reglab/statecodes huggingface dataset:
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4 - Life Insurance Policies and Reserves › Section 27-4-11. - Rights of beneficiaries to proceeds of policy as against creditors — Premiums paid in fraud of creditors.

§ 27-4-11. Rights of beneficiaries to proceeds of policy as against creditors — Premiums paid in fraud of creditors.
If a policy of insurance is effected by any person on that person’s own life or on another life in favor of a person other than himself or herself, or, except in cases of transfer with intent to defraud creditors, if a policy of life insurance is assigned or in any way made payable to any person, the lawful beneficiary or assignee of the policy, other than the insured or the person effecting that insurance or the executors or administrators of that insured or the person effecting that insurance, shall be entitled to its proceeds and avails against the creditors and representatives of the insured and of the person effecting the insurance, whether or not the right to change the beneficiary is reserved or permitted, and whether or not the policy is made payable to the person whose life is insured if the beneficiary or assignee shall predecease that person; provided, that, subject to the statute of limitations, the amount of any premiums for that insurance paid with intent to defraud creditors, with interest on it, shall inure to their benefit from the proceeds of the policy. The company issuing the policy shall be discharged of all liability on the policy by payment of its proceeds in accordance with its terms, unless before that payment the company shall have written notice, by or in behalf of a creditor, of a claim to recover for a transfer made or premiums paid with intent to defraud creditors, with a specification of the amount claimed.
History of Section.
P.L. 1931, ch. 1757, § 13; G.L. 1938, ch. 153, § 13; P.L. 1947, ch. 1883, § 1; G.L. 1956, § 27-4-11.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4 - Life Insurance Policies and Reserves › Section 27-4-12. - Provision for exemption from encumbrance, transfer, or claims of creditors.

§ 27-4-12. Provision for exemption from encumbrance, transfer, or claims of creditors.
Any policy of life or endowment insurance or any annuity contract may provide that the proceeds of or payments under it shall not be subject to transfer, anticipation, or commutation or encumbrance by any beneficiary other than the insured or the purchaser of the annuity, and shall not be subject to the claims of a creditor of any beneficiary or any legal process against the beneficiary.
History of Section.
P.L. 1931, ch. 1757, § 14; G.L. 1938, ch. 153, § 14; G.L. 1956, § 27-4-12.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4 - Life Insurance Policies and Reserves › Section 27-4-13. - Deprivation of court jurisdiction — Limitation of actions.

§ 27-4-13. Deprivation of court jurisdiction — Limitation of actions.
No life insurance company and no officer or insurance producer of the company shall make, issue, or deliver any policy or contract of insurance containing any condition, stipulation, or agreement depriving the courts of the state of jurisdiction of actions against it, nor limiting the time for commencing any action at law or in equity against it to a period of less than three (3) years from the time when the cause of action shall accrue.
History of Section.
P.L. 1931, ch. 1757, § 15; G.L. 1938, ch. 153, § 15; G.L. 1956, § 27-4-13.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4 - Life Insurance Policies and Reserves › Section 27-4-16. - Preliminary term policies.

§ 27-4-16. Preliminary term policies.
Policies issued by companies doing business in this state may provide for not more than one year preliminary term insurance; provided, that if the premium charged for term insurance under a limited payment life preliminary term policy providing for the payment of all premiums on the policy in less than twenty (20) years from the date of the policy, or under an endowment preliminary term policy, exceeds that charged for life insurance under whole life preliminary term policies of the same company, then the reserve on the policy at the end of any year, including the first, shall not be less than the reserve on a whole life preliminary term policy issued in the same year and at the same age, together with an amount which shall be equivalent to the accumulation of a net level premium sufficient to provide for a pure endowment at the end of the premium payment period equal to the difference between the value at the end of that period of a whole life preliminary term policy and the full level net premium reserve at that time of a limited payment life or endowment policy.
History of Section.
P.L. 1931, ch. 1757, § 4; G.L. 1938, ch. 153, § 4; G.L. 1956, § 27-4-16.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4 - Life Insurance Policies and Reserves › Section 27-4-17. - Repealed.

§ 27-4-17. Repealed.
History of Section.
P.L. 1931, ch. 1757, § 1; G.L. 1938, ch. 153, § 1; P.L. 1947, ch. 1973, § 1; G.L. 1956, § 27-4-17; P.L. 1959, ch. 36, § 1; P.L. 1963, ch. 36, § 1; P.L. 1975, ch. 25, § 1; P.L. 1979, ch. 54, § 1; P.L. 1981, ch. 209, § 1; P.L. 1994, ch. 134, § 10; P.L. 2002, ch. 292, § 12; Repealed by P.L. 2013, ch. 17, § 5, effective May 20, 2013; P.L. 2013, ch. 20, § 5, effective May 20, 2013.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4 - Life Insurance Policies and Reserves › Section 27-4-18. - Repealed.

