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2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-14.3 - Insurers’ Rehabilitation and Liquidation Act › Section 27-14.3-27. - Duties of agents or insurance producers.

§ 27-14.3-27. Duties of agents or insurance producers.
(a)
Every person who receives notice in the form prescribed in § 27-14.3-26 that an insurer which he or she represents as an agent or insurance producer is the subject of a liquidation order, shall within thirty (30) days of the notice provide to the liquidator in addition to the information he or she may be required to provide pursuant to § 27-14.3-6, the information in the agent’s or insurance producer’s records related to any policy issued by the insurer through the agent or insurance producer, and, if the agent or insurance producer is a general agent, the information in the general agent’s records related to any policy issued by the insurer through an agent or insurance producer under contract to him or her, including the name and address of the subagent or subproducer. A policy shall be deemed issued through an agent or insurance producer if the agent or insurance producer has a property interest in the expiration of the policy, or if the agent or insurance producer has had in his or her possession a copy of the declarations of the policy at any time during the life of the policy, except where the ownership of the expiration of the policy has been transferred to another.
(b)
Any agent or insurance producer failing to provide information to the liquidator as required in subsection (a) of this section may be subject to the payment of a penalty of not more than one thousand dollars ($1,000) and may have his or her licenses suspended, after a hearing held by the commissioner.
History of Section.
P.L. 1993, ch. 248, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-14.3 - Insurers’ Rehabilitation and Liquidation Act › Section 27-14.3-28. - Actions by and against liquidator.

§ 27-14.3-28. Actions by and against liquidator.
(a)
Upon issuance of an order appointing a liquidator of a domestic insurer or of an alien insurer domiciled in this state, no action at law or equity or in arbitration shall be brought against the insurer or liquidator, whether in this state or another place, nor shall any existing actions be maintained or further presented after the issuance of the order. The courts of this state shall give full faith and credit to injunctions against new actions against the liquidator or the company or the continuation of existing actions against the liquidator or the company, when the injunctions are included in an order to liquidate an insurer issued pursuant to corresponding provisions in other states. Whenever, in the liquidator’s judgment, protection of the estate of the insurer necessitates intervention in an action against the insurer that is pending outside of this state, he or she may intervene in the action. The liquidator may defend any action in which he or she intervenes under this section at the expense of the estate of the insurer.
(b)
The liquidator may, upon or after an order for liquidation, within two (2) years or a longer time as applicable law may permit, institute an action or proceeding on behalf of the estate of the insurer upon any cause of action against which the period of limitation fixed by applicable law has not expired at the time of the filing of the petition upon which the order is entered. When, by any agreement, a period of limitation is fixed for instituting a suit or proceeding upon any claim, or for filing any claim, proof of claim, proof of loss, demand, notice, or the like, or when in any proceeding, judicial or otherwise, a period of limitation is fixed, either in the proceeding or by applicable law, for taking any action, filing any claim or pleading, or doing any act, and when in this case the period had not expired at the date of the filing of the petition the liquidator may, for the benefit of the estate, take any action or do any act, required of or permitted to the insurer, within a period of one hundred eighty (180) days subsequent to the entry of an order for liquidation, or within a further period that is shown to the satisfaction of the court not to be unfairly prejudicial to the other party.
(c)
No statute of limitations or defense of laches shall run with respect to any action against an insurer between the filing of a petition for liquidation against an insurer and the denial of the petition. Any action against the insurer that might have been commenced when the petition was filed may be commenced for at least sixty (60) days after the petition is denied.
(d)
Any guaranty association or foreign guaranty association shall have standing to appear in any court proceeding concerning the liquidation of an insurer if the association is or may become liable to act as a result of the liquidation.
History of Section.
P.L. 1993, ch. 248, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-14.3 - Insurers’ Rehabilitation and Liquidation Act › Section 27-14.3-29. - Collection and list of assets.

§ 27-14.3-29. Collection and list of assets.
(a)
As soon as practicable after the liquidation order but not later than one hundred twenty (120) days after this, the liquidator shall prepare in duplicate a list of the insurer’s assets. The list shall be amended or supplemented as the liquidator may determine. One copy shall be filed in the office of the clerk of the superior court for the county of Providence and one copy shall be retained for the liquidator’s files. All amendments and supplements shall be similarly filed.
(b)
The liquidator shall reduce the assets to a degree of liquidity that is consistent with the effective execution of the liquidation.
(c)
A submission to the court for disbursement of assets in accordance with § 27-14.3-38 fulfills the requirements of subsection (a) of this section.
History of Section.
P.L. 1993, ch. 248, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-14.3 - Insurers’ Rehabilitation and Liquidation Act › Section 27-14.3-31. - Fraudulent transfer after petition.

