reglab/statecodes huggingface dataset:
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-1 - Domestic Insurance Companies › Section 27-1-8. - Return of deposit on termination of business.

§ 27-1-8. Return of deposit on termination of business.
Whenever any insurance company which has deposited stocks or other securities with the general treasurer desires to relinquish its business, the general treasurer shall, on application of the company, under the oath of the president or principal officer and secretary, give notice of that intention in two (2) newspapers published in this state, to be inserted at least twice a week for six (6) months. After the publication, the general treasurer, on being satisfied by an examination of the books and of the officers of the company under oath that all of its debts and liabilities are paid or extinguished upon any contract or agreement, shall deliver up to the company from whom the general treasurer received the securities, the stocks or other securities held by the general treasurer belonging to the company.
History of Section.
G.L. 1896, ch. 181, § 20; G.L. 1909, ch. 219, § 20; G.L. 1923, ch. 255, § 20; G.L. 1938, ch. 150, § 19; G.L. 1956, § 27-1-8.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-1 - Domestic Insurance Companies › Section 27-1-9. - Examinations to ascertain market value of securities deposited — Deficiencies.

§ 27-1-9. Examinations to ascertain market value of securities deposited — Deficiencies.
Whenever it becomes necessary, on application of any company, for the general treasurer or any person appointed by the general treasurer to examine and ascertain the value and condition of any stocks or other securities deposited with the general treasurer by any insurance company, the expenses of the examination shall be borne by the company applying, and the general treasurer shall be allowed to charge for his or her time and expense or for the time and expense of the person the general treasurer shall appoint to make the examination; the examination shall be made annually by the general treasurer. In case it appears at any time that the stocks or other securities deposited in this manner amount to less than the sum required for the purposes for which the deposit has been made, the general treasurer shall notify the company, and unless the deficiency is made up within thirty (30) days, the general treasurer shall countermand all of the certificates he or she may have issued and notify the treasurer, comptroller, or other financial officer of the states to which the general treasurer has transmitted his or her certificate, and shall, as soon as possible, publish notice of his or her actions in one newspaper published in the city of Providence for three (3) weeks.
History of Section.
G.L. 1896, ch. 181, § 21; G.L. 1909, ch. 219, § 21; G.L. 1923, ch. 255, § 21; G.L. 1938, ch. 150, § 20; G.L. 1956, § 27-1-9.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-1 - Domestic Insurance Companies › Section 27-1-10. - State not liable for deposits.

§ 27-1-10. State not liable for deposits.
Nothing in this chapter shall be construed to render this state liable for the value of any stocks or other securities deposited by any insurance company according to the provisions of this chapter.
History of Section.
G.L. 1896, ch. 181, § 22; G.L. 1909, ch. 219, § 22; G.L. 1923, ch. 255, § 22; G.L. 1938, ch. 150, § 21; G.L. 1956, § 27-1-10.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-1 - Domestic Insurance Companies › Section 27-1-11. - Visitation and examination of insurance companies.

§ 27-1-11. Visitation and examination of insurance companies.
The insurance commissioner shall, whenever requested by the governor, visit any insurance company incorporated in this state. He or she shall have free access to its vaults and all of its books and papers, and shall, if the insurance commissioner deems it expedient, thoroughly inspect and examine all of the affairs of the company and make all inquiries as may in the commissioner’s opinion be necessary to ascertain the condition of the company and its ability to fulfill all of its engagements, and whether it has complied with the provisions of law applicable to its transactions.
History of Section.
G.L. 1896, ch. 181, § 2; G.L. 1909, ch. 219, § 2; G.L. 1923, ch. 255, § 2; G.L. 1938, ch. 150, § 1; impl. am. P.L. 1953, ch. 3174, § 5; G.L. 1956, § 27-1-11.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-1 - Domestic Insurance Companies › Section 27-1-12. - Summons of witnesses — Obstruction or refusal to testify.

§ 27-1-12. Summons of witnesses — Obstruction or refusal to testify.
The insurance commissioner, or the commissioner’s duly authorized agent, may summon and examine under oath all directors, officers, and other agents of the insurance company and any other witnesses as the commissioner may think proper in relation to the affairs, transactions, and condition of the company. Any director, officer, agent, or other person who refuses without justifiable cause to appear and testify whenever required, or who in any way obstructs the commissioner or the commissioner’s agent in the discharge of his or her duties as prescribed in this chapter, shall be fined not exceeding five thousand dollars ($5,000) or be imprisoned not exceeding two (2) years, and if the person refusing or obstructing is a director, officer, or agent of the company, the company may also be proceeded against.
History of Section.
G.L. 1896, ch. 181, § 3; G.L. 1909, ch. 219, § 3; G.L. 1923, ch. 255, § 3; G.L. 1938, ch. 150, § 2; impl. am. P.L. 1953, ch. 3174, § 5; G.L. 1956, § 27-1-12.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-1 - Domestic Insurance Companies › Section 27-1-13. - Citation for forfeiture of charter for unsafe practices.

