reglab/statecodes huggingface dataset:
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-5 - Fire Insurance Policies and Reserves › Section 27-5-7. - Combination standard form.

§ 27-5-7. Combination standard form.
Two (2) or more insurers authorized to do the business of fire insurance in this state may, with the approval of the director of business regulation, issue a combination standard form of fire insurance policy which shall contain the following provisions:
(1)
A provision substantially to the effect that the insurers executing the policy shall be severally liable for the full amount of any loss or damage, according to the terms of the policy, or for specified percentages or amounts of loss or damage, aggregating the full amount of the insurance under the policy; and
(2)
A provision substantially to the effect that service of process, or of any notice or proof of loss required by the policy, upon any of the insurers executing the policy, shall be deemed to be service upon all of the insurers.
History of Section.
G.L. 1923, ch. 258, § 4; P.L. 1929, ch. 1359, § 1; G.L. 1938, ch. 154, § 1; P.L. 1945, ch. 1623, § 1; G.L. 1956, § 27-5-7.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-5 - Fire Insurance Policies and Reserves › Section 27-5-8. - Supplemental contract forms.

§ 27-5-8. Supplemental contract forms.
Appropriate forms of supplemental contracts or extended coverage endorsements where the interest in the property described in a fire insurance policy shall be insured against one or more of the perils which the insurer is empowered to assume, in addition to the peril covered by the standard fire insurance policy, may be approved by the director of business regulation, and their use in connection with a standard fire insurance policy may be authorized by him or her. The first page of the policy may, in a form approved by the director of business regulation, be rearranged to provide space for the listing of amounts of insurance, rates, and premiums for the basic coverages insured under the standard form of policy, and for additional coverages or perils insured under endorsements attached, and any other data that may be conveniently included for duplication on daily reports for office records.
History of Section.
G.L. 1923, ch. 258, § 4; P.L. 1934, ch. 2112, § 1; G.L. 1938, ch. 154, § 1; P.L. 1945, ch. 1623, § 1; G.L. 1956, § 27-5-8.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-5 - Fire Insurance Policies and Reserves › Section 27-5-9. - Standard form not required for reinsurance.

§ 27-5-9. Standard form not required for reinsurance.
The standard fire insurance policy provided for in this chapter need not be used for effecting reinsurance between insurers.
History of Section.
G.L. 1938, ch. 154, § 1; P.L. 1945, ch. 1623, § 1; G.L. 1956, § 27-5-9.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-5 - Fire Insurance Policies and Reserves › Section 27-5-9.1. - Simplified comprehensive policies of insurance.

§ 27-5-9.1. Simplified comprehensive policies of insurance.
Simplified policies of insurance providing broad coverage of all or various combinations of risks may be approved by the director of business regulation and issued by insurers notwithstanding those provisions of any other law which specify the contents of insurance policies; provided, that those policies contain provisions assuring to policyholders and claimants protection not less favorable than they would be entitled to under § 27-5-3 or a substantially similar policy which is not subject to this section.
History of Section.
P.L. 1979, ch. 48, § 2.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-5 - Fire Insurance Policies and Reserves › Section 27-5-10. - Penalty for nonconforming policy — Validity.

§ 27-5-10. Penalty for nonconforming policy — Validity.
Any insurance company or insurance producer who shall make, issue, or deliver a policy of fire insurance in willful violation of §§ 27-5-1 — 27-5-9, or any part of those sections, shall forfeit for each offense not less than fifty dollars ($50.00) nor more than two hundred dollars ($200); but the policy shall be binding upon the company issuing it.
History of Section.
G.L. 1896, ch. 183, § 6; G.L. 1909, ch. 222, § 6; G.L. 1923, ch. 258, § 6; G.L. 1938, ch. 154, § 3; G.L. 1938, ch. 154, § 2; P.L. 1945, ch. 1623, § 1; G.L. 1956, § 27-5-10.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-5 - Fire Insurance Policies and Reserves › Section 27-5-11. - Enforcement of standard policy requirements.

§ 27-5-11. Enforcement of standard policy requirements.
The director of business regulation shall enforce the provisions of §§ 27-5-1 — 27-5-10.
History of Section.
P.L. 1935, ch. 2250, § 73; G.L. 1938, ch. 154, § 4; G.L. 1938, ch. 154, § 3; P.L. 1945, ch. 1623, § 1; G.L. 1956, § 27-5-11.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-5 - Fire Insurance Policies and Reserves › Section 27-5-12. - Declination of premium notes by mutual companies — Provision as to liability.

§ 27-5-12. Declination of premium notes by mutual companies — Provision as to liability.
Every mutual fire insurance company organized under the laws of this state may decline to take premium notes in partial payment for insurance; provided, there is inserted in the body of the policy issued a provision making the assured, his or her or their executors, administrators, or assigns, liable for any assessments provided in the policy, and as shall become necessary in order to pay all losses and expenses not exceeding twenty (20) times the amount of the cash premium paid.
History of Section.
G.L. 1896, ch. 181, § 16; G.L. 1909, ch. 219, § 16; G.L. 1923, ch. 255, § 16; G.L. 1938, ch. 150, § 15; P.L. 1944, ch. 1524, § 1; P.L. 1953, ch. 3174, § 2; G.L. 1956, § 27-5-12.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-5 - Fire Insurance Policies and Reserves › Section 27-5-13. - Mutual membership not acquired by reinsurance.