§ 27-14.3-31. Fraudulent transfer after petition.
(a)
After a petition for rehabilitation or liquidation has been filed, a transfer of any of the real property of the insurer made to a person acting in good faith shall be valid against the receiver if made for a present fair equivalent value or, if not made for a present fair equivalent value, then to the extent of the present consideration actually paid for it, for the amount the transferee shall have a lien on the transferred property. The commencement of a proceeding in rehabilitation or liquidation shall be constructive notice upon the recording of a copy of the petition for or order of rehabilitation or liquidation with the recorder of deeds in the city or town where any real property in question is located. The exercise by a court of the United States or any state or jurisdiction to authorize or effect a judicial sale of real property of the insurer within any county in any state shall not be impaired by the pendency of a proceeding unless the copy is recorded in the county prior to the consummation of the judicial sale.
(b)
After a petition for rehabilitation or liquidation has been filed and before either the receiver takes possession of the property of the insurer or an order of rehabilitation or liquidation is granted:
(1)
A transfer of any of the property of the insurer, other than real property, made to a person acting in good faith shall be valid against the receiver if made for a present fair equivalent value or, if not made for a present fair equivalent value, then valid to the extent of the present consideration actually paid for it, for the amount the transferee shall have a lien on the transferred property;
(2)
A person indebted to the insurer or holding property of the insurer may, if acting in good faith, pay the indebtedness or deliver the property, or any part of the property, to the insurer or upon his or her order, with the same effect as if the petition were not pending;
(3)
A person having actual knowledge of the pending rehabilitation or liquidation shall be deemed not to act in good faith; and
(4)
A person asserting the validity of a transfer under this section shall have the burden of proof. Except as provided in this section, no transfer by or on behalf of the insurer after the date of the petition for liquidation by any person other than the liquidator shall be valid against the liquidator.
(c)
Every person receiving any property from the insurer or any benefit of the property which is a fraudulent transfer under subsection (a) of this section shall be personally liable for it and shall be bound to account to the liquidator.
(d)
Nothing in this chapter shall impair the negotiability of currency or negotiable instruments.
History of Section.
P.L. 1993, ch. 248, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-14.3 - Insurers’ Rehabilitation and Liquidation Act › Section 27-14.3-33. - Claims of holders of void or voidable rights.

§ 27-14.3-33. Claims of holders of void or voidable rights.
(a)
No claims of a creditor who has received or acquired a preference, lien, conveyance, transfer, assignment, or encumbrance voidable under this chapter shall be allowed unless he or she surrenders the preference, lien, conveyance, transfer, assignment, or encumbrance. If the avoidance is effected by a proceeding in which a final judgment has been entered, the claim shall not be allowed unless the money is paid or the property is delivered to the liquidator within thirty (30) days from the date of the entering of the final judgment, except that the court having jurisdiction over the liquidation may allow further time if there is an appeal or other continuation of the proceeding.
(b)
A claim allowable under § 27-14.3-32(a) by reason of the avoidance, whether voluntary or involuntary, or a preference, lien, conveyance, transfer, assignment, or encumbrance, may be filed as an excused last filing under § 27-14.3-39 if filed within thirty (30) days from the date of the avoidance, or within the further time allowed by the court under § 27-14.3-32(a).
History of Section.
P.L. 1993, ch. 248, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-14.3 - Insurers’ Rehabilitation and Liquidation Act › Section 27-14.3-34. - Setoffs.

§ 27-14.3-34. Setoffs.
(a)
Mutual debts or mutual credits, whether arising out of one or more contracts between the insurer and another person in connection with any action or proceeding under this chapter, shall be set off and the balance only shall be allowed or paid, except as provided in subsection (b) of this section and § 27-14.3-37.
(b)
No setoff shall be allowed in favor of any person where:
(1)
The obligation of the insurer to the person would not at the date of the filing of a petition for liquidation entitle the person to share as a claimant in the assets of the insurer;
(2)
The obligation of the insurer to the person was purchased by or transferred to the person with a view to its being used as a setoff;
(3)
The obligation of the insurer is owed to an affiliate of the person, or any other entity or association other than the person;
(4)
The obligation of the person is owed to an affiliate of the insurer, or any other entity or association other than the insurer;
(5)
The obligation of the person is to pay an assessment levied against the members or subscribers of the insurer, or is to pay a balance upon a subscription to the capital stock of the insurer, or is in any other way in the nature of a capital contribution; or
(6)
The obligations between the person and the insurer arise from business where either the person or the insurer has assumed risks and obligations from the other party and then has ceded back to that party substantially the same risks and obligations.
History of Section.
P.L. 1993, ch. 248, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-14.3 - Insurers’ Rehabilitation and Liquidation Act › Section 27-14.3-35. - Assessments.