§ 27-1-13. Citation for forfeiture of charter for unsafe practices.
The superior court, upon complaint in writing from the insurance commissioner under oath setting forth that, in the commissioner’s opinion, any insurance company has forfeited its charter at law, or is managing its concerns in a manner that the public or those having funds in its custody are in danger of being defrauded, or the continued operation of its business would be hazardous to the public or its policyholders, or has become insolvent, shall issue a citation to the company, directed to and to be served on the president, secretary, or treasurer of the company by leaving an attested copy at the office or usual place of business of the company, commanding the president, secretary, or treasurer personally to appear before the court on a day and in a place to be mentioned in the citation, then and there under oath to show cause, if they have any, why the company should not be enjoined from further exercising the powers and franchises conferred by its charter and why the charter should not be forfeited.
History of Section.
G.L. 1896, ch. 181, § 4; C.P.A. 1905, § 1220; G.L. 1909, ch. 219, § 4; G.L. 1923, ch. 255, § 4; G.L. 1938, ch. 150, § 3; impl. am. P.L. 1953, ch. 3174, § 5; G.L. 1956, § 27-1-13; P.L. 1991, ch. 348, § 5.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-1 - Domestic Insurance Companies › Section 27-1-14. - Decree of forfeiture — Receiver.

§ 27-1-14. Decree of forfeiture — Receiver.
If, upon the examination of the president, secretary, or treasurer and of any other witnesses and evidence as may be introduced by the insurance commissioner and defendants, the court is of the opinion that the charter of the company is forfeited at law, or that the company is managed in a manner that the public or those having funds in its custody or who hold policies of insurance issued by it are in danger of being defrauded, or the continued operation of its business would be hazardous to the public or its policyholders, or that the company has become insolvent, the court shall issue an injunction to the president, secretary, or treasurer and other officers of the corporation, enjoining them from proceeding further in transacting the business of the company, and shall appoint a discreet and proper person to be receiver of all the evidences of debt, goods, effects, and property of every description belonging to the corporation. The court may require the receiver to give bond with surety to the satisfaction of the court for the faithful execution of his or her trusts. The person once appointed as the receiver may, subject to the discretion of the court, continue to be receiver for the duration of the receivership proceedings.
History of Section.
G.L. 1896, ch. 181, § 5; G.L. 1909, ch. 219, § 5; G.L. 1923, ch. 255, § 5; G.L. 1938, ch. 150, § 4; impl. am. P.L. 1953, ch. 3174, § 5; G.L. 1956, § 27-1-14; P.L. 1980, ch. 338, § 1; P.L. 1991, ch. 348, § 5.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-1 - Domestic Insurance Companies › Section 27-1-15. - Collection and distribution of assets by receiver — Reinsurance.

§ 27-1-15. Collection and distribution of assets by receiver — Reinsurance.
The receiver may take evidence and property into his or her possession and shall collect the debts, dispose of the property, and pay out of the proceeds of the disposition, if the proceeds are sufficient, all of the debts of the corporation, first reserving to himself or herself a reasonable compensation that shall be allowed by the court for his or her services; provided, the receiver may reinsure, upon the written consent of the insurance commissioner and the attorney general, all the policy obligations of the corporation in any solvent corporation authorized to do business in this state, if the assets of the corporation of which he or she is a receiver are sufficient to effect the reinsurance. If the assets are insufficient for that purpose, the receiver, upon the written consent of the insurance commissioner and the attorney general, may reinsure a percentage of each policy obligation of the corporation outstanding to the extent that its assets may be sufficient for that purpose. No contract of reinsurance shall be entered into by the receiver except in pursuance of an order of the court in which the receiver was appointed directing the reinsurance and establishing the general form of the contract for the reinsurance.
History of Section.
G.L. 1896, ch. 181, § 6; G.L. 1909, ch. 219, § 6; G.L. 1923, ch. 255, § 6; P.L. 1928, ch. 1219, § 1; G.L. 1938, ch. 150, § 5; impl. am. P.L. 1953, ch. 3174, § 5; G.L. 1956, § 27-1-15; P.L. 1998, ch. 441, § 18.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-1 - Domestic Insurance Companies › Section 27-1-16. - Powers of receiver — Removal and control by court.

