policies and Reserves › Section 27-5-6.1. - Notice concerning single interest hazard insurance.

§ 27-5-6.1. Notice concerning single interest hazard insurance.
No bank or lending institution doing business in this state, whether acting under state or federal authority, which includes, but is not limited to: (1) a bank, savings bank, or trust company, as defined in title 19, its affiliates or subsidiaries, (2) a bank holding company, as defined in 12 U.S.C. § 1841, its affiliates or subsidiaries, (3) mortgage companies and mortgage services, and (4) any other individual, corporation, partnership, or association authorized to take deposits and/or to make loans of money under the provisions of title 19, shall, in connection with a loan secured by residential property situated in the state of Rhode Island of four (4) or fewer units and occupied or to be occupied in whole or in part by the mortgagor, obtain a single interest hazard insurance policy for the property and impose the cost on the mortgagor unless the bank or lending institution shall give the mortgagor written notice of its intent to obtain that coverage and ten (10) days shall have elapsed after the date on which notice is given; provided, that nothing in this section shall require the giving of notice or preclude the bank or lending institution from obtaining that coverage and imposing the cost on the mortgagor where the bank or lending institution has received notice of the nonrenewal or cancellation of the hazard insurance on the property.
History of Section.
P.L. 1987, ch. 167, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-5 - Fire Insurance Policies and Reserves › Section 27-5-6.2. - Escrow accounts for insurance premiums.

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