§ 27-14.3-35. Assessments.
(a)
As soon as practicable but not more than two (2) years from the date of an order of liquidation under § 27-14.3-22 of an insurer issuing assessable policies, the liquidator shall make a report to the court setting forth:
(1)
The reasonable value of the assets of the insurer;
(2)
The insurer’s probable total liabilities;
(3)
The probable aggregate amount of the assessment necessary to pay all claims of creditors and expenses in full, including expenses of administration and costs of collecting the assessment; and
(4)
A recommendation as to whether or not an assessment should be made and in what amount.
(b)(1)
Upon the basis of the report provided in subsection (a) of this section, including any supplements and amendments to the report, the superior court for the county of Providence may levy one or more assessments against all members of the insurer who are subject to assessment;
(2)
Subject to any applicable legal limits on assessability, the aggregate assessment shall be for the amount that the sum of the probable liabilities, the expenses of administration, and the estimated cost of collection of the assessment exceeds the value of existing assets, with due regard being given to assessments that cannot be collected economically.
(c)
After levy of assessment under subsection (b) of this section, the liquidator shall issue an order directing each member who has not paid the assessment pursuant to the order to show cause why the liquidator should not pursue a judgment for payment.
(d)
The liquidator shall give notice of the order to show cause by publication and by first class mail to each member liable pursuant to the order mailed to his or her last known address as it appears on the insurer’s records, at least twenty (20) days before the return day of the order to show cause.
(e)(1)
If a member does not appear and serve duly verified objections upon the liquidator on or before the return day of the order to show cause under subsection (c) of this section, the court shall make an order adjudging the member liable for the amount of the assessment against him or her pursuant to subsection (c) of this section together with costs, and the liquidator shall have a judgment against the member for the amount;
(2)
If on or before the return day, the member appears and serves duly verified objection upon the liquidator, the commissioner may hear and determine the matter or may appoint a referee to hear it and make an order as the facts warrant. In the event that the commissioner determines that the objections do not warrant relief from assessment, the member may request the court to review the matter and vacate the order to show cause.
(f)
The liquidator may enforce any order or collect any judgment under subsection (e) of this section by any lawful means.
History of Section.
P.L. 1993, ch. 248, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-14.3 - Insurers’ Rehabilitation and Liquidation Act › Section 27-14.3-36. - Reinsurer’s liability.

§ 27-14.3-36. Reinsurer’s liability.
The amount recoverable by the liquidator from reinsurance shall not be reduced as a result of the delinquency proceedings, regardless of any provision in the reinsurance contract or other agreement. Payment made directly to an insured or other creditor shall not diminish the reinsurer’s obligation to the insurer’s estate except when the reinsurance contract provided for direct coverage of a named insured and the payment was made in discharge of that obligation.
History of Section.
P.L. 1993, ch. 248, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-14.3 - Insurers’ Rehabilitation and Liquidation Act › Section 27-14.3-37. - Recovery of premiums owed.

§ 27-14.3-37. Recovery of premiums owed.
(a)(1)
An agent or insurance producer, broker, premium finance company, or any other person, other than the insured, responsible for the payment of a premium shall be obligated to pay any collected earned premiums and any unearned commissions due the insurer at the time of the declaration of insolvency as shown on the records of the insurer. The agent or insurance producer, broker, solicitor or other person responsible for the payment of a premium shall remit unearned premiums in his or her possession to the insured who paid them, or with the written approval of the insured, purchase new coverage for the insured with a different insurer. Credits or setoffs or both shall not be allowed to an agent or insurance producer, broker or premium finance company for any amounts advanced to the insurer by the agent or insurance producer, broker, or premium finance company on behalf of, but in the absence of a payment by, the insured;
(2)
An insured shall be obligated to pay any unpaid earned premium due the insurer at the time of the declaration of insolvency, as shown on the records of the insurer.
(b)
Upon satisfactory evidence of a violation of this section, the commissioner may pursue either one or both of the following courses of action:
(1)
Suspend or revoke or refuse to renew the licenses of the offending party or parties; and/or
(2)
Impose a penalty of not more than one thousand dollars ($1,000) for each and every act in violation of this section by the party or parties.
(c)
Before the commissioner shall take any action as set forth in subsection (b) of this section, he or she shall give written notice to the person, company, association, or exchange accused of violating the law, stating specifically the nature of the alleged violation and fixing a time and place, at least ten (10) days after this, when a hearing on the matter shall be held. After the hearing, or upon the failure of the accused to appear at the hearing, the commissioner, if he or she shall find a violation, shall impose any of the penalties under subsection (b) of this section as he or she deems advisable.
(d)
When the commissioner shall take action in any or all of the ways set out in subsection (b) of this section, the party aggrieved may appeal from the action to the superior court for the county of Providence.
History of Section.
P.L. 1993, ch. 248, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-14.3 - Insurers’ Rehabilitation and Liquidation Act › Section 27-14.3-39. - Filing of claims.