§ 27-4-18. Repealed.
History of Section.
P.L. 1931, ch. 1757, § 1; G.L. 1938, ch. 153, § 1; P.L. 1947, ch. 1973, § 1; G.L. 1956, § 27-4-18; P.L. 2002, ch. 292, § 12; Repealed by P.L. 2013, ch. 17, § 5, effective May 20, 2013; P.L. 2013, ch. 20, § 5, effective May 20, 2013.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4 - Life Insurance Policies and Reserves › Section 27-4-19. - Repealed.

§ 27-4-19. Repealed.
History of Section.
P.L. 1931, ch. 1757, § 5; G.L. 1938, ch. 153, § 5; impl. am. P.L. 1939, ch. 660, § 120; G.L. 1956, § 27-4-19; Repealed by P.L. 2013, ch. 17, § 5, effective May 20, 2013; P.L. 2013, ch. 20, § 5, effective May 20, 2013.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4 - Life Insurance Policies and Reserves › Section 27-4-20. - Repealed.

§ 27-4-20. Repealed.
History of Section.
P.L. 1931, ch. 1757, § 2; G.L. 1938, ch. 153, § 2; impl. am. P.L. 1939, ch. 660, § 120; G.L. 1956, § 27-4-20; Repealed by P.L. 2013, ch. 17, § 5, effective May 20, 2013; P.L. 2013, ch. 20, § 5, effective May 20, 2013.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4 - Life Insurance Policies and Reserves › Section 27-4-21. - Repealed.

§ 27-4-21. Repealed.
History of Section.
P.L. 1931, ch. 1757, § 3; G.L. 1938, ch. 153, § 3; impl. am. P.L. 1939, ch. 660, § 120; G.L. 1956, § 27-4-21; Repealed by P.L. 2013, ch. 17, § 5, effective May 20, 2013; P.L. 2013, ch. 20, § 5, effective May 20, 2013.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4 - Life Insurance Policies and Reserves › Section 27-4-22. - Assignment of interest under group life insurance.

§ 27-4-22. Assignment of interest under group life insurance.
Subject to the terms of the policy relating to assignment of incidents of ownership under the policy, a person whose life is insured under a policy of group life insurance may assign any or all incidents of ownership granted that person under the policy, including but not limited to any right to designate a beneficiary, to have an individual policy issued to him or her, and to pay premiums. Any assignment by the insured shall be valid for the purpose of vesting in the assignee, in accordance with any provisions included in the policy as to the time at which it is to be effective, all of the incident of ownership assigned, but without prejudice to the insurer on account of any payment it may make or individual policy it may issue without notice of the assignment.
History of Section.
P.L. 1970, ch. 210, § 1; P.L. 2002, ch. 292, § 12.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4 - Life Insurance Policies and Reserves › Section 27-4-24. - Filing of life insurance policy forms.

§ 27-4-24. Filing of life insurance policy forms.
(a)
Any insurance company authorized to do a life insurance and/or annuities business within this state in accordance with the provisions of this title shall file all life insurance policy forms and annuity contract forms used by it in the state with the insurance commissioner. The commissioner may also require any company to file the forms of any rider, endorsement, application blank, and other matter generally used or incorporated by reference in its policies or contracts of insurance or annuities. Any organization, bureau, or association of which the company is a member may, on behalf of the company, make the filings required by this section. If the commissioner finds from an examination of any form filed that it is contrary to the public interest, he or she shall forbid the use of the form, and shall notify the company in writing as provided in § 27-4-24.2.
(b)
Alternatively, a carrier may obtain authorization to use a life insurance policy form or annuity contract by obtaining authorization through the Interstate Insurance Product Compact Commission provided in chapter 2.5 of this title, provided that:
(1)
The state of Rhode Island has not “opted out” of the compact with regard to the line in question; and
(2)
The appropriate filing fee, as set forth in § 42-14-18 and the regulations thereunder, has been paid.
History of Section.
P.L. 1973, ch. 264, § 1; P.L. 1994, ch. 404, § 7; P.L. 2005, ch. 173, § 2.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4 - Life Insurance Policies and Reserves › Section 27-4-24.1. - Waiting period — Effective date of filings.

§ 27-4-24.1. Waiting period — Effective date of filings.
(a)
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 the waiting period to the insurer or organization which made the filing that he or she needs additional time for the consideration of the filing. Upon written application by the insurer or 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, as provided in this chapter, within the waiting period or any extension.
(b)
Section (a) above does not apply to filings made through the Interstate Insurance Product Commission pursuant to chapter 2.5 of this title.
History of Section.
P.L. 1973, ch. 264, § 1; P.L. 2005, ch. 173, § 2.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4 - Life Insurance Policies and Reserves › Section 27-4-24.2. - Notice of disapproval.

§ 27-4-24.2. Notice of disapproval.
If within the waiting period or any extension of it as provided in § 27-4-24.1 the commissioner finds that a filing does not meet the requirements of this chapter, the commissioner shall send to the insurer or organization which made that filing written notice of disapproval of that filing specifying in the notice 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. 1973, ch. 264, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4 - Life Insurance Policies and Reserves › Section 27-4-24.3. - Suspension or revocation of licenses.