§ 27-1-16. Powers of receiver — Removal and control by court.
The receiver shall be clothed with all of the powers and rights, in respect of the collection of debts due to the corporation, which the corporation possessed by virtue of its charter or otherwise before the injunction issued, and may be removed and another may be appointed by the court in his or her stead. The court shall have the same power and authority over the receiver, his or her acts, proceedings, and accounts, as is exercised by courts of equity in similar cases.
History of Section.
G.L. 1896, ch. 181, § 7; C.P.A. 1905, § 1127; G.L. 1909, ch. 219, § 7; G.L. 1923, ch. 255, § 7; G.L. 1938, ch. 150, § 6; G.L. 1956, § 27-1-16.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-1 - Domestic Insurance Companies › Section 27-1-16.1. - Sale by receiver of charter and licenses.

§ 27-1-16.1. Sale by receiver of charter and licenses.
(a)
Notwithstanding any decree of forfeiture or finding of insolvency and order of liquidation, the receiver may, subject to court approval, sell or dispose of the charter and/or licenses of the insolvent insurer separate and apart from its outstanding liabilities or remaining assets.
(b)
The sale may be made after proper advertisement in a national publication on terms and conditions the court deems appropriate. The order approving the sale shall provide that the proceeds of the sale shall become part of the assets of the liquidation estate, to be distributed in the manner set forth in the pertinent provisions of law governing distribution of the estate and the order shall provide that the charter and licenses shall after this be free and clear from the claims or interests of all claimants, creditors, policyholders, and stockholders of the corporation under liquidation.
(c)
Nothing in this section of law shall be deemed a waiver of capitalization or surplus requirements, or any other condition of licensure imposed by this title which is necessary to obtain approval to do insurance business in this state, or which is necessary to obtain approval for the change in control of a foreign or domestic insurer.
(d)
This section applies retrospectively and shall be liberally construed to accomplish its purpose to provide a more expeditious and effective procedure for marshalling the assets of the estate in order to realize the maximum amount possible from the sale of those assets and ensure that the purchasers receive clear and marketable titles. It shall not be construed as a limitation upon the receiver, nor shall it exclude in any manner the receiver’s right to do other acts not specifically enumerated.
History of Section.
P.L. 1992, ch. 404, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-1 - Domestic Insurance Companies › Section 27-1-16.2. - Court approved settlements.

§ 27-1-16.2. Court approved settlements.
Notwithstanding any provisions of law to the contrary, a person, corporation, or other entity who has resolved its liability to the receiver in a judicially-approved good faith settlement shall not be liable for claims for contribution or equitable indemnity regarding matters addressed in the settlement. The settlement does not discharge any other joint tortfeasors unless its terms provide for this discharge, but it reduces the potential liability of joint tortfeasors by the amount of the settlement.
History of Section.
P.L. 1994, ch. 86, § 2.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-1 - Domestic Insurance Companies › Section 27-1-17. - Stay of executions and process against company.

§ 27-1-17. Stay of executions and process against company.
As long as the injunction is in force against any corporation, all executions and other final process against the corporation for the collection of debts shall be stayed.
History of Section.
G.L. 1896, ch. 181, § 8; G.L. 1909, ch. 219; G.L. 1923, ch. 255, § 8; G.L. 1938, ch. 150, § 7; G.L. 1956, § 27-1-17.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-1 - Domestic Insurance Companies › Section 27-1-18. - Limited injunction without receivership.

§ 27-1-18. Limited injunction without receivership.
The court may also issue a limited or temporary injunction, staying proceedings in any particulars and for any length of time as in the opinion of the court may be necessary for the safety of the public and the proper management of the affairs of the corporation, without proceeding to the appointment of a receiver.
History of Section.
G.L. 1896, ch. 181, § 9; G.L. 1909, ch. 219, § 9; G.L. 1923, ch. 255, § 9; G.L. 1938, ch. 150, § 8; G.L. 1956, § 27-1-18.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-1 - Domestic Insurance Companies › Section 27-1-19. - Declaration of forfeiture.

§ 27-1-19. Declaration of forfeiture.
The court shall, upon hearing of the parties to the complaint, if it sees cause, declare the charter of the corporation forfeited.
History of Section.
G.L. 1896, ch. 181, § 10; G.L. 1909, ch. 219, § 10; G.L. 1923, ch. 255, § 10; G.L. 1938, ch. 150, § 9; G.L. 1956, § 27-1-19.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-1 - Domestic Insurance Companies › Section 27-1-20. - Temporary injunction.

§ 27-1-20. Temporary injunction.
The citation may also contain a temporary injunction against the corporation and all of its officers, restraining them from proceeding in any business of the corporation, except under the direction of the court, which injunction unless removed shall continue until the complaint is finally disposed of.
History of Section.
G.L. 1896, ch. 181, § 11; G.L. 1909, ch. 219, § 11; G.L. 1923, ch. 255, § 11; G.L. 1938, ch. 150, § 10; G.L. 1956, § 27-1-20.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-1 - Domestic Insurance Companies › Section 27-1-21. - Failure to deliver property or records to receiver.