§ 27-14.3-39. Filing of claims.
(a)
Proof of all claims shall be filed with the liquidator in the form required by § 27-14.3-40 on or before the last day for filing specified in the notice required under § 27-14.3-26, except that proof of claims for cash surrender values or other investment values in life insurance and annuities need not be filed unless the liquidator expressly so requires this. Provided, however, only upon the application of the liquidator, the court may allow alternative procedures and requirements for the filing of proofs of claim or for allowing or proving claims. Upon application, if the court dispenses with the requirements of filing a proof of claim by a person, class, or group of persons, a proof of claim for such persons shall be deemed as having been filed for all purposes, including the application of guaranty association or foreign guaranty association laws.
(b)
The liquidator may permit a claimant making a late filing to share in distributions, whether past or future, as if the claimant were not late, to the extent that the payment will not prejudice the orderly administration of the liquidation, under the following circumstances:
(1)
The existence of the claim was not known to the claimant and that the claimant filed the claim as promptly thereafter as reasonably possible after learning of it;
(2)
A transfer to a creditor was avoided under §§ 27-14.3-30 — 27-14.3-32, or was voluntarily surrendered under § 27-14.3-33, and that the filing satisfies the conditions of § 27-14.3-33; and
(3)
The valuation under § 27-14.3-45 of security held by a secured creditor shows a deficiency, which is filed within thirty (30) days after the valuation.
(c)
The liquidator may consider any claim filed late which is not covered by subsection (b) and permit it to receive distributions which are subsequently declared on any claims of the same or lower priority if the payment does not prejudice the orderly administration of the liquidation. The late filing claimant shall receive, at each distribution, the same percentage of the amount allowed on the claim as is then being paid to claimants of any lower priority. This shall continue until the claim has been paid in full.
History of Section.
P.L. 1993, ch. 248, § 1; P.L. 2003, ch. 396, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-14.3 - Insurers’ Rehabilitation and Liquidation Act › Section 27-14.3-40. - Proof of claim.

§ 27-14.3-40. Proof of claim.
(a)
Proof of claim shall consist of a statement signed by the claimant that includes all of the following that are applicable:
(1)
The particulars of the claim including the consideration given for it;
(2)
The identity and amount of the security on the claim;
(3)
The payments made on the debt, if any;
(4)
That the sum claimed is justly owing and that there is no setoff, counterclaim, or defense to the claim;
(5)
Any right of priority of payment or other specific right asserted by the claimants;
(6)
A copy of the written instrument which is the foundation of the claim;
(7)
The name and address of the claimant and the attorney who represents the claimant, if any; and
(8)
The social security or federal employer identification number of the claimant.
(b)
No claim need be considered or allowed if it does not contain all the information in subsection (a) which may be applicable. The liquidator may require that a prescribed form be used, and may require that other information and documents be included.
(c)
At any time the liquidator may request the claimant to present information or evidence supplementary to that required under subsection (a) and may take testimony under oath, require production of affidavits or depositions, or otherwise obtain additional information or evidence.
(d)
No judgment or order against an insured or the insurer entered after the date of filing of a successful petition for liquidation, and no judgment or order against an insured or the insurer entered at any time by default or by collusion need be considered as evidence of liability or of quantum of damages. No judgment or order against an insured or the insurer entered within four (4) months before the filing of the petition needs to be considered as evidence of liability or of the quantum of damages.
(e)
A guaranty association shall be permitted to file a single omnibus proof of claim for all claims of the association in connection with payment of claims of the insolvent insurer. The omnibus proof of claim may be periodically updated by the association, and the association may be required to submit a reasonable amount of documentation in support of the claim.
History of Section.
P.L. 1993, ch. 248, § 1; P.L. 2003, ch. 396, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-14.3 - Insurers’ Rehabilitation and Liquidation Act › Section 27-14.3-41. - Special claims.