§ 27-4-24.3. Suspension or revocation of licenses.
(a)
The commissioner may revoke or suspend the license of any organization or insurer which fails to comply with an order of the commissioner within the time limited by the order, or any extension of it which the commissioner may grant. The commissioner shall not revoke or suspend the license of any organization or insurer for failure to comply with an order until the time prescribed for an appeal has expired or, if an appeal has been taken, until the order has been affirmed.
(b)
The commissioner may determine when a suspension of license shall become effective, and it shall remain in effect for the period fixed by the commissioner, unless he or she modifies or rescinds the suspension, or until the order upon which the suspension is based is modified, rescinded, or reversed.
(c)
No license shall be suspended or revoked except upon a written order of the commissioner, stating the commissioner’s findings, made after a hearing held in accordance with § 42-35-9 upon not less than ten (10) days’ written notice to the insurer or organization.
History of Section.
P.L. 1973, ch. 264, § 1; P.L. 2007, ch. 134, § 1; P.L. 2007, ch. 210, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4 - Life Insurance Policies and Reserves › Section 27-4-24.4. - Hearing on decisions of commissioner.

§ 27-4-24.4. Hearing on decisions of commissioner.
Any organization or insurer aggrieved by any order or decision of the commissioner, or by any rule or regulation promulgated and adopted by the commissioner, may, within thirty (30) days after notice of the order or decision to the organization or insurer, make written request to the commissioner for a hearing on the order or decision. The commissioner shall provide a hearing and issue a decision in accordance with the Administrative Procedures Act, chapter 42-35.
History of Section.
P.L. 1973, ch. 264, § 1; P.L. 2007, ch. 134, § 1; P.L. 2007, ch. 210, § 1; P.L. 2008, ch. 475, § 4.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4 - Life Insurance Policies and Reserves › Section 27-4-24.5. - Judicial review of orders and decisions.

§ 27-4-24.5. Judicial review of orders and decisions.
Any final order or decision of the commissioner, including any order made after a hearing under the provisions of § 27-4-24.3 or 27-4-24.4, shall be subject to review in accordance with the Administrative Procedures Act, chapter 42-35.
History of Section.
P.L. 1973, ch. 264, § 1; P.L. 2007, ch. 134, § 1; P.L. 2007, ch. 210, § 1; P.L. 2008, ch. 475, § 4.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4 - Life Insurance Policies and Reserves › Section 27-4-24.6. - Severability.

§ 27-4-24.6. Severability.
If any subsection, subdivision, paragraph, sentence, or clause of this chapter is held invalid or unconstitutional, that decision shall not affect the remaining portions of the section or sections.
History of Section.
P.L. 1973, ch. 264, § 1; P.L. 2007, ch. 134, § 1; P.L. 2007, ch. 210, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4 - Life Insurance Policies and Reserves › Section 27-4-25. - Physical exam by insurance company.

§ 27-4-25. Physical exam by insurance company.
Any applicant for life insurance with any company organized or doing business within this state shall be provided, upon request, any and all medical reports by a physician or other medical personnel that were performed at the request or the direction of that company. These reports shall only be provided to a physician of the applicant’s choice whether the applicant receives a rating or rejection from a company and the provisions of this section shall also apply to medical examinations performed pursuant to applications for an increase in insurance coverage.
History of Section.
P.L. 1981, ch. 412, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4 - Life Insurance Policies and Reserves › Section 27-4-26. - Interest upon proceeds of life insurance policies.

§ 27-4-26. Interest upon proceeds of life insurance policies.
An insurer of a life insurance contract or annuity contract shall pay to the beneficiary or policyholder, respectively, interest on the proceeds at the rate of nine percent (9%) per annum from the date of the death of an insured or annuitant in connection with a death claim on a life insurance policy or annuity contract and from the date of maturity of an endowment contract to the date of payment and the interest shall be added to and be a part of the total sum paid.
History of Section.
P.L. 1984, ch. 343, § 1; P.L. 1987, ch. 78, § 15.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4 - Life Insurance Policies and Reserves › Section 27-4-28. - Discretionary clauses.

§ 27-4-28. Discretionary clauses.
(a)
No new or existing policy or certificate may contain any provision:
(1)
Purporting to reserve sole discretion to the insurance company to determine eligibility for benefits or interpret the terms of a policy or certificate; or
(2)
Specifying or affecting a standard of review upon which a court may review denial of a claim or any other decision made by an insurance company with respect to a policyholder or certificate holder.
(b)
Any such clause or language included in a contract, policy or certificate issued to or covering a resident of this state that is contrary to or inconsistent with the provisions of this section is void and unenforceable.
(c)
Nothing in this section prohibits an insurer from including a provision in a contract that informs an insured that as part of its routine operations the insurer applies the terms of its contracts for making decisions, including making determinations regarding eligibility, receipt of benefits and claims, or explaining policies, procedures, and processes, so long as the provision could not give rise to a deferential standard of review by any reviewing court.
History of Section.
P.L. 2013, ch. 85, § 1; P.L. 2013, ch. 94, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4 - Life Insurance Policies and Reserves › Section 27-4-29. - Life insurance database.