§ 27-1-21. Failure to deliver property or records to receiver.
If the president, secretary, treasurer, agent, or servant of any insurance company which is enjoined as provided in this chapter, or any other person upon being required, neglects or refuses to deliver to the receiver or receivers of the corporation, who may be appointed by virtue of this chapter, evidences of debt, goods, effects, books, papers, and other evidences of property of every description belonging to the corporation as may be in his or her possession or under his or her control, he or she shall be fined not exceeding ten thousand dollars ($10,000) or be imprisoned not exceeding three (3) years, or be both fined and imprisoned at the discretion of the court.
History of Section.
G.L. 1896, ch. 181, § 12; G.L. 1909, ch. 219, § 12; G.L. 1923, ch. 255, § 12; G.L. 1938, ch. 150, § 11; G.L. 1956, § 27-1-21.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-1 - Domestic Insurance Companies › Section 27-1-22. - Assessments by receiver of mutual company.

§ 27-1-22. Assessments by receiver of mutual company.
The receiver of any mutual insurance company shall, under decree of the superior court, make and assess, pursuant to the provisions of the charter of the company of which he or she shall be a receiver, any further assessments, in addition to those which may have been made by the company, as may be necessary for the payment of the debts of the corporation, with the incidental expense of assessing and collecting the assessments and the cost and expenses of closing up the business of the corporation, including any reasonable compensation of the receiver that may be allowed by the court, and may demand, receive, sue for, and collect the assessments. For the purpose of the assessment and collection, the receiver shall have all the powers and rights in these respects which the corporation possessed by virtue of its charter or otherwise; provided, these provisions shall not apply to policies issued by mutual insurance companies that do not render the holders of the policies liable to assessment.
History of Section.
G.L. 1896, ch. 181, § 13; C.P.A. 1905, § 1220; G.L. 1909, ch. 219, § 13; G.L. 1923, ch. 255, § 13; G.L. 1938, ch. 150, § 12; P.L. 1953, ch. 3174, § 1; G.L. 1956, § 27-1-22.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-1 - Domestic Insurance Companies › Section 27-1-23. - Plan for reorganization of company in receivership — Application for submission of plan to creditors and stockholders.

§ 27-1-23. Plan for reorganization of company in receivership — Application for submission of plan to creditors and stockholders.
Whenever a receiver has been appointed for an insurance company incorporated under the laws of this state, any creditor or creditors or any stockholder or stockholders of the company may propose to the receiver a plan of compromise or arrangement between the company and its creditors or classes of creditors and stockholders or classes of stockholders. If the receiver is satisfied that the adoption of the plan would be more advantageous to the creditors than any other course of procedure available to the receiver under the laws of this state, and if the receiver is further satisfied that the plan is, in other respects, fair and equitable to all creditors or classes of creditors and stockholders or classes of stockholders, the receiver may apply to the superior court having jurisdiction over the receivership proceedings for the entry of an order determining the various classes, if more than one, of creditors and stockholders and calling a meeting of the creditors, or classes of creditors and stockholders, or classes of stockholders, or separate meetings of the creditors or classes of creditors and stockholders or classes of stockholders.
History of Section.
G.L. 1938, ch. 150, § 38; P.L. 1955, ch. 3586, § 1; G.L. 1956, § 27-1-23.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-1 - Domestic Insurance Companies › Section 27-1-24. - Meetings to approve reorganization plan — Filing of approved plan.

§ 27-1-24. Meetings to approve reorganization plan — Filing of approved plan.
On the application by a receiver, the court may enter an order determining, in accordance with the provisions of § 27-1-26, the various classes of creditors and stockholders, and may order a meeting of the creditors or classes of creditors and stockholders or classes of stockholders, or separate meetings of the creditors or classes of creditors and stockholders or classes of stockholders, the meeting or meetings to be summoned in a manner or upon any notice as the court may direct. The receiver shall preside at all meetings of creditors and/or stockholders held pursuant to the order. If the holders of two thirds (⅔) in value of the claims held by each class of creditors, acting in person or by proxy, and the holders of a majority in number of shares of each class of stockholders, acting in person or by proxy, agree to the plan or to any amendment and to any reorganization of the company as a consequence of the plan, the receiver shall, within five (5) days after the approval, file the plan as originally submitted or as amended and his or her petition for instructions with reference to the plan with the court. The court shall order the plan as filed or as amended and the petition set down for hearing before it at a time and subject to further notice as may be provided in the order.
History of Section.
G.L. 1938, ch. 150; § 39, P.L. 1955, ch. 3586, § 1; G.L. 1956, § 27-1-24.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-1 - Domestic Insurance Companies › Section 27-1-25. - Decree approving reorganization plan — Binding effect.