§ 27-14.3-41. Special claims.
(a)
The claim of a third party which is contingent only on his or her first obtaining a judgment against the insured shall be considered and allowed as if there were no contingency.
(b)
A claim may be allowed even if contingent if it is filed in accordance with § 27-14.3-39. It may be allowed and may participate in all distributions declared after it is filed to the extent that it does not prejudice the orderly administration of the liquidation.
(c)
Claims that are due except for the passage of time shall be treated as absolute claims are treated, except that the claims may be discounted at the legal rate of interest.
(d)
Claims made under employment contracts by directors, principal officers, or persons in fact performing similar functions or having similar powers are limited to payment for services rendered prior to the issuance of any order of rehabilitation or liquidation under § 27-14.3-17 or 27-14.3-22.
History of Section.
P.L. 1993, ch. 248, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-14.3 - Insurers’ Rehabilitation and Liquidation Act › Section 27-14.3-42. - Special provisions for third party claims.

§ 27-14.3-42. Special provisions for third party claims.
(a)
Whenever any third party asserts a cause of action against an insured of an insurer in liquidation, the third party may file a claim with the liquidator.
(b)
Whether or not the third party files a claim, the insured may file a claim on his or her own behalf in the liquidation. If the insured fails to file a claim by the date for filing claims specified in the order of liquidation or within sixty (60) days after the mailing of the notice required by § 27-14.3-26, whichever is later, he or she is an unexcused late filer.
(c)
The liquidator shall make his or her recommendations to the court under § 27-14.3-46 for the allowance of an insured’s claim under subsection (b) of this section after consideration of the probable outcome of any pending action against the insured on which the claim is based, the probable damages recoverable in the action, and the probable costs and expenses of defense. After allowance by the court, the liquidator shall withhold any dividends payable on the claim, pending the outcome of litigation and negotiation with the insured. Whenever it seems appropriate, he or she shall reconsider the claim on the basis of additional information and amend his or her recommendations to the court. The insured shall be afforded the same notice and opportunity to be heard on all changes in the recommendation as in its initial determination. The court may amend its allowance as it thinks appropriate. As claims against the insured are settled or barred, the insured shall be paid from the amount withheld the same percentage dividend as was paid on other claims of similar property, based on the lesser of: (1) the amount actually recovered from the insured by action or paid by agreement plus the reasonable costs and expense of defense, or (2) the amount allowed on the claims by the court. After all claims are settled or barred, any sum remaining from the amount withheld shall revert to the undistributed assets of the insurer. Delay in final payment under this subsection shall not be a reason for unreasonable delay of the final distribution and discharge of the liquidator.
(d)
If several claims founded upon one policy are filed, whether by third parties or as claims by the insured under this section, and the aggregate allowed amount of the claims to which the same limit of liability in the policy is applicable exceeds that limit, each claim as allowed shall be reduced in the same proportion so that the total equals the policy limit. Claims by the insured shall be evaluated as in subsection (c) of this section. If any insured’s claim is subsequently reduced under subsection (c) of this section, the freed amount shall be apportioned ratably among the claims which have been reduced under this subsection.
(e)
No claim may be presented under this section if it is or may be covered by any guaranty association or foreign guaranty association.
History of Section.
P.L. 1993, ch. 248, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-14.3 - Insurers’ Rehabilitation and Liquidation Act › Section 27-14.3-43. - Disputed claims.

§ 27-14.3-43. Disputed claims.
(a)
When a claim is denied in whole or in part by the liquidator, written notice of the determination shall be given to the claimant or his or her attorney by first class mail at the address shown in the proof of claim. Within sixty (60) days from the mailing of the notice, the claimant may file his or her objection with the liquidator. If no filing is made, the claimant may not further object to the determination.
(b)
Whenever objections are filed with the liquidator and the liquidator does not alter his or her denial of the claim as a result of the objections, the claimant shall petition for relief from any injunction in effect against the insurer and ask the court for a hearing as soon as practicable and give notice of the hearing by first class mail to the liquidator or his or her attorney and to any other persons directly affected, not less than ten (10) nor more than thirty (30) days before the date of the hearing. The matter may be heard by the court or by a court-appointed referee who shall submit findings of fact along with his or her recommendation.
History of Section.
P.L. 1993, ch. 248, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-14.3 - Insurers’ Rehabilitation and Liquidation Act › Section 27-14.3-44. - Claims of surety.