§ 27-5-13. Mutual membership not acquired by reinsurance.
Any mutual company of this or any other state ceding reinsurance to a similar company shall not, unless the contract of reinsurance provides, become a member of the company accepting the reinsurance, or be entitled to any dividend or expiration return of premium or of unabsorbed premium deposit, or be subject to liability to assessment.
History of Section.
G.L. 1938, ch. 150, § 15; P.L. 1944, ch. 1524, § 1; P.L. 1953, ch. 3174, § 2; G.L. 1956, § 27-5-13.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-5 - Fire Insurance Policies and Reserves › Section 27-5-14. - Reinsurance by mutual insurers — Agreements with policyholders.

§ 27-5-14. Reinsurance by mutual insurers — Agreements with policyholders.
(a)
Whenever any mutual company of this or any other state shall reinsure in a similar company the whole or any portion of a risk covered by its policy or policies of insurance, it may do so either:
(1)
By existing methods of reinsurance; or
(2)
By agreement with its policyholder or policyholders attached to and made a part of its policy or policies.
(b)
This agreement shall contain a schedule giving:
(1)
The name and location of each reinsuring company; and
(2)
The portion of the risk reinsured in each company.
(c)
This agreement shall also provide that the dividend or return of the premium or premium deposit to be paid or credited upon termination of the policy or policies shall be the sum of:
(1)
The dividend or return of the premium or premium deposit to be paid or credited upon that portion of the premium or premium deposit retained by the company issuing the policy or policies; and
(2)
The aggregate amount of the dividends or returns of the premium or premium deposit paid or credited upon all portions of the premium or premium deposit ceded to all the reinsuring companies.
History of Section.
G.L. 1938, ch. 150, § 15; P.L. 1953, ch. 3174, § 2; G.L. 1956, § 27-5-14.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-5 - Fire Insurance Policies and Reserves › Section 27-5-15. - Power to create guaranty surplus and special reserve funds.

§ 27-5-15. Power to create guaranty surplus and special reserve funds.
Any insurance company organized under the laws of this state authorized to transact a fire insurance business may create the funds provided for in §§ 27-5-16 — 27-5-31, to be known and designated as the guaranty surplus fund and the special reserve fund, and may avail itself of the provisions of this section and §§ 27-5-16 — 27-5-31, upon complying with the requirements of those sections.
History of Section.
P.L. 1907, ch. 1438, § 1; G.L. 1909, ch. 219, § 26; G.L. 1923, ch. 255, § 26; G.L. 1938, ch. 150, § 25; G.L. 1956, § 27-5-15; P.L. 2002, ch. 292, § 22.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-5 - Fire Insurance Policies and Reserves › Section 27-5-16. - Resolution to establish surplus and reserve funds — Certification of funds.

§ 27-5-16. Resolution to establish surplus and reserve funds — Certification of funds.
Any state fire insurance company desiring to create guaranty surplus and special reserve funds may do so upon the adoption of a resolution by its board of directors, at a regular meeting of its board of directors, to that effect, and filing with the insurance commissioner a copy declaring the intention of the company to create those funds and to do business under the provisions of this chapter. As soon after the filing of a copy of the resolution as is convenient, the insurance commissioner shall make, or cause to be made, an examination of the company, and the commissioner shall make a certificate of the result which shall particularly set forth the amount of surplus funds held by the company at the date of the examination, the whole or any part of which under the provisions of this chapter may be equally divided between and set apart to constitute guaranty surplus and special reserve funds, which certificate shall be recorded in the office of the insurance commissioner.
History of Section.
P.L. 1907, ch. 1438, § 2; G.L. 1909, ch. 219, § 27; G.L. 1923, ch. 255, § 27; G.L. 1938, ch. 150, § 27; impl. am. P.L. 1953, ch. 3174, § 5; G.L. 1956, § 27-5-16.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-5 - Fire Insurance Policies and Reserves › Section 27-5-17. - Restrictions on dividends — Payments into surplus and reserve funds.

§ 27-5-17. Restrictions on dividends — Payments into surplus and reserve funds.
After the date of filing the resolution referred to in § 27-5-16 with the insurance commissioner, the company shall not make or declare or pay in any form any dividend upon its capital stock exceeding eight percent (8%) per annum and six percent (6%) per annum upon the surplus funds to be formed under this chapter until after its guaranty surplus fund and its special reserve fund shall have together accumulated to an amount equal to its capital stock. Any part of the surplus profits of the company above its annual dividend may be equally divided between and set apart to constitute the guaranty surplus fund and the special reserve fund, which funds shall be held and used as provided in this chapter and not otherwise. Any company doing business under this chapter that shall declare or pay any dividend contrary to the provisions contained in this section shall forfeit its charter and be liable to be proceeded against by the attorney general for its dissolution.
History of Section.
P.L. 1907, ch. 1438, § 3; G.L. 1909, ch. 219, § 28; G.L. 1923, ch. 255, § 28; G.L. 1938, ch. 150, § 27; impl. am. P.L. 1953, ch. 3174, § 5; G.L. 1956, § 27-5-17.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-5 - Fire Insurance Policies and Reserves › Section 27-5-18. - Computation of profits.