§ 27-1-25. Decree approving reorganization plan — Binding effect.
Upon the hearing, the court shall determine the regularity of all proceedings taken under this chapter in connection with the plan as originally submitted or as amended and the fairness and equity of the plan, and may enter an appropriate decree. Upon entry of any decree by the court approving a compromise or arrangement and any reorganization as a consequence of a compromise or arrangement, then the compromise or arrangement and any reorganization as a consequence of the compromise or arrangement shall be binding upon the company, on every other company issuing securities or acquiring property under the reorganization, and on all creditors and stockholders of the company, whether or not the creditors and stockholders are affected by the reorganization or have accepted it or have filed proofs of their claims or interests and whether or not their claims or interests have been scheduled or allowed or are allowable.
History of Section.
G.L. 1938, ch. 150; § 40, by P.L. 1955, ch. 3586, § 1; G.L. 1956, § 27-1-25; P.L. 1998, ch. 441, § 18.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-1 - Domestic Insurance Companies › Section 27-1-26. - Principles for classification of creditors and stockholders.

§ 27-1-26. Principles for classification of creditors and stockholders.
For the purposes of §§ 27-1-23 — 27-1-25, the following principles shall be applied in determining classes of creditors and stockholders; provided, that as to any situation not covered by the principles, the court may make any further determination of classes, not inconsistent with the principles, that may be fair and equitable:
(1) Creditors.
No creditor whose claim is wholly secured shall be included in any class provided for under this chapter, nor have any right to vote at any meeting of creditors as long as the plan does not impair that security. Any creditor whose claim is partially secured shall, unless the creditor releases his or her right to the security, be included in the class of general creditors, but shall be entitled to vote only as to the portion of his or her claim in excess of the value of the security; and
(2) Stockholders.
Common or capital stock and preferred stock shall be classified as separate classes of stock. Common or capital stock of the same par value, regardless of series or number of issues, and preferred stock of the same par value, regardless of series or number of issues, shall constitute only one class of common or capital or preferred stock, unless the charter of the company specifically otherwise provides, in which event the provisions of the charter shall be controlling.
History of Section.
G.L. 1938, ch. 150, § 41; P.L. 1955, ch. 3586, § 1; G.L. 1956, § 27-1-26.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-1 - Domestic Insurance Companies › Section 27-1-27. - Severability.

§ 27-1-27. Severability.
If any provision of §§ 27-1-23 — 27-1-26, or the application of those sections to any person or circumstances is held invalid, the invalidity shall not affect other provisions or applications of §§ 27-1-23 — 27-1-26 which can be given effect without the invalid provision or application; to this end the provisions of §§ 27-1-23 — 27-1-26 are declared to be severable.
History of Section.
P.L. 1955, ch. 3586, § 2; G.L. 1956, § 27-1-27.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-1 - Domestic Insurance Companies › Section 27-1-28. - Proxies, consents, and authorizations in respect to any equity security issued by a domestic insurer.

§ 27-1-28. Proxies, consents, and authorizations in respect to any equity security issued by a domestic insurer.
(a)
The commissioner may by regulations prescribe the form, content, and manner of solicitation of any proxy, consent, or authorization in respect of any equity security issued by a domestic insurer, which regulations when and if issued and in force shall substantially conform to those prescribed by the National Association of Insurance Commissioners.
(b)
No domestic insurer, or any director, officer, or employee of the insurer or any other person shall solicit or permit the use of his or her name to solicit, by mail or otherwise, any person to give or to refrain from giving any proxy, consent, or authorization in respect of any equity security issued by the insurer in contravention of any regulations the commissioner may prescribe pursuant to this section.
(c)
From and after the date of issuance of any regulations by the commissioner, every proxy, consent, or authorization, and every form of written solicitation, announcement or advertisement to be used to obtain the proxy, consent, or authorization, which is intended to be used in respect of any meeting or procedure of equity security holders of a domestic insurer and is not exempted from the operation of the regulations by its terms shall be filed with the commissioner in the manner and at the times provided by the regulations by the person intending to use the written solicitation, announcement, or advertisement. For the purposes of this section, the term “person” means an individual, a corporation, a partnership, an association, a joint stock company, a business trust, or an unincorporated organization.
(d)
Failure to comply with any regulation of the commissioner made pursuant to this section shall be unlawful and any proxy, consent, or authorization obtained in violation of this section or in contravention of any regulation issued pursuant to this section shall be void. Any domestic insurer or any person legally entitled to vote or to give his or her consent or authorization with respect to the equity security, or the commissioner, may enforce compliance with the regulations of the commissioner made pursuant to this section by appropriate action at law or in equity; provided, that no action shall be brought more than fifteen (15) days after the date of the meeting at which a vote, consent, or authorization was purported to have been recorded.
History of Section.
P.L. 1965, ch. 102, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-1 - Domestic Insurance Companies › Section 27-1-29. - Reports of directors, officers, and principal shareholders.