§ 27-14.3-44. Claims of surety.
Whenever a creditor, whose claim against an insurer is secured, in whole or in part, by the undertaking of another person, fails to prove and file that claim the other person may do so in the creditor’s name, and shall be subrogated to the rights of the creditor, whether the claim has been filed by the creditor or by the other person in the creditor’s name, to the extent that he or she discharges the undertaking. In the absence of an agreement with the creditor to the contrary, the other person shall not be entitled to any distribution until the amount paid to the creditor on the undertaking plus the distributions paid on the claim from the insurer’s estate to the creditor equals the amount of the entire claim of the creditor. Any excess received by the creditor shall be held by him or her in trust for the other person. The term “other person” as used in this section is not intended to apply to a guaranty association or foreign guaranty association.
History of Section.
P.L. 1993, ch. 248, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-14.3 - Insurers’ Rehabilitation and Liquidation Act › Section 27-14.3-45. - Secured creditor’s claims.

§ 27-14.3-45. Secured creditor’s claims.
(a)
The value of any security held by a secured creditor shall be determined in one of the following ways, as the court may direct:
(1)
By converting the security into money according to the terms of the agreement pursuant to which the security was delivered to the creditors; or
(2)
By agreement, arbitration, compromise, or litigation between the creditor and the liquidator.
(b)
The determination shall be under the supervision and control of the court with due regard for the recommendation of the liquidator. The determined amount shall be credited upon the secured claim, and any deficiency shall be treated as an unsecured claim. If the claimant shall surrender his or her security to the liquidator, the entire claim shall be allowed as if unsecured.
History of Section.
P.L. 1993, ch. 248, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-14.3 - Insurers’ Rehabilitation and Liquidation Act › Section 27-14.3-46.1. - Insurer assessments.

§ 27-14.3-46.1. Insurer assessments.
Notwithstanding language to the contrary in this or any other title of the general laws, an insurer that is subject to an order of liquidation pursuant to this chapter shall not be subject to any assessment or fee imposed pursuant to any section of the general laws. Notwithstanding this provision, the amount of any assessment or fee may be assumed and redistributed among all other insurers subject to the assessment or fee. This section shall only apply to those assessments and/or fees, which are first billed on or subsequent to the date of any order of liquidation. For purposes of this section the terms “assessment” and “fee” shall not include taxes defined in any title of the general laws.
History of Section.
P.L. 2001, ch. 122, § 9.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-14.3 - Insurers’ Rehabilitation and Liquidation Act › Section 27-14.3-47. - Liquidator’s recommendations to the court.

§ 27-14.3-47. Liquidator’s recommendations to the court.
(a)
The liquidator shall review all claims duly filed in the liquidation and shall make any further investigation as he or she shall deem necessary. He or she may compound, compromise, or in any other manner negotiate the amount for which claims will be recommended to the court except where the liquidator is required by law to accept claims as settled by any person or organization, including any guaranty association or foreign guaranty association. Unresolved disputes shall be determined under § 27-14.3-43. As soon as practicable, he or she shall present to the court a report of the claims against the insurer with his or her recommendations. The report shall include the name and address of each claimant and the amount of the claim finally recommended, if any. If the insurer has issued annuities or life insurance policies, the liquidator shall report the persons to whom, according to the records of the insurer, amounts are owed as cash surrender values or other investment value and the amounts owed.
(b)
The court may approve, disapprove, or modify the report on claims by the liquidator. Those reports not modified by the court within a period of sixty (60) days following submission by the liquidator shall be treated by the liquidator as allowed claims, subject after this to later modification or to rulings made by the court pursuant to § 27-14.3-43. No claim under a policy of insurance shall be allowed for an amount in excess of the applicable policy limits.
History of Section.
P.L. 1993, ch. 248, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-14.3 - Insurers’ Rehabilitation and Liquidation Act › Section 27-14.3-48. - Distribution of assets.

§ 27-14.3-48. Distribution of assets.
Under the direction of the court, the liquidator shall pay distributions in a manner that will assure the proper recognition of priorities and a reasonable balance between the expeditious completion of the liquidation and the protection of unliquidated and undetermined claims, including third party claims. Distribution of assets in kind may be made at valuations set by agreement between the liquidator and the creditor and approved by the court.
History of Section.
P.L. 1993, ch. 248, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-14.3 - Insurers’ Rehabilitation and Liquidation Act › Section 27-14.3-49. - Unclaimed and withheld funds.