§ 27-5-18. Computation of profits.
(a)
In estimating the profit of any company for the purpose of making a division between its guaranty surplus fund and its special reserve fund, until those funds shall together amount to a sum equal to the capital stock of the company, there shall be deducted from the gross assets of the company, including for this purpose the amount of the special reserve fund, the sum of the following items:
(1)
The amount of all outstanding claims;
(2)
An amount sufficient to meet the liability of the company for the unearned premiums upon its unexpired policies, which amount shall at least equal one half (½) of the premiums received on policies having less than one year to run from the date of the policy, and a pro rata proportion of the premiums received on the policies having more than one year to run from the date of the policy, and shall be known as the reinsurance liability;
(3)
The amount of its guaranty surplus fund and of its special reserve fund;
(4)
The amount of the capital of the company; and
(5)
Interest at the rate of eight percent (8%) per annum upon the amount of the capital and six percent (6%) per annum upon the amount of the funds for whatever time shall have elapsed since the last preceding cash dividend.
(b)
The balance shall constitute the net surplus of the company, any portion of which is subject to an equal division between the funds as provided in this section.
History of Section.
P.L. 1907, ch. 1438, § 7; G.L. 1909, ch. 219, § 32; G.L. 1923, ch. 255, § 32; G.L. 1938, ch. 150, § 31; P.L. 1939, ch. 659, § 2; G.L. 1956, § 27-5-18.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-5 - Fire Insurance Policies and Reserves › Section 27-5-19. - Certification that funds equal capital stock — Subsequent additions.

§ 27-5-19. Certification that funds equal capital stock — Subsequent additions.
Whenever any company notifies the insurance commissioner that it has fulfilled the requirements already expressed in this chapter, and that its guaranty surplus fund and its special reserve fund taken together equal its capital stock, the commissioner shall make an examination of the company and make a certificate of the result and file the certificate in his or her office. If the commissioner finds that the combined funds equal the capital stock of the company, after this the company may continue, out of any subsequent profits of its business, to add to those funds; provided, that whenever any addition is made to the special reserve fund, an equal sum shall be carried to the guaranty surplus fund.
History of Section.
P.L. 1907, ch. 1438, § 4; G.L. 1909, ch. 219, § 29; G.L. 1923, ch. 255, § 29; G.L. 1938, ch. 150, § 28; impl. am. P.L. 1953, ch. 3174, § 5; G.L. 1956, § 27-5-19.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-5 - Fire Insurance Policies and Reserves › Section 27-5-20. - Investment of guaranty surplus fund — Liability to payment of losses.

§ 27-5-20. Investment of guaranty surplus fund — Liability to payment of losses.
The guaranty surplus fund shall be held and be invested by a state fire insurance company in the same manner as its capital stock and surplus accumulation may be held and be invested, and shall be liable and applicable in the same manner as the capital stock is to the payment generally of the losses of the company.
History of Section.
P.L. 1907, ch. 1438, § 5; G.L. 1909, ch. 219, § 30; G.L. 1923, ch. 255, § 30; G.L. 1938, ch. 150, § 29; G.L. 1956, § 27-5-20.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-5 - Fire Insurance Policies and Reserves › Section 27-5-21. - Deposit of special reserve fund.

§ 27-5-21. Deposit of special reserve fund.
The special reserve fund shall be invested according to existing laws relating to investments of capital by fire insurance companies, and shall be deposited as the fund shall accumulate and be invested, with the insurance commissioner of the state, who shall permit the company depositing the fund to change deposits by substituting for those withdrawn others of equal amount and value, and to collect and receive the interest or dividends upon those securities as the interest or dividends may accrue. The fund shall not be regarded as any part of the assets in possession of the company, so as to be or render the company liable for any claim for loss by fire or except as provided in this chapter.
History of Section.
P.L. 1907, ch. 1438, § 6; G.L. 1909, ch. 219, § 31; G.L. 1923, ch. 255, § 31; G.L. 1938, ch. 150, § 30; impl. am. P.L. 1953, ch. 3174, § 5; G.L. 1956, § 27-5-21.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-5 - Fire Insurance Policies and Reserves › Section 27-5-23. - Annual statement of amounts of funds.

§ 27-5-23. Annual statement of amounts of funds.
A fire insurance company shall, in its annual statement to the insurance commissioner, set forth the amount of its special reserve fund and of its guaranty surplus fund.
History of Section.
P.L. 1907, ch. 1438, § 8; G.L. 1909, ch. 219, § 33; G.L. 1923, ch. 255, § 33; G.L. 1938, ch. 150, § 32; impl. am. P.L. 1953, ch. 3174, § 5; G.L. 1956, § 27-5-23.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-5 - Fire Insurance Policies and Reserves › Section 27-5-24. - Maintenance of surplus fund equal to reserve fund.