§ 27-1-29. Reports of directors, officers, and principal shareholders.
Every person who is directly or indirectly the beneficial owner of more than ten percent (10%) of any class of any equity security of a domestic stock insurance company, or who is a director or an officer of a domestic stock insurance company, shall file in the office of the commissioner within ten (10) days after he or she becomes the beneficial owner, director, or officer, a statement, in a form as the commissioner may prescribe, of the amount of all equity securities of the company of which he or she is the beneficial owner. Within ten (10) days after the close of each calendar month, if there has been a change in ownership during the month, he or she shall file in the office of the commissioner a statement, in a form as the commissioner may prescribe, indicating his or her ownership at the close of the calendar month and any changes in his or her ownership as have occurred during the calendar month.
History of Section.
P.L. 1965, ch. 101, § 1; P.L. 2002, ch. 292, § 5.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-1 - Domestic Insurance Companies › Section 27-1-30. - Liability of directors, officers, and shareholders.

§ 27-1-30. Liability of directors, officers, and shareholders.
For the purpose of preventing the unfair use of information which may have been obtained by a beneficial owner, director, or officer by reason of his or her relationship to the company, any profit realized by him or her from any purchase and sale, or any sale and purchase, of any equity security of the company within any period of less than six (6) months, unless the security was acquired in good faith in connection with a debt previously contracted, shall inure to and be recoverable by the company, irrespective of any intention on the part of the beneficial owner, director, or officer in entering into a transaction of holding the security purchased or of not repurchasing the security sold for a period exceeding six (6) months. An action to recover profit may be instituted in any court of competent jurisdiction by the company, or by the owner of any security of the company in the name and on behalf of the company if the company fails or refuses to bring the action within sixty (60) days after request or fails diligently to prosecute the action, but no action shall be brought more than two (2) years after the date the profit was realized. This section shall not be construed to cover any transaction where the beneficial owner was not the beneficial owner, both at the time of the purchase and sale, or the sale and purchase, of the security involved, or any transaction or transactions that the commissioner by rules and regulations may exempt as not comprehended within the purpose of this section.
History of Section.
P.L. 1965, ch. 101, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-1 - Domestic Insurance Companies › Section 27-1-31. - Prohibited sales of securities.

§ 27-1-31. Prohibited sales of securities.
It shall be unlawful for any beneficial owner, director, or officer, directly or indirectly, to sell any equity security of the company if the person selling the security or his or her principal: (1) does not own the security sold, or (2) if owning the security, does not deliver it against the sale within twenty (20) days thereafter, or does not within five (5) days after the sale deposit it in the mails or other usual channels of transportation. No person shall be deemed to have violated this section if he or she proves that notwithstanding the exercise of good faith he or she was unable to make the delivery or deposit within time, or that to do this would cause undue inconvenience or expense.
History of Section.
P.L. 1965, ch. 101, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-1 - Domestic Insurance Companies › Section 27-1-32. - Exempted sales of dealers.

§ 27-1-32. Exempted sales of dealers.
The provisions of § 27-1-30 shall not apply to any purchase and sale, or sale and purchase, and the provisions of § 27-1-31 shall not apply to any sale, of an equity security of a domestic stock insurance company not then or previously held by a beneficial owner, director, or officer in an investment account by a dealer in the ordinary course of his or her business, and incident to the establishment or maintenance by the dealer of a primary or secondary market, otherwise than on an exchange referred to in 15 U.S.C. § 78l(d) for the security. The commissioner may, by any rules and regulations that the commissioner deems necessary or appropriate in the public interest, define and prescribe terms and conditions with respect to securities held in an investment account and transaction made in the ordinary course of business and incident to the establishment or maintenance of a primary or secondary market.
History of Section.
P.L. 1965, ch. 101, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-1 - Domestic Insurance Companies › Section 27-1-33. - Exempted arbitrage transactions.

§ 27-1-33. Exempted arbitrage transactions.
The provisions of §§ 27-1-30, 27-1-31, 27-1-32, and 27-1-34 shall not apply to foreign or domestic arbitrage transactions unless made in contravention of the rules and regulations that the commissioner may adopt in order to carry out the purposes of §§ 27-1-29 — 27-1-36.
History of Section.
P.L. 1965, ch. 101, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-1 - Domestic Insurance Companies › Section 27-1-34. - Definitions.