§ 27-4-29. Life insurance database.
(a)
The department of business regulation shall maintain a central database of electronic contact information for each life insurer having policies in force in this state.
(b)
On and after January 1, 2013, any member of the immediate family of a decedent searching for life insurance policies covering the decedent may file a request with the department for a search pursuant to this section, provided the decedent was a resident or former resident of this state. Any such request shall include a copy of the subject decedent’s death certificate. The right to file a request for a search pursuant to this section may not be assigned.
(c)
The department shall transmit any such request to all life insurers having policies in force in this state, along with information necessary for responding directly to the person filing the request. Each such insurer shall examine its books and records to make a determination as to the existence of coverage of the subject decedent, and upon a finding that such coverage does exist, shall directly notify the person filing the request.
(d)
The department may adopt such rules and regulations as may be necessary to implement the provisions of this section.
(e)
Insurers of credit life insurance are exempt from inclusion in the central database and shall not be subject to the requirements of § 27-4-28.
History of Section.
P.L. 2012, ch. 296, § 1; P.L. 2012, ch. 326, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4 - Life Insurance Policies and Reserves › Section 27-4-30. - Unintentional policy lapse.

§ 27-4-30. Unintentional policy lapse.
(a)
Each insurer that delivers, or issues for delivery, an individual life insurance policy in this state on or after January 1, 2017, shall notify an applicant, in writing at the time of application for such policy, of such applicant’s right to designate a third party to receive notice of cancellation of the policy based on nonpayment of premium. The applicant may make such designation at the time of application for such policy, or at any time such policy is in force, by submitting a written notice to the insurer containing the name and address of the third-party designee.
(b)
The insurer’s transmission to the third-party designee of a copy of a notice of cancellation based on nonpayment of premium shall be in addition to the transmission of the original notice to the policyholder. The copy of the notice of cancellation transmitted to the third party shall be governed by the same law and policy provisions that govern the notice being transmitted to the policyholder.
(c)
The designation of a third party shall not constitute acceptance of any liability on the part of the third party or insurer for services provided to the policyholder.
History of Section.
P.L. 2016, ch. 376, § 2; P.L. 2016, ch. 392, § 2.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4.1 - Legal Services Insurance › Section 27-4.1-1. - Prepaid legal services plans unaffected.

§ 27-4.1-1. Prepaid legal services plans unaffected.
Nothing in this chapter shall apply to or affect a nonprofit prepaid legal services plan that operates in this state by a nonprofit prepaid legal services corporation subject to chapter 20.3 of this title.
History of Section.
P.L. 1986, ch. 431, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4.1 - Legal Services Insurance › Section 27-4.1-2. - Legal services insurance as a form of accident and health insurance — Effect of other laws.

§ 27-4.1-2. Legal services insurance as a form of accident and health insurance — Effect of other laws.
Legal services insurance provides for the mental and emotional welfare of human beings by defraying the costs of legal services; it shall be deemed to be accident and health insurance and shall be classified this way for the purposes of chapters 34.1 and 34.3 of this title. Legal services insurance may only be written pursuant to the provision of this chapter. Except to the extent expressly provided in this chapter, nothing in any other chapter of this title regulating the form, content, or provisions of accident and health insurance policies or the filing and approval of these policies including premium rates shall apply to legal services insurance policies written under and subject to the provisions of this chapter.
History of Section.
P.L. 1986, ch. 431, § 1; P.L. 1999, ch. 147, § 3.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4.1 - Legal Services Insurance › Section 27-4.1-3. - Authority to transact business.

§ 27-4.1-3. Authority to transact business.
Any insurance company incorporated by or under the laws of this state or any foreign or alien insurance company duly licensed to do business in this state may transact the business of legal services insurance, if that company is authorized to do property and casualty and/or accident and health insurance business in this state.
History of Section.
P.L. 1986, ch. 431, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4.1 - Legal Services Insurance › Section 27-4.1-4. - “Legal services insurance” defined.