§ 27-14.3-49. Unclaimed and withheld funds.
(a)
All unclaimed funds subject to distribution in accordance with § 27-14.3-46 remaining in the liquidator’s hands when he or she is ready to apply to the court for discharge, including the amount distributable to any creditor, shareholder, member, or other person who is unknown or cannot be found, shall be deposited with the general treasurer, and shall be paid without interest except in accordance with § 27-14.3-46 to the person entitled to the funds or his or her legal representative upon satisfactory proof to the general treasurer of his or her right to the funds. Any amount on deposit not claimed within one year from the discharge of the liquidator shall be deemed to have been abandoned and shall be escheated without formal escheat proceedings and be deposited with the general treasurer.
(b)
All funds withheld under § 27-14.3-41 and not distributed shall upon discharge of the liquidator be deposited with the general treasurer and paid by him or her in accordance with § 27-14.3-46. Any sums remaining which under § 27-14.3-46 would revert to the undistributed assets of the insurer shall be transferred to the general treasurer and become the property of the state under subsection (a) of this section, unless the commissioner, in his or her discretion, petitions the court to reopen the liquidation under § 27-14.3-51.
History of Section.
P.L. 1993, ch. 248, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-14.3 - Insurers’ Rehabilitation and Liquidation Act › Section 27-14.3-50. - Termination of proceedings.

§ 27-14.3-50. Termination of proceedings.
(a)
When all assets justifying the expense of collection and distribution have been collected and distributed under this chapter, the liquidator shall apply to the court for discharge. The court may grant the discharge and make any other orders, including an order to transfer any remaining funds that are uneconomic to distribute, as may be deemed appropriate.
(b)
Any other person may apply to the court at any time for an order under subsection (a) of this section. If the application is denied, the applicant shall pay the costs and expenses of the liquidator in resisting the application, including a reasonable attorney’s fee.
History of Section.
P.L. 1993, ch. 248, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-14.3 - Insurers’ Rehabilitation and Liquidation Act › Section 27-14.3-51. - Reopening liquidation.

§ 27-14.3-51. Reopening liquidation.
After the liquidation proceeding has been terminated and the liquidator discharged, the commissioner or other interested party may at any time petition the superior court for the county of Providence to reopen the proceedings for good cause, including the discovery of additional assets. If the court is satisfied that there is justification for reopening, it shall order this.
History of Section.
P.L. 1993, ch. 248, § 1; P.L. 2009, ch. 310, § 6.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-14.3 - Insurers’ Rehabilitation and Liquidation Act › Section 27-14.3-52. - Disposition of records during and after termination of liquidation.

§ 27-14.3-52. Disposition of records during and after termination of liquidation.
Whenever it shall appear to the commissioner that the records of any insurer in the process of liquidation or completely liquidated are no longer useful, he or she may recommend to the court and the court shall direct what records should be retained for future reference and what should be destroyed.
History of Section.
P.L. 1993, ch. 248, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-14.3 - Insurers’ Rehabilitation and Liquidation Act › Section 27-14.3-53. - External audit of receiver’s books.

§ 27-14.3-53. External audit of receiver’s books.
The superior court for the county of Providence may, as it deems desirable, cause audits to be made of the books of the commissioner relating to any receivership established under this chapter, and a report of each audit shall be filed with the commissioner and with the court. The books, records, and other documents of the receivership shall be made available to the auditor at any time without notice. The expense of each audit shall be considered a cost of administration of the receivership.
History of Section.
P.L. 1993, ch. 248, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-14.3 - Insurers’ Rehabilitation and Liquidation Act › Section 27-14.3-54. - Conservation of property of foreign or alien insurers found in this state.

§ 27-14.3-54. Conservation of property of foreign or alien insurers found in this state.
(a)
If a domiciliary liquidator has not been appointed, the commissioner may apply to the superior court for the county of Providence by verified petition for an order directing him or her to act as conservator to conserve the property of an alien insurer not domiciled in this state or a foreign insurer on any one or more of the following grounds:
(1)
Any of the grounds in § 27-14.3-16;
(2)
That any of its property has been sequestered by official action in its domiciliary state, or in any other state;
(3)
That enough of its property has been sequestered in a foreign country to give reasonable cause to fear that the insurer is or may become insolvent; and/or
(4)(i)
That its certificate of authority to do business in this state has been revoked or that none was ever issued, and
(ii)
That there are residents of this state with outstanding claims or outstanding policies.
(b)
When an order is sought under subsection (a) of this section the court shall cause the insurer to be given notice and time to respond to it as is reasonable under the circumstances.
(c)
The court may issue the order in whatever terms it shall deem appropriate. The filing or recording of the order with the clerk of superior court for the county of Providence or the recorder of deeds of the city or town in which the principal business of the company is located shall impart the same notice as a deed, bill of sale, or other evidence of title duly filed or recorded with that recorder of deeds would have imparted.
(d)
The conservator may at any time petition for, and the court may grant, an order under § 27-14.3-55 to liquidate the assets of a foreign or alien insurer under conservation, or, if appropriate, for an order under § 27-14.3-57, to be appointed ancillary receiver.
(e)
The conservator may at any time petition the court for an order terminating the conservation of an insurer. If the court finds that the conservation is no longer necessary, it shall order that the insurer be restored to possession of its property and the control of its business. The court may also make the finding and issue the order at any time upon the motion of any interested party, but if the motion is denied, all costs shall be assessed against the party.
History of Section.
P.L. 1993, ch. 248, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-14.3 - Insurers’ Rehabilitation and Liquidation Act › Section 27-14.3-55. - Liquidation of property of foreign or alien insurers found in this state.