§ 27-5-24. Maintenance of surplus fund equal to reserve fund.
If, in consequence of the payment of losses by fires, or of the expenses of the business, or of the interest or dividends payable under the provisions of this chapter to stockholders, or from any cause, the guaranty surplus fund shall be reduced in amount below the amount of the special reserve fund, the directors of the corporation shall make no additions to the special reserve fund until the guaranty surplus fund is equal to the special reserve fund.
History of Section.
P.L. 1907, ch. 1438, § 8; G.L. 1909, ch. 219, § 33; G.L. 1923, ch. 255, § 33; G.L. 1938, ch. 150, § 32; G.L. 1956, § 27-5-24.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-5 - Fire Insurance Policies and Reserves › Section 27-5-25. - Use of special reserve fund to replace capital stock.

§ 27-5-25. Use of special reserve fund to replace capital stock.
If any amount greater than a sum equal to one half (½) of its capital stock shall have been deposited with the commissioner by a fire insurance company under the provisions of this chapter, the commissioner shall retain of those securities an amount equal to one half (½) of what amount he or she shall hold in excess of a sum equal to one half (½) of the capital stock, and the commissioner shall transfer the balance to the company, and the amount transferred to the company shall from the time of the transfer, provided the amount shall not be less than two hundred thousand dollars ($200,000), constitute the capital stock of the company for the further conduct of its business, and the retained securities shall be regarded as the special reserve fund of the company, to which additions may be made, and shall be held in the same manner, and for the same purpose, and under the same conditions as the original special reserve fund of the company was held.
History of Section.
P.L. 1907, ch. 1438, § 8; G.L. 1909, ch. 219, § 33; G.L. 1923, ch. 255, § 33; G.L. 1938, ch. 150, § 32; impl. am. P.L. 1953, ch. 3174, § 5; G.L. 1956, § 27-5-25.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-5 - Fire Insurance Policies and Reserves › Section 27-5-26. - Physical assets for protection of policyholders.

§ 27-5-26. Physical assets for protection of policyholders.
The policy registers, insurance maps, books of record, and other books in use by a fire insurance company in its business, and its policy and other blanks, office furniture, fixtures, and supplies, are not to be considered as assets, but shall be held by the company for its use in the protection of its policyholders.
History of Section.
P.L. 1907, ch. 1438, § 8; G.L. 1909, ch. 219, § 33; G.L. 1923, ch. 255, § 33; G.L. 1938, ch. 150, § 32; G.L. 1956, § 27-5-26.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-5 - Fire Insurance Policies and Reserves › Section 27-5-27. - Making up of impairments of capital.

§ 27-5-27. Making up of impairments of capital.
If, at any time after a special reserve fund has been accumulated by any company, the directors of the company shall present evidence satisfactory to the insurance commissioner that the capital of the company has become impaired, the commissioner shall order the directors to call upon the stockholders to make up that impairment, and the board of directors may then require the necessary payment by the stockholders to make good the whole of that impairment, or they may apply for that purpose the whole or any part of the special reserve fund and require of the stockholders payment of any amount as may be necessary to make up the balance of that impairment not made up out of the special reserve fund. The stock of every stockholder shall be pledged and liable for the amount assessed upon the stockholder to make up that impairment either in whole or in part, and in case any stockholder refuses to pay that assessment the stock standing in his or her name may be sold at public auction after thirty (30) days’ notice in any manner as the directors may provide. If the board of directors elects to make good that impairment or any part of the impairment out of the special reserve fund, the insurance commissioner shall, upon request of the board, transfer to the company so much of the special reserve fund as is necessary for the purpose.
History of Section.
P.L. 1907, ch. 1438, § 9; G.L. 1909, ch. 219, § 34; P.L. 1919, ch. 1783, § 1; G.L. 1923, ch. 255, § 34; G.L. 1938, ch. 150, § 33; impl. am. P.L. 1953, ch. 3174, § 5; G.L. 1956, § 27-5-27.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-5 - Fire Insurance Policies and Reserves › Section 27-5-28. - Maximum single risk insured.

§ 27-5-28. Maximum single risk insured.
No company doing business under §§ 27-5-15 — 27-5-31 shall insure any larger amount upon any single risk than is permitted by law to a company possessing the same amount of capital irrespective of the fund provided for in this chapter.
History of Section.
P.L. 1907, ch. 1438, § 9; G.L. 1909, ch. 219, § 34; P.L. 1919, ch. 1783, § 1; G.L. 1923, ch. 255, § 34; G.L. 1938, ch. 150, § 33; G.L. 1956, § 27-5-28.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-5 - Fire Insurance Policies and Reserves › Section 27-5-29. - Statement on policy as to surplus and reserve funds.

§ 27-5-29. Statement on policy as to surplus and reserve funds.
Every policy issued by a company which has constituted and set apart a guaranty surplus and special reserve fund under §§ 27-5-15 — 27-5-31, or any prior law of this state, shall have printed on the policy by the company a statement that the policy is issued under and in pursuance of the laws of the state of Rhode Island relating to guaranty surplus and special reserve funds, and every policy shall be deemed to have been issued and received subject to the provisions of this chapter.
History of Section.
P.L. 1907, ch. 1438, § 10; G.L. 1909, ch. 219, § 35; G.L. 1923, ch. 255, § 35; G.L. 1938, ch. 150, § 34; G.L. 1956, § 27-5-29.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-5 - Fire Insurance Policies and Reserves › Section 27-5-30. - Funds established under prior law.