§ 27-4.1-4. “Legal services insurance” defined.
“Legal services insurance” is insurance which involves the assumption of a contractual obligation to reimburse the beneficiary against or pay on behalf of the beneficiary all or a portion of his or her fees, costs, or expenses related to or arising out of services performed by or under the supervision of an attorney who is not an employee of or under the control of the insurer directly or indirectly and who is licensed to practice in the state of Rhode Island or any other state where the attorney provides these services. “Legal services insurance” may also include provisions for basic legal services rendered to the beneficiary, by telephone or mail, by one or more attorneys licensed to practice in the state of Rhode Island or any other state where the attorney provides these basic legal services none of whom are employees of or under the control of the insurer directly or indirectly. “Legal services insurance” does not include the provision of or reimbursement for legal services incidental to other insurance coverage. Beneficiaries of legal services shall not be required to select an attorney other than one of the beneficiary’s own choosing except for basic legal advice rendered by telephone or mail as described in this section. Attorneys providing basic legal advice rendered by telephone or mail under legal insurance policies shall refer all beneficiaries to an attorney of the beneficiary’s choice for other than basic legal services and shall be prohibited from taking any of these referrals.
History of Section.
P.L. 1986, ch. 431, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4.1 - Legal Services Insurance › Section 27-4.1-5. - Individual and group legal services insurance.

§ 27-4.1-5. Individual and group legal services insurance.
Any insurance company authorized to write legal services insurance in this state shall have the power to issue individual or group legal services insurance policies or may, by providing for the mental and emotional welfare of individuals and members of his or her family by defraying the costs of legal services, include legal services insurance in and as a part of a group accident and health insurance policy. “Group legal services insurance” is that form of voluntary legal services insurance covering not less than ten (10) employees or members, with or without their eligible dependents, written under a master policy issued to any governmental corporation, unit, agency, or department, or to any employer or association of employers, including the trustee or trustees of a fund established by an employer or association of employers, or to a labor union or other similar employee organization, including the trustees of a fund established by a labor union or employee organization. The terms “employee” and “employees” have the meaning given to each term in the policy.
History of Section.
P.L. 1986, ch. 431, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4.1 - Legal Services Insurance › Section 27-4.1-6. - Filing of forms and classification of risks and premiums.

§ 27-4.1-6. Filing of forms and classification of risks and premiums.
No policy of legal services insurance shall be issued or delivered to any person in this state, nor shall any application, certificate of group insurance, rider, or endorsement be used in connection with the policy, until a copy of the form and of the classification of risks and premium rates pertaining to the risks have been filed with the insurance commissioner, nor until the expiration of sixty (60) days after this unless the commissioner gives written approval sooner.
History of Section.
P.L. 1986, ch. 431, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4.1 - Legal Services Insurance › Section 27-4.1-7. - Disapproval of forms.

§ 27-4.1-7. Disapproval of forms.
(a)
The commissioner may, within sixty (60) days after the filing of any form, disapprove the form:
(1)
If the benefits provided in the form are unreasonable in relation to the premium charged;
(2)
If it contains a provision or provisions which are unjust, unfair, inequitable, misleading, deceptive, or encourage misrepresentation of the policy, or if it fails to include a provision deemed by the commissioner to be necessary for the protection of the interest of the public; or
(3)
If it does not comply with the requirements of the law.
(b)
If the commissioner notifies the insurer that has filed any form that it does not comply with the provisions of this chapter, it shall be unlawful for the insurer to issue that form or use it in connection with any policy. In that notice the commissioner shall specify the reasons for his or her disapproval and state that a hearing will be granted within twenty (20) days after a request in writing by the insurer.
(c)
The commissioner may for good cause exempt any group insurance policy or class of group insurance policies from the requirements of subsection (a).
History of Section.
P.L. 1986, ch. 431, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4.1 - Legal Services Insurance › Section 27-4.1-8. - Hearing and use of disapproved forms.

§ 27-4.1-8. Hearing and use of disapproved forms.
The commissioner may at any time, after a hearing of which not less than twenty (20) days’ written notice has been given to the insurer, withdraw approval of any form on any of the grounds stated in this chapter. It shall be unlawful for the insurer to issue that form or use it in connection with any policy after the effective date of the withdrawal of approval. The notice of any hearing called under this section shall specify the matter to be considered at the hearing and any decision affirming disapproval or directing withdrawal of approval under this chapter shall be in writing and shall specify the reasons for the decision.
History of Section.
P.L. 1986, ch. 431, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4.1 - Legal Services Insurance › Section 27-4.1-9. - Judicial review of actions of commissioner.

§ 27-4.1-9. Judicial review of actions of commissioner.
The action of the commissioner in disapproving any policy form or withdrawing approval of any policy form shall be subject to review by the superior court for Providence and Bristol counties.
History of Section.
P.L. 1986, ch. 431, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4.2 - Life and Health Reinsurance Agreements Act › Section 27-4.2-1. - Preamble.

