2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-14.3 - Insurers’ Rehabilitation and Liquidation Act › Section 27-14.3-22.1. - Grounds for rehabilitation or liquidation of a domestic company that is a covered financial company under Dodd-Frank Wall Street Reform and Consumer Protection Act.

§ 27-14.3-22.1. Grounds for rehabilitation or liquidation of a domestic company that is a covered financial company under Dodd-Frank Wall Street Reform and Consumer Protection Act.
(a)
The provisions of this section apply in accordance with title II of the federal Dodd-Frank Wall Street reform and consumer protection act, Pub. L. No. 111-203 with respect to an insurance company that is a covered financial company, as that term is defined under 12 U.S.C. § 5381.
(b)
The commissioner may file a complaint for an order of rehabilitation or liquidation pursuant to subdivision (4) of this chapter on any of the following grounds:
(1)
Upon a determination and notification given by the secretary of the treasury of the United States (in consultation with the President of the United States) that the insurance company is a financial company satisfying the requirements of 12 U.S.C. § 5383(b), and the board of directors (or body performing similar functions) of the insurance company acquiesces or consents to the appointment of a receiver pursuant to 12 U.S.C. § 5382(a)(1)(A)(i) with such consent to be considered as consent to an order of rehabilitation or liquidation;
(2)
Upon an order of the United States district court for the District of Columbia under 12 U.S.C. § 5382(a)(1)(A)(iv)(I) granting the petition of the secretary of the treasury of the United States concerning the insurance company under 12 U.S.C. § 5382(a)(1)(A)(i); or
(3)
A petition by the secretary of the treasury of the United States concerning the insurance company is granted by operation of law under 12 U.S.C. § 5382(a)(1)(A)(v).
(c)
Notwithstanding any other provision of law, after notice to the insurance company, the receivership court may grant an order on the complaint for rehabilitation or liquidation within twenty-(24) hours after the filing of a complaint pursuant to this section.
(d)
If the receivership court does not make a determination on a complaint for rehabilitation or liquidation filed by the commissioner pursuant to this section within twenty-four (24) hours after its filing, then it shall be deemed granted by operation of law upon the expiration of the twenty-four (24) hour period. At the time that an order is deemed granted under this section, the provisions of chapter 14.3 of title 27 of this title shall be deemed to be in effect, and the director shall be deemed to be affirmed as receiver and have all of the applicable powers provided by this code, regardless of whether an order has been entered. The receivership court shall expeditiously enter an order of rehabilitation or liquidation that:
(1)
Is effective as of the date that it is deemed granted by operation of law; and
(2)
Conforms to the provisions for rehabilitation or liquidation contained in this chapter, as applicable.
(e)
Any order of rehabilitation or liquidation made pursuant to this section shall not be subject to any stay or injunction pending appeal.
(f)
Nothing in this section shall be construed to supersede or impair any other power or authority of the commissioner or the court under this chapter or title 27.
History of Section.
P.L. 2012, ch. 308, § 2; P.L. 2012, ch. 335, § 2.