§ 27-5-30. Funds established under prior law.
The action of any company organized under the laws of this state authorized to do a fire insurance business in constituting and setting apart guaranty surplus and special reserve funds under the provisions of §§ 26 to 33 of chapter 181 of the General Laws of 1896, or of chapter 307 of the Public Laws of 1896, or under any prior act of the general assembly, is hereby confirmed and approved and those companies may continue to hold and maintain the funds so constituted and set apart, subject to the terms and provisions of §§ 27-5-15 — 27-5-31; and provided, that as to all policies issued prior to July 1, 1907, and which by their terms are made subject to §§ 26 to 33 of chapter 181 of the General Laws of 1896 and chapter 307 of the Public Laws of 1896, those sections and acts shall remain in full force and effect.
History of Section.
P.L. 1907, ch. 1438, § 11; G.L. 1909, ch. 219, § 36; G.L. 1923, ch. 255, § 36; G.L. 1938, ch. 150, § 35; G.L. 1956, § 27-5-30.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-5 - Fire Insurance Policies and Reserves › Section 27-5-31. - Termination of surplus and reserve fund method — Return of special reserve fund.

§ 27-5-31. Termination of surplus and reserve fund method — Return of special reserve fund.
Any company which has established a guaranty surplus fund and special reserve fund may, at a regular meeting of its board of directors, or at a special meeting called for that purpose, adopt a resolution declaring its desire and intention to discontinue those funds and to cease to do business under and in pursuance of the provisions of law relating to those funds, and file a certified copy of that resolution with the insurance commissioner. Upon the adoption and filing of that resolution, all rights of the company to withhold a special reserve fund from its general creditors shall be terminated and the company shall discontinue printing upon its policies or renewals the notice provided for in § 27-5-29, and after this the provisions of this chapter so far as they relate to those funds shall cease to apply to the company; provided, that the special reserve fund of the company shall continue at the amount prescribed by the provisions of this chapter at the date of the making and filing of the resolution and the guaranty surplus fund may continue at a like amount, but those funds need not be increased on account of any increase in capital of the company or otherwise after the adoption and filing of the resolution and shall be held and invested as provided in §§ 27-5-15 — 27-5-31, but only for the purpose of assuring to the holders of policies at the time the resolution is filed with the insurance commissioner any rights and privileges as may inure to them under §§ 27-5-15 — 27-5-31. At the expiration of five (5) years after the adoption and filing of the resolution by the company, the special reserve fund shall be reduced to an amount equal to the unearned premium upon and all losses incurred and unpaid under any remaining policies which were outstanding at the time of the adoption and filing of the resolution. The excess of the special reserve fund above that amount shall be returned by the insurance commissioner to the company, and when all policies which were outstanding at the time of the adoption and filing of the resolution shall have terminated by expiration or by cancellation, the entire balance of the special reserve fund shall be returned to the company.
History of Section.
G.L. 1909, cn. 219, § 34; P.L. 1919, ch. 1783, § 1; G.L. 1923, ch. 255, § 34; G.L. 1938, ch. 150, § 33; impl. am. P.L. 1953, ch. 3174, § 5; G.L. 1956, § 27-5-31.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-6 - Fire and Marine Insurance Rating › Section 27-6-1. - Purpose.

§ 27-6-1. Purpose.
The purpose of this chapter is to promote the public welfare by regulating insurance rates to the end that they shall not be excessive, inadequate, or unfairly discriminatory, and to authorize and regulate cooperative action among insurers in rate making and in other matters within the scope of this chapter. Nothing in this chapter is intended to prohibit or discourage reasonable competition, or to prohibit or encourage, except to the extent necessary to accomplish the purpose of this section, uniformity in insurance rates, rating systems, or rating plans or practices. This chapter shall be liberally interpreted to carry into effect the provisions of this section.
History of Section.
P.L. 1948, ch. 2088, § 1; G.L. 1956, § 27-6-1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-6 - Fire and Marine Insurance Rating › Section 27-6-2. - Applicability.

§ 27-6-2. Applicability.
(a)
This chapter applies to fire, marine, and inland marine insurance on risks located in this state. Inland marine insurance shall include insurance now or defined by statute, or by interpretation of a statute, or if not defined or interpreted by statute, by ruling of the insurance commissioner, referred to throughout this chapter as “commissioner”, or as established by general custom of the business, as inland marine insurance.
(b)
This chapter shall not apply:
(1)
To reinsurance, other than joint reinsurance to the extent stated in §§ 27-6-37 and 27-6-38;
(2)
To insurance of vessels or craft, their cargoes, marine builders’ risks, marine protection and indemnity, or other risks commonly insured under marine, as distinguished from inland marine, insurance policies;
(3)
To insurance of hulls of aircraft, including their accessories and equipment, or against liability arising out of the ownership, maintenance, or use of aircraft; or
(4)
To motor vehicle insurance, or to insurance against liability arising out of the ownership, maintenance, or use of motor vehicles.
History of Section.
P.L. 1948, ch. 2088, § 2; G.L. 1956, § 27-6-2.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-6 - Fire and Marine Insurance Rating › Section 27-6-3. - Insurers to which chapter applicable — Election between applicable laws.