§ 27-4.2-1. Preamble.
(a)
The Rhode Island department of business regulation, the insurance division, recognizes that licensed insurers routinely enter into reinsurance agreements that yield legitimate relief to the ceding insurer from strain to surplus.
(b)
It is improper for a licensed insurer, in the capacity of ceding insurer, to enter into reinsurance agreements for the principal purpose of producing significant surplus aid for the ceding insurer, typically on a temporary basis, while not transferring all of the significant risks inherent in the business being reinsured. In substance or effect, the expected potential liability to the ceding insurer remains basically unchanged by the reinsurance transaction, notwithstanding certain risk elements in the reinsurance agreement, such as catastrophic mortality or extraordinary survival. The terms of agreements referred to in this section and described in § 27-4.2-3 would violate:
(1)
Applicable sections of the general laws relating to financial statements of insurers, resulting in distorted financial statements which do not properly reflect the financial condition of the ceding insurer;
(2)
Applicable sections of the general laws relating to reinsurance reserve credits, resulting in a ceding insurer improperly reducing liabilities or establishing assets for reinsurance ceded; and
(3)
Applicable sections of the general laws relating to creating a situation that may be hazardous to policyholders and the people of this state.
History of Section.
P.L. 1995, ch. 111, § 2.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4.2 - Life and Health Reinsurance Agreements Act › Section 27-4.2-2. - Applicability.

§ 27-4.2-2. Applicability.
This chapter shall apply to all domestic life and accident and health insurers and to all other licensed life and accident and health insurers that are not subject to a substantially similar regulation in their domiciliary state. This chapter shall also similarly apply to licensed property and casualty insurers with respect to their accident and health business. This chapter shall not apply to assumption reinsurance, yearly renewable term reinsurance or certain non-proportional reinsurance such as stop loss or catastrophe reinsurance.
History of Section.
P.L. 1995, ch. 111, § 2.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4.2 - Life and Health Reinsurance Agreements Act › Section 27-4.2-4. - Written agreements.

§ 27-4.2-4. Written agreements.
(a)
No reinsurance agreement or amendment to any agreement may be used to reduce any liability or to establish any asset in any financial statement filed with the insurance division of the department of business regulation, unless the agreement, amendment, or a binding letter of intent has been duly executed by both parties no later than the “as of date” of the financial statement.
(b)
In the case of a letter of intent, a reinsurance agreement or an amendment to a reinsurance agreement must be executed within a reasonable period of time, not exceeding ninety (90) days from the execution date of the letter of intent, in order for credit to be granted for the reinsurance ceded.
(c)
The reinsurance agreement shall contain provisions which provide that:
(1)
The agreement shall constitute the entire agreement between the parties with respect to the business being reinsured and that there are no understandings between the parties other than as expressed in the agreement; and
(2)
Any change or modification to the agreement shall be null and void unless made by amendment to the agreement and signed by both parties.
History of Section.
P.L. 1995, ch. 111, § 2.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4.2 - Life and Health Reinsurance Agreements Act › Section 27-4.2-6. - Rules and regulations.

§ 27-4.2-6. Rules and regulations.
The insurance commissioner shall have the authority to promulgate rules and regulations necessary to carry out the purposes of this chapter.
History of Section.
P.L. 1995, ch. 111, § 2.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4.2 - Life and Health Reinsurance Agreements Act › Section 27-4.2-7. - Existing agreements.

§ 27-4.2-7. Existing agreements.
Insurers subject to this act shall reduce to zero by December 31, 1997, any reserve credits or assets established with respect to reinsurance agreements entered into prior to the effective date of this act which, under the provisions of this act would not be entitled to recognition of the reserve credits or assets; provided, however, that the reinsurance agreements shall have been in compliance with laws or regulations in existence immediately preceding the effective date of this act.
History of Section.
P.L. 2011, ch. 18, § 4; P.L. 2011, ch. 25, § 4.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4.3 - The Standard Nonforfeiture Law for Life Insurance › Section 27-4.3-1. - Short title.

§ 27-4.3-1. Short title.
This chapter shall be known as the “Standard Nonforfeiture Law for Life Insurance Act.”
History of Section.
P.L. 1993, ch. 180, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4.3 - The Standard Nonforfeiture Law for Life Insurance › Section 27-4.3-1.1. - Definitions.

§ 27-4.3-1.1. Definitions.
“Operative date of the valuation manual” means January 1 of the first calendar year that the valuation manual as defined in chapter 4.5 of this title is effective.
History of Section.
P.L. 2013, ch. 17, § 3; P.L. 2013, ch. 20, § 3.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4.3 - The Standard Nonforfeiture Law for Life Insurance › Section 27-4.3-3. - Computation of cash surrender value.

