reglab/statecodes huggingface dataset:
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 45 - Financial Standards and Corporate Operations › Part 1 - Insurance Holding Company Systems (230-RICR-20-45-1) › Section 230-RICR-20-45-1.4 - Forms - General Requirements

Current through June 14, 2024
A. Forms A, B, C,
				  D, E and F (§§
										1.23  through  1.28   of this Part) are intended to be
				  guides in the preparation of the statements required by R.I. Gen. Laws
				  §§
										27-35-2 through
				  27-35-4. They are not intended to
				  be blank forms which are to be filled in. The statements filed shall contain
				  the numbers and captions of all items, but the text of the items may be omitted
				  provided the answers thereto are prepared in such a manner as to indicate
				  clearly the scope and coverage of the items. All instructions, whether
				  appearing under the items of the form or elsewhere therein, are to be omitted.
				  Unless expressly provided otherwise, if any item is inapplicable or the answer
				  thereto is in the negative, an appropriate statement to that effect shall be
				  made.
B. One (1) complete copy of
				  each statement including exhibits and all other papers and documents filed as a
				  part thereof, shall be filed with the Commissioner by personal delivery or mail
				  addressed to: State of Rhode Island. Department of Business Regulation,
				  Insurance Division, Financial Analysis Section. At least one (1) of the copies
				  shall be signed in the manner prescribed on the form. Unsigned copies shall be
				  conformed. If the signature of any person is affixed pursuant to a power of
				  attorney or other similar authority, a copy of the power of attorney or other
				  authority shall also be filed with the statement.
C. If an applicant requests a hearing on a
				  consolidated basis under R.I. Gen. Laws §
										27-35-2(d), in
				  addition to filing the Form A with the department, the applicant shall file a
				  copy of Form A (§
										1.23   of this Part) with the National Association of
				  Insurance Commissioners (NAIC) in electronic form.
D. Statements should be prepared
				  electronically. Statements shall be easily readable and suitable for review and
				  reproduction. Debits in credit categories and credits in debit categories shall
				  be designated so as to be clearly distinguishable as such on photocopies.
				  Statements shall be in the English language and monetary values shall be stated
				  in United States currency. If any exhibit or other paper or document filed with
				  the statement is in a foreign language, it shall be accompanied by a
				  translation into the English language and any monetary value shown in a foreign
				  currency normally shall be converted into United States currency.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 45 - Financial Standards and Corporate Operations › Part 1 - Insurance Holding Company Systems (230-RICR-20-45-1) › Section 230-RICR-20-45-1.5 - Forms - Incorporation by Reference, Summaries and Omissions

Current through June 14, 2024
A. Information
				  required by any item of Form A, Form B, Form D, Form E or Form F
				  (§§
										1.23,  1.24,  1.26,  1.27, and  1.28   of this Part) may be incorporated
				  by reference in answer or partial answer to any other item. Information
				  contained in any financial statement, annual report, proxy statement, statement
				  filed with a governmental authority, or any other document may be incorporated
				  by reference in answer or partial answer to any item of Form A, Form B, Form D,
				  Form E or Form F (§§
										1.23,  1.24,  1.26,  1.27, and  1.28   of this Part)
				  provided the document is filed as an exhibit to the statement. Excerpts of
				  documents may be filed as exhibits if the documents are extensive. Documents
				  currently on file with the Commissioner which were filed within three (3) years
				  need not be attached as exhibits. References to information contained in
				  exhibits or in documents already on file shall clearly identify the material
				  and shall specifically indicate that such material is to be incorporated by
				  reference in answer to the item. Matter shall not be incorporated by reference
				  in any case where the incorporation would render the statement incomplete,
				  unclear or confusing.
B. Where an
				  item requires a summary or outline of the provisions of any document, only a
				  brief statement shall be made as to the pertinent provisions of the document.
				  In addition to the statement, the summary or outline may incorporate by
				  reference particular parts of any exhibit or document currently on file with
				  the Commissioner which was filed within three (3) years and may be qualified in
				  its entirety by such reference. In any case where two (2) or more documents
				  required to be filed as exhibits are substantially identical in all material
				  respects except as to the parties thereto, the dates of execution, or other
				  details, a copy of only one of the documents need be filed with a schedule
				  identifying the omitted documents and setting forth the material details in
				  which the documents differ from the documents, a copy of which is
				  filed.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 45 - Financial Standards and Corporate Operations › Part 1 - Insurance Holding Company Systems (230-RICR-20-45-1) › Section 230-RICR-20-45-1.6 - Forms - Information Unavailable and Extension of Time to Furnish

Current through June 14, 2024
A. If it is impractical to furnish any
				  required information, document or report at the time it is required to be
				  filed, there shall be filed with the Commissioner a separate document:
1. Identifying the information, document or
				  report in question;
2. Stating why
				  the filing thereof at the time required is impractical; and
3. Requesting an extension of time for filing
				  the information, document or report to a specified date. The request for
				  extension shall be deemed granted unless the Commissioner within thirty (30)
				  days after receipt thereof enters an order denying the request.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 45 - Financial Standards and Corporate Operations › Part 1 - Insurance Holding Company Systems (230-RICR-20-45-1) › Section 230-RICR-20-45-1.7 - Forms - Additional Information and Exhibits

Current through June 14, 2024
In