§ 27-6-3. Insurers to which chapter applicable — Election between applicable laws.
This chapter applies to all insurers that, under any provision of the laws of this state, write any of the kinds of insurance to which this chapter applies. If any kind of insurance, or subdivision or combination of it, or type of coverage, subject to this chapter, is also subject to regulation by another rate regulatory act of this state, an insurer to which both acts are applicable shall file with the commissioner a designation as to which rate regulatory act shall be applicable to it with respect to that kind of insurance, or subdivision or combination of it, or type of coverage.
History of Section.
P.L. 1948, ch. 2088, § 2; G.L. 1956, § 27-6-3.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-6 - Fire and Marine Insurance Rating › Section 27-6-4. - Considerations in rate making.

§ 27-6-4. Considerations in rate making.
Rates shall be made in accordance with the following provisions:
(1)
Manual, minimum, or class rates, rating schedules, or rating plans shall be made and adopted, except in the case of specific inland marine rates, on risks specially rated;
(2)
Rates shall not be excessive, inadequate, or unfairly discriminatory; and
(3)
Due consideration shall be given to past and prospective loss experience within and outside of this state, to the conflagration and catastrophe hazards, to a reasonable margin for underwriting profit and contingencies, to dividends savings or unabsorbed premium deposits allowed or returned by insurers to their policyholders, members, or subscribers, to past and prospective expenses both country-wide and those specially applicable to this state, and to all other relevant factors within and outside of this state. In the case of fire insurance rates consideration shall be given to the experience of the fire insurance business during a period of not less than the most recent five (5) year period for which that experience is available.
History of Section.
P.L. 1948, ch. 2088, § 3; G.L. 1956, § 27-6-4.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-6 - Fire and Marine Insurance Rating › Section 27-6-5. - Uniformity of rates.

§ 27-6-5. Uniformity of rates.
Except to the extent necessary to meet the provisions of § 27-6-4(2), uniformity among insurers in any matters within the scope of § 27-6-4 is neither required or prohibited.
History of Section.
P.L. 1948, ch. 2088, § 3; G.L. 1956, § 27-6-5.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-6 - Fire and Marine Insurance Rating › Section 27-6-6. - Contracts as to commissions or compensation.

§ 27-6-6. Contracts as to commissions or compensation.
Nothing in this chapter shall abridge or restrict the freedom of contract between insurers and insurance producers with respect to commissions or between insurers and their employees or other persons with respect to compensation for goods or services.
History of Section.
P.L. 1948, ch. 2088, § 3; G.L. 1956, § 27-6-6.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-6 - Fire and Marine Insurance Rating › Section 27-6-6.1. - Approval of policies.

§ 27-6-6.1. Approval of policies.
(a)
Every insurance company and every rating/advisory organization issuing policies covering fire and marine insurance provided for in this chapter shall file with the director a copy of the form of the policies proposing to use. A policy may not be issued until the director has approved the form.
(b)
Any policy form, subject to this chapter and filed by an insurer or rating/advisory organization on behalf of its members or subscribers with the director, shall be deemed public information at the time of filing.
History of Section.
P.L. 2002, ch. 175, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-6 - Fire and Marine Insurance Rating › Section 27-6-7. - Use of rates.

§ 27-6-7. Use of rates.
Rates made in accordance with §§ 27-6-4 — 27-6-6 may be used subject to the provisions of this chapter.
History of Section.
P.L. 1948, ch. 2088, § 3; G.L. 1956, § 27-6-7.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-6 - Fire and Marine Insurance Rating › Section 27-6-8. - Filing of rate schedules and plans.

§ 27-6-8. Filing of rate schedules and plans.
(a)
Every insurer shall file with the commissioner, except as to inland marine risks which by general custom of the business are not written according to manual rates or rating plans, every manual, minimum, or class rate, rating schedule or rating plan, and every other rating rule, and every modification of any of these which it proposes to use; provided, that rates other than class rates determined by the application of any rating schedule or rating plan may be modified without additional filing to produce rates for individual risks which are lower than those filed and which evaluate variations in physical or moral hazards, individual risk experience, or expense provisions and which are not inadequate or unfairly discriminatory. Every filing shall state the proposed effective date, and shall indicate the character and extent of the coverage contemplated.
(b)
When a filing is not accompanied by the information upon which the insurer supports that filing, and the commissioner does not have sufficient information to determine whether that filing meets the requirements of the chapter, the commissioner shall require the insurer to furnish the information upon which it supports that filing. The information furnished in support of a filing may include: (1) the experience or judgment of the insurer or rating organization making the filing, (2) its interpretation of any statistical data it relies upon, (3) the experience of other insurers or rating organizations, or (4) any other relevant factors. A filing and any supporting information shall be open to public inspection. Specific inland marine rates on risks specially rated, made by a rating organization, shall be filed with the commissioner.
History of Section.
P.L. 1948, ch. 2088, § 4; G.L. 1956, § 27-6-8; P.L. 1968, ch. 286, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-6 - Fire and Marine Insurance Rating › Section 27-6-8.1. - Rating for nonbusiness policies.