§ 27-4.3-3. Computation of cash surrender value.
(a)
Any cash surrender value available under the policy in the event of default in a premium payment due on any policy anniversary, whether or not required by § 27-4.3-2, shall be an amount not less than the excess, if any, of the present value, on the anniversary, of the future guaranteed benefits which could have been provided for by the policy, including any existing paid up additions, if there had been no default, over the sum of:
(1)
The then present value of the adjusted premiums as defined in § 27-4.3-5, corresponding to premiums which would have fallen due on and after the anniversary; and
(2)
The amount of any indebtedness to the insurance company on the policy.
(b)
For any policy issued on or after January 1, 1994, which provides supplemental life insurance or annuity benefits at the option of the insured and for an identifiable additional premium by rider or supplemental policy provision, the cash surrender value referred to in subsection (a) shall be an amount not less than the sum of the cash surrender value as defined in subsection (a) for a similar policy issued at the same age without the rider or supplemental policy provision and the cash surrender value as defined in subsection (a) for a policy which provides only the benefits provided by the rider or supplemental policy provision.
(c)
For any family policy issued on or after January 1, 1994, which defines a primary insured and provides term insurance on the life of the spouse of the primary insured expiring before the spouse’s attaining age seventy-one (71), the cash surrender value referred to in subsection (a) of this section shall be an amount not less than the sum of the cash surrender value as defined in subsection (a) for a similar policy issued at the same age without the term insurance on the life of the spouse and the cash surrender value as defined in subsection (a) for a policy which provides only the benefits provided by the term insurance on the life of the spouse.
(d)
Any cash surrender value available within thirty (30) days after any policy anniversary under any policy paid up by completion of all premium payments or any policy continued under any paid up nonforfeiture benefit, whether or not required by § 27-4.3-2, shall be an amount not less than the present value, on the anniversary, of the future guaranteed benefits provided for by the policy, including any existing paid-up additions, decreased by any indebtedness to the insurance company on the policy.
History of Section.
P.L. 1993, ch. 180, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4.3 - The Standard Nonforfeiture Law for Life Insurance › Section 27-4.3-4. - Computation of paid-up nonforfeiture benefits.

§ 27-4.3-4. Computation of paid-up nonforfeiture benefits.
Any paid-up nonforfeiture benefit available under the policy in the event of default in a premium payment due on any policy anniversary shall be such that its present value as of the anniversary shall be at least equal to the cash surrender value then provided for by the policy or, if none is provided for, that cash surrender value which would have been required by this chapter in the absence of the condition that the premium shall have been paid for at least a specified period.
History of Section.
P.L. 1993, ch. 180, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4.3 - The Standard Nonforfeiture Law for Life Insurance › Section 27-4.3-6. - Nonforfeiture benefits for indeterminate premium plans.

§ 27-4.3-6. Nonforfeiture benefits for indeterminate premium plans.
In the case of any plan of life insurance which provides for future premium determination, the amounts of which are to be determined by the insurance company based on then estimates of future experience, or in the case of any plan of life insurance which is of such a nature that minimum values cannot be determined by the methods described in §§ 27-4.3-2 — 27-4.3-5, then:
(1)
The commissioner of insurance must be satisfied that the benefits provided under the plan are substantially as favorable to policyholders and insured as the minimum benefits required by §§ 27-4.3-2 — 27-4.3-5;
(2)
The commissioner of insurance must be satisfied that the benefits and the pattern of premiums of that plan are not such as to mislead prospective policyholders or insured; and
(3)
The cash surrender values and paid up nonforfeiture benefits provided by the plan must not be less than the minimum values and benefits required for the plan computed by a method consistent with the principles of this standard nonforfeiture law for life insurance, as determined by regulations promulgated by the commissioner of insurance.
History of Section.
P.L. 1993, ch. 180, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4.3 - The Standard Nonforfeiture Law for Life Insurance › Section 27-4.3-7. - Proration of values — Net value of paid-up additions.

§ 27-4.3-7. Proration of values — Net value of paid-up additions.
Any cash surrender value and any paid-up nonforfeiture benefit, available under the policy in the event of default in a premium payment due at any time other than on the policy anniversary, shall be calculated with allowance for the lapse of time and the payment of fractional premiums beyond the last preceding policy anniversary. All values referred to in §§ 27-4.3-3 — 27-4.3-5 may be calculated upon the assumption that any death benefit is payable at the end of the policy year of death. The net value of any paid-up additions, other than paid-up term additions, shall not be less than the amounts used to provide the additions. Notwithstanding the provisions of § 27-4.3-3, additional benefits payable: (1) in the event of death or dismemberment by accident or accidental means, (2) in the event of total and permanent disability, (3) as reversionary annuity or deferred reversionary annuity benefits, (4) as term insurance benefits provided by a rider or supplemental policy provision to which, if issued as a separate policy, this chapter would not apply, (5) as term insurance on the life of a child or on the lives of children provided in a policy on the life of a parent of the child, if the term insurance expires before the child’s age is twenty-six (26), is uniform in amount after the child’s age is one, and has not become paid-up by reason of the death of a parent of the child, and (6) as other policy benefits additional to life insurance and endowment benefits, and premiums for all additional benefits, shall be disregarded in ascertaining cash surrender values and nonforfeiture benefits required by this chapter, and no additional benefits shall be required to be included in any paid-up nonforfeiture benefits.
History of Section.
P.L. 1993, ch. 180, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4.3 - The Standard Nonforfeiture Law for Life Insurance › Section 27-4.3-9. - Exceptions.