§ 27-14.3-55. Liquidation of property of foreign or alien insurers found in this state.
(a)
If no domiciliary receiver has been appointed, the commissioner may apply to the superior court for the county of Providence by verified petition for an order directing him or her to liquidate the assets found in this state of a foreign insurer or an alien insurer not domiciled in this state, on any of the following grounds:
(1)
Any of the grounds in § 27-14.3-16 or 27-14.3-21; or
(2)
Any of the grounds specified in § 27-14.3-54(a)(2) through (4).
(b)
When an order is sought under subsection (a) of this section, the court shall cause the insurer to be given notice and time to respond to it as is reasonable under the circumstances.
(c)
If it shall appear to the court that the best interests of creditors, policyholders, and the public require, the court may issue an order to liquidate in whatever terms it shall deem appropriate. The filing or recording of the order with the clerk of the superior court for the county of Providence, or the recorder of deeds of the city or town in which the principal business of the company is located or the city or town in which its principal office or place of business is located, shall impart the same notice as a deed, bill of sale, or other evidence of title duly filed or recorded with that recorder of deeds would have imparted.
(d)
If a domiciliary liquidator is appointed in a reciprocal state while a liquidation is proceeding under this section, the liquidator under this section shall after this act as ancillary receiver under § 27-14.3-57. If a domiciliary liquidator is appointed in a nonreciprocal state while a liquidation is proceeding under this section, the liquidator under this section may petition the court for permission to act as ancillary receiver under § 27-14.3-57.
(e)
On the same grounds as are specified in subsection (a) of this section, the commissioner may petition any appropriate federal district court to be appointed receiver to liquidate that portion of the insurer’s assets and business over which the court will exercise jurisdiction, or any lesser of the assets and business that the commissioner deems desirable for the protection of the policyholders and creditors in this state.
(f)
The court may order the commissioner, when he or she has liquidated the assets of a foreign or alien insurer under this section, to pay the claims of residents of this state against the insurer under any rules as to the liquidation of insurers under this chapter as are compatible with the provisions of this section.
History of Section.
P.L. 1993, ch. 248, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-14.3 - Insurers’ Rehabilitation and Liquidation Act › Section 27-14.3-56. - Domiciliary liquidators in other states.

§ 27-14.3-56. Domiciliary liquidators in other states.
(a)
The domiciliary liquidator of an insurer domiciled in a reciprocal state shall, except as to special deposits and security on secured claims under § 27-14.3-57(c), be vested by operation of law with the title to all of the assets, property, contracts, and rights of action, agents’ or insurance producers’ balances, and all of the books, accounts and other records of the insurer located in this state. The date of vesting shall be the date of the filing of the petition, if that date is specified by the domiciliary law for the vesting of property in the domiciliary state. The date of vesting shall be the date of entry of the order directing possession to be taken. The domiciliary liquidator shall have the immediate right to recover balances due from agents or insurance producers and to obtain possession of the books, accounts, and other records of the insurer located in this state. He or she also shall have the right to recover all of the other assets of the insurer located in this state, subject to § 27-14.3-57.
(b)
If a domiciliary liquidator is appointed for an insurer not domiciled in a reciprocal state, the commissioner of this state shall be vested by operation of law with the title to all of the property, contracts, and right of action, and all of the books, accounts, and other records of the insurer located in this state, at the same time that the domiciliary liquidator is vested with the title in the domicile. The commissioner of this state may petition for a conservation or liquidation order under § 27-14.3-54 or 27-14.3-55, or for an ancillary receivership under § 27-14.3-57, or after approval by the superior court for the county of Providence may transfer the title to the domiciliary liquidator, as the interests of justice and the equitable distribution of the assets require.
(c)
Claimants residing in this state may file claims with the liquidator or ancillary receiver, if any, in this state or with the domiciliary liquidator, if the domiciliary law permits. The claims must be filed on or before the last date fixed for the filing of claims in the domiciliary liquidation proceedings.
History of Section.
P.L. 1993, ch. 248, § 1.