§ 27-6-8.1. Rating for nonbusiness policies.
(a)
Notwithstanding the requirements of § 27-6-8, a filing made by an insurer under this section that provides for an overall statewide rate increase or decrease of no more than five percent (5%) in the aggregate for all coverages that are subject to the filing may take effect the date it is filed. The five percent (5%) limitation does not apply on an individual insured basis. No more than one rate filing may be made by an insurer pursuant to the expedited process provided in this subsection during any twelve (12) month period, unless a rate filing, when combined with any other rate filing or filings made by an insurer within the preceding twelve (12) months, does not result in an overall statewide increase or decrease of more than five percent (5%) in the aggregate for all coverages that are subject to the filing.
(b)
Rate filings falling outside of the limitation provided for in subsection (a) of this section shall be subject to § 27-6-11, unless those filings are other exempt from those provisions pursuant to another section of the insurance code.
(c)
A filing submitted pursuant to subsection (a) of this section is considered to comply with state law. However, if the commissioner of insurance determines that the filing is inadequate or unfairly discriminatory, he/she shall issue a written order specifying in detail the provisions of the insurance code the insurer has violated and the reasons the filing is inadequate or unfairly discriminatory and stating a reasonable future date on which the filing is to be considered no longer effective. An order by the commissioner pursuant to this subsection that is issued more than thirty (30) days from the date on which the commissioner received the rate filing is prospective only and does not affect any contract issued or made before the effective date of the order. For purposes of this act, “unfairly discriminatory” means a rate for a risk that is classified in whole or in part on the basis of race, color, creed or national origin.
(d)
No rate increase within the limitation specified in subsection (a) of this section may be implemented with regard to an individual existing policy, unless the increase is applied at the time of a renewal or conditional renewal of an existing policy and the insurer, at least thirty (30) days in advance of the end of the insured’s policy period, mails or delivers to the named insured, at the address shown in the policy, a written notice that clearly and conspicuously discloses its intention to change the rate. A notice of renewal or conditional renewal that clearly and conspicuously discloses the renewal premium applicable to the policy shall be deemed to be in compliance with this subsection.
History of Section.
P.L. 2004, ch. 481, § 2.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-6 - Fire and Marine Insurance Rating › Section 27-6-8.2. - Premium reduction for fire code safety prevention.

§ 27-6-8.2. Premium reduction for fire code safety prevention.
Every schedule of rates, rating plan, or rating system for commercial property insurance filed with the commissioner shall provide for a reduction of, or credit in premium for insureds that install and maintain fire prevention and suppression equipment and/or other equipment that has been demonstrated to minimize or lessens an insured loss from fire including, but not limited to, sprinkler system, alarms, and any other equipment required or recommended by the state of Rhode Island for fire safety and/or prevention. Insurers shall also provide for a reduction of, or credit in premium for the use of building materials and/or building techniques that have been demonstrated to minimize or lessen an insured loss from fire. Any reduction of, or credit in premium required by this section must be actuarially supported and information sufficient to document such support must be included in the filing to the department.
History of Section.
P.L. 2008, ch. 391, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-6 - Fire and Marine Insurance Rating › Section 27-6-9. - Filings by rating organizations.

§ 27-6-9. Filings by rating organizations.
An insurer may satisfy its obligation to make the filings referred to in § 27-6-8 by becoming a member of, or subscriber to, a licensed rating organization which makes those filings, and by authorizing the commissioner to accept those filings on its behalf; provided, that nothing contained in this chapter shall be construed as requiring any insurer to become a member of or a subscriber to any rating organization.
History of Section.
P.L. 1948, ch. 2088, § 4; G.L. 1956, § 27-6-9.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-6 - Fire and Marine Insurance Rating › Section 27-6-10. - Review of filings.

§ 27-6-10. Review of filings.
The commissioner shall review filings as soon as reasonably possible after they have been made in order to determine whether they meet the requirements of this chapter.
History of Section.
P.L. 1948, ch. 2088, § 4; G.L. 1956, § 27-6-10.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-6 - Fire and Marine Insurance Rating › Section 27-6-11. - Waiting period — Effective date of filings.

§ 27-6-11. Waiting period — Effective date of filings.
Subject to the exception specified in § 27-6-10, each filing shall be on file for a waiting period of thirty (30) days before it becomes effective, which period may be extended by the commissioner for an additional period not to exceed thirty (30) days if the commissioner gives written notice within that waiting period to the insurer or rating organization which made the filing that he or she needs that additional time for the consideration of the filing. Upon written application by the insurer or rating organization, the commissioner may authorize a filing that he or she has reviewed to become effective before the expiration of the waiting period or any extension. A filing shall be deemed to meet the requirements of this chapter and to become effective unless disapproved by the commissioner within the waiting period or any extension; provided, that if the commissioner gives written notice to the insurer or rating organization within the waiting period or any extension that he or she will hold a hearing on the filing, the filing shall not become effective before or until the commissioner issues his or her decision. Upon giving that notice the commissioner shall also give public notice of the hearing by causing a notice to be published in a newspaper of general circulation in the state at least ten (10) days prior to the hearing stating the name of the insurer or rating organization which has made the filing and including a general description of the subject matter and sending a copy of that notice to the consumer protection unit of the department of attorney general. The commissioner shall hold a hearing on major filings. The hearing shall be held and a decision issued by the commissioner as soon as reasonably possible.
History of Section.
P.L. 1948, ch. 2088, § 4; G.L. 1956, § 27-6-11; P.L. 1968, ch. 286, § 2; P.L. 1971, ch. 191.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-6 - Fire and Marine Insurance Rating › Section 27-6-11.1. - Costs.