§ 27-1-34. Definitions.
When used in §§ 27-1-28 — 27-1-36:
(1)
“Equity security” means any stock or similar security, or any security convertible with or without consideration into a security, or carrying any warrant or right to subscribe to or purchase a security, or any warrant or right; or any other security which the commissioner shall deem to be of similar nature and consider necessary or appropriate, by the rules and regulations the commissioner may prescribe in the public interest or for the protection of investors, to treat as an equity security;
(2)
“Officer” means a president, vice president, treasurer, actuary, secretary, controller, and any other person who performs for the company functions corresponding to those performed by the foregoing officers.
History of Section.
P.L. 1965, ch. 101, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-1 - Domestic Insurance Companies › Section 27-1-35. - Companies not subject to securities regulations.

§ 27-1-35. Companies not subject to securities regulations.
The provisions of §§ 27-1-29 — 27-1-31 shall not apply to equity securities of a domestic stock insurance company if: (1) the securities shall be registered, pursuant to 15 U.S.C. § 78l, or if (2) the domestic stock insurance company shall not have any class of its equity securities held of record by five hundred (500) or more persons on the last business day of the year next preceding the year in which equity securities of the company would be subject to the provisions of §§ 27-1-29 — 27-1-31 except for the provisions of this clause.
History of Section.
P.L. 1965, ch. 101, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-1 - Domestic Insurance Companies › Section 27-1-36. - Regulations of “insider trading”.

§ 27-1-36. Regulations of “insider trading”.
The commissioner shall have the power to make any rules and regulations that may be necessary for the execution of the functions vested in the commissioner by §§ 27-1-29 — 27-1-35, and may for that purpose classify domestic stock insurance companies, securities, and other persons or matters within the commissioner’s jurisdiction. No provision of §§ 27-1-29 — 27-1-31 imposing any liability shall apply to any act done or omitted in good faith in conformity with any rule or regulation of the commissioner, notwithstanding that the rule or regulation may, after the act or omission, be amended or rescinded or determined by judicial or other authority to be invalid for any reason.
History of Section.
P.L. 1965, ch. 101, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-1 - Domestic Insurance Companies › Section 27-1-37. - Minimum capital and surplus requirement — Charters.

§ 27-1-37. Minimum capital and surplus requirement — Charters.
(a)
No domestic insurance corporation shall commence business and write, issue, or effect any policy of insurance unless the capital stock of the company is at least equal to one million dollars ($1,000,000) and the gross paid in and contributed surplus of the company is at least equal to two million dollars ($2,000,000), or, if a mutual company, its net assets over all liabilities amount to not less than three million dollars ($3,000,000), or, if a mono line business company, has a combined capital and surplus of two million dollars ($2,000,000), and until it has secured from the commissioner of insurance a certificate in compliance with the provisions of its charter and this section. “Commence business” as used in this section means the date of issuance of a certificate in compliance by the insurance commissioner.
(b)
The provisions of this section relating to capital and surplus requirements shall also apply to all charters for domestic insurance companies which have not commenced business prior to June 18, 1991. The provisions of this section relating to capital and surplus requirements shall also apply to domestic insurance companies which have undergone a change in control subsequent to August 1, 1995, except that the commissioner of insurance may require lesser capital and surplus, but in no event less than one million dollars ($1,000,000) as he or she deems appropriate for the protection of all policyholders and the general public, based upon his or her review of the transaction resulting in the change in control of the insurer. “Control” as used in this section shall be defined in accordance with § 27-35-1.
History of Section.
P.L. 1974, ch. 144, § 1; P.L. 1977, ch. 186, § 1: P.L. 1978, ch. 349, § 1; P.L. 1991, ch. 348, § 5; P.L. 1996, ch. 188, § 1; P.L. 2001, ch. 122, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-1 - Domestic Insurance Companies › Section 27-1-39. - Discrimination in rates prohibited.