§ 27-4.3-9. Exceptions.
(a)
This chapter shall not apply to any of the following:
(1)
Reinsurance;
(2)
Group insurance;
(3)
Pure endowment;
(4)
Annuity or reversionary annuity contract;
(5)
Term policy of uniform amount, which provides no guaranteed nonforfeiture or endowment benefits, or renewal of the policy, of twenty (20) years or less expiring before age seventy-one (71), for which uniform premiums are payable during the entire term of the policy;
(6)
Term policy of decreasing amount, which provides no guaranteed nonforfeiture or endowment benefits, on which each adjusted premium, calculated as specified in § 27-4.3-5, is less than the adjusted premium calculated, on a term policy of uniform amount, or renewal of it, which provides no guaranteed nonforfeiture or endowment benefits, issued at the same age and for the same initial amount of insurance and for a term of twenty (20) years or less expiring before age seventy-one (71), for which uniform premiums are payable during the entire term of the policy;
(7)
A policy, which provides no guaranteed nonforfeiture or endowment benefits, for which no cash surrender value, if any, or present value of any paid up nonforfeiture benefit, at the beginning of any policy year, calculated as specified in §§ 27-4.3-3 — 27-4.3-5, exceeds two and one-half percent (2.5%) of the amount of insurance at the beginning of the same policy year; nor
(8)
A policy which shall be delivered outside this state through an insurance producer or other representative of the insurance company issuing the policy.
(b)
For the purposes of determining the applicability of this chapter, the age at expiry for a joint term life insurance policy shall be the age at expiry of the oldest life.
History of Section.
P.L. 1993, ch. 180, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4.3 - The Standard Nonforfeiture Law for Life Insurance › Section 27-4.3-10. - Severability.

§ 27-4.3-10. Severability.
If any provision of this chapter, or the application of the provision to any person or circumstances, is held invalid, the remainder of the chapter, and the application of the provision to persons or circumstances other than those to which it is held invalid, shall not be affected by that invalidity.
History of Section.
P.L. 1993, ch. 180, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4.3 - The Standard Nonforfeiture Law for Life Insurance › Section 27-4.3-11. - Rules and regulations.

§ 27-4.3-11. Rules and regulations.
The director of the department of business regulation may adopt reasonable rules and regulations for the implementation and administration of this chapter.
History of Section.
P.L. 1993, ch. 180, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4.4 - The Standard Nonforfeiture Law for Individual Deferred Annuities › Section 27-4.4-1. - Short title.

§ 27-4.4-1. Short title.
This chapter shall be known as the “Standard Nonforfeiture Law for Individual Deferred Annuities Act.”
History of Section.
P.L. 1993, ch. 180, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4.4 - The Standard Nonforfeiture Law for Individual Deferred Annuities › Section 27-4.4-2. - Applicability.

§ 27-4.4-2. Applicability.
This chapter shall not apply to any reinsurance, group annuity purchased under a retirement plan or plan of deferred compensation established or maintained by an employer including a partnership or sole proprietorship or by an employee organization, or by both, other than a plan providing individual retirement accounts or individual retirement annuities under 26 U.S.C. § 408, premium deposit fund, variable annuity, investment annuity, immediate annuity, any deferred annuity contract after annuity payments have commenced, or reversionary annuity, nor to any contract which shall be delivered outside this state through an insurance provider or other representative of the company issuing the contract.
History of Section.
P.L. 1993, ch. 180, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4.4 - The Standard Nonforfeiture Law for Individual Deferred Annuities › Section 27-4.4-5. - Computation of present value.

§ 27-4.4-5. Computation of present value.
Any paid up annuity benefit available under a contract shall be such that its present value on the date annuity payments are to commence is at least equal to the minimum nonforfeiture amount on that date. The present value shall be computed using the mortality table, if any, and the interest rate specified in the contract for determining the minimum paid up annuity benefits guaranteed in the contract.
History of Section.
P.L. 1993, ch. 180, § 1.
2023 Rhode Island General Laws › Title 27 - Insurance › Chapter 27-4.4 - The Standard Nonforfeiture Law for Individual Deferred Annuities › Section 27-4.4-6. - Calculation of cash surrender value.

§ 27-4.4-6. Calculation of cash surrender value.
For contracts which provide cash surrender benefits, the cash surrender benefits available prior to maturity shall not be less than the present value as of the date of surrender of that portion of the maturity value of the paid-up annuity benefit which would be provided under the contract at maturity arising from consideration paid prior to the time of cash surrender reduced by the amount appropriate to reflect any prior withdrawals from or partial surrenders of the contract, the present value being calculated on the basis of an interest rate not more than one percent (1%) higher than the interest rate specified in the contract for accumulating the net considerations to determine the maturity value, decreased by the amount of any indebtedness to the company on the contract, including interest due and accrued, and increased by any existing additional amounts credited by the company to the contract. In no event shall any cash surrender benefit be less than the minimum nonforfeiture amount at that time. The death benefit under the contracts shall be at least equal to the cash surrender benefit.
History of Section.
P.L. 1993, ch. 180, § 1.