§ 27-6-11.1. Costs.
For the purpose of determining whether the filing meets the requirements of this chapter, the director may employ staff personnel and outside consultants, including, but not limited to, those authorized pursuant to § 27-9-52. The reasonable costs related to the review of rate filings, including the conduct of the hearing, shall be borne by the rating organizations or insurers making the filing.
History of Section.
P.L. 2005, ch. 174, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-6 - Fire and Marine Insurance Rating › Section 27-6-12. - Effective date of inland marine rates.

§ 27-6-12. Effective date of inland marine rates.
Specific inland marine rates on risks specially rated by a rating organization shall become effective when filed and shall be deemed to meet the requirements of this chapter until such time as the commissioner reviews the filing and so long after this as the filing remains in effect.
History of Section.
P.L. 1948, ch. 2088, § 4; G.L. 1956, § 27-6-12.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-6 - Fire and Marine Insurance Rating › Section 27-6-13. - Suspension or modification of requirements — Examinations as to fairness.

§ 27-6-13. Suspension or modification of requirements — Examinations as to fairness.
Under the rules and regulations that he or she shall adopt, the commissioner may, by written order, suspend or modify the requirement of filing as to any kind of insurance, or subdivision or combination of it, or as to classes of risks, the rates for which cannot practicably be filed before they are used. Those orders, rules, and regulations shall be made known to insurers and rating organizations affected by them. The commissioner may make an examination as he or she may deem advisable to ascertain whether any rates affected by an order meet the standards set forth in § 27-6-4(2).
History of Section.
P.L. 1948, ch. 2088, § 4; G.L. 1956, § 27-6-13.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-6 - Fire and Marine Insurance Rating › Section 27-6-14. - Rates on specific risks exceeding filed rates.

§ 27-6-14. Rates on specific risks exceeding filed rates.
Upon the written consent of the insured, stating the insured’s reasons, filed with and approved by the commissioner, a rate in excess of that provided by an applicable filing may be used on any specific risk.
History of Section.
P.L. 1948, ch. 2088, § 4; G.L. 1956, § 27-6-14.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-6 - Fire and Marine Insurance Rating › Section 27-6-15. - Compliance with rate filings required.

§ 27-6-15. Compliance with rate filings required.
No insurer shall make or issue a contract or policy at a rate or premium in excess of filings that are in effect for that insurer as provided in this chapter or in accordance with § 27-6-13 or § 27-6-14. This section shall not apply to contracts or policies for inland marine risks as to which filings are not required.
History of Section.
P.L. 1948, ch. 2088, § 4; G.L. 1956, § 27-6-15.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-6 - Fire and Marine Insurance Rating › Section 27-6-16. - Review of rates not provided for by filings.

§ 27-6-16. Review of rates not provided for by filings.
Within ten (10) days after any insurer has made or issued a contract or policy at a rate or premium other than as provided for by any filing made with the commissioner by or in its behalf, the insurer shall notify the commissioner in writing of that action in any form the commissioner may require. The commissioner shall review the notice as soon as reasonably possible after it has been received, in order to determine whether the contract or policy has been written at a rate or premium that meets the requirements of this chapter. When the notice is not accompanied by the information upon which the insurer supports the rate or premium, and the commissioner does not have sufficient information to determine whether the rate or premium meets the requirements of the chapter, the commissioner shall require the insurer to furnish within ten (10) days after receipt of the notice of that requirement, the information upon which it supports the rate or premium. Unless, within thirty (30) days after receipt of the notice or supporting information, the commissioner shall issue an order following a hearing, as provided in § 27-6-19, the rate or premium charged for the contract or policy shall be deemed to meet the requirements of this chapter; provided, that all contract and policies issued under the provisions of this section shall state that the rate or premium charged has not been reviewed by the commissioner and that it is subject to disapproval or modification as of the effective date of the contracts or policies.
History of Section.
P.L. 1948, ch. 2088, § 4; G.L. 1956, § 27-6-16.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-6 - Fire and Marine Insurance Rating › Section 27-6-17. - Notice of disapproval within waiting period.

§ 27-6-17. Notice of disapproval within waiting period.
If, within the waiting period or any extension, as provided in § 27-6-11, the commissioner finds that a filing does not meet the requirements of this chapter, the commissioner shall send to the insurer or rating organization which made that filing written notice of disapproval of that filing specifying in what respects he or she finds that filing fails to meet the requirements of this chapter and stating that that filing shall not become effective.
History of Section.
P.L. 1948, ch. 2088, § 5; G.L. 1956, § 27-6-17.