§ 27-1-39. Discrimination in rates prohibited.
(a)
No insurance company organized to do business within this state shall make any distinction or discrimination as to the premiums or rates charged for policies of casualty, fire, home owners, accident and health, or marine insurance, nor shall the company make or permit the rejection of an individual’s application for insurance coverage, and the determination of the rate class for the individual, solely on the basis of a disability unless the disability is relevant to the risk of loss, nor shall any insurance company make or require any rebate, diminution, or discount upon the sum to be paid on any policy based on any disability discrimination, nor insert in the policy any condition nor make any stipulation, where the person insured shall bind himself or herself, his or her heirs, executors, administrators, and assigns, to accept any less sum than the full value or amount of the policy in case of a claim accruing on the policy by reason of the claim of the person insured, other than those stipulations or conditions as are imposed upon all persons in similar cases, and any stipulation or condition made in this manner or inserted shall be void.
(b)
No insurance company organized to do business within this state shall make any distinction or discrimination as to the premiums or rates charged for automobile insurance policies, nor shall the company make or permit the rejection of an individual’s application for insurance coverage, and the determination of the rate class of the individual, solely on the basis of a disability or the modification of the automobile with specialized equipment that permits an individual with a disability to operate the automobile, unless the disability or modification of the automobile is relevant to the risk or loss, nor shall any insurance company make or require any rebate, diminution, or discount upon the sum to be paid on any policy based on any disability discrimination, nor insert in the policy any condition nor make any stipulation where the person insured shall bind himself or herself, his or her heirs, executors, administrators, and assigns, to accept any less sum than the full value or amount of the policy in case of a claim accruing on the policy by reason of the claim of the person insured, other than those stipulations or conditions as are imposed upon all persons in similar cases, and any stipulation or condition made in this manner or inserted shall be void. The department of business regulation shall enforce the provisions of this section.
History of Section.
P.L. 1981, ch. 216, § 1; P.L. 1993, ch. 127, § 1; P.L. 1993, ch. 285, § 1; P.L. 1999, ch. 83, § 60; P.L. 1999, ch. 130, § 60.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-1 - Domestic Insurance Companies › Section 27-1-42. - Maximum amount of single risk.

§ 27-1-42. Maximum amount of single risk.
No company organized under the laws of this state, other than a life insurance company, shall incur in any one risk a greater hazard than one-tenth (1/10) part of its capital and surplus if a stock company or of its net assets if a mutual company. Any risk incurred on or before June 18, 1991, which is not in compliance with the provisions in this section shall not be subject to the established limitations.
History of Section.
P.L. 1991, ch. 348, § 2.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-1 - Domestic Insurance Companies › Section 27-1-43. - Applicability.

§ 27-1-43. Applicability.
The general provisions of law relating to the duties, obligations, prohibitions, or penalties which appertain to insurance companies incorporated under the authority of this state, and defining the powers and duties of the insurance commissioner in reference to those companies, shall be and are applicable to all corporations, companies and associations incorporated under the authority of this state, and to all partnerships and individuals, doing, as principals or otherwise, in this state, any insurance business of any name, kind or description, including the transaction of reinsurance.
History of Section.
P.L. 1996, ch. 188, § 2.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-1 - Domestic Insurance Companies › Section 27-1-44. - Prohibition on the pledging of stock.

§ 27-1-44. Prohibition on the pledging of stock.
No domestic insurance company, and no holding company as defined in § 27-35-1(6), shall pledge its own stock, or any stock of any domestic insurance company subsidiary, without the prior written consent of the director of business regulation. The provisions of this section shall not apply to any of these pledges in effect prior to August 5, 1996.
History of Section.
P.L. 1996, ch. 188, § 2; P.L. 1999, ch. 141, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-1 - Domestic Insurance Companies › Section 27-1-45. - Determination of premium tax rate.

§ 27-1-45. Determination of premium tax rate.
The department of business regulation may participate in proceedings under § 44-17-1(d) to implement guidelines, directives, criteria, and may promulgate additional resulting rules and regulations pursuant to chapter 35 of title 42 as are necessary to implement § 44-17-1(d).
History of Section.
P.L. 2016, ch. 538, § 2.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-1.1 - Credit for Reinsurance Act › Section 27-1.1-0.5. - Purpose.

§ 27-1.1-0.5. Purpose.
The purpose of this chapter is to protect the interest of insureds, claimants, ceding insurers, assuming insurers and the public generally. The legislature hereby declares its intent is to ensure adequate regulation of insurers and reinsurers and adequate protection for those to whom they owe obligations. In furtherance of that state interest, the legislature hereby provides a mandate that upon the insolvency of a non-U.S. insurer or reinsurer that provides security to fund its U.S. obligations in accordance with this chapter, the assets representing the security shall be maintained in the United States and claims shall be filed with and valued by the state insurance commissioner with regulatory oversight, and the assets shall be distributed, in accordance with the insurance laws of the state in which the trust is domiciled that are applicable to the liquidation of domestic U.S. insurance companies. The legislature declares that the matters contained in this chapter are fundamental to the business of insurance in accordance with 15 U.S.C. §§ 1011-1012.
History of Section.
P.L. 2013, ch. 84, § 3; P.L. 2013, ch. 91, § 3.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-1.1 - Credit for Reinsurance Act › Section 27-1.1-2. - Asset or reduction from liability for reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of 27-1.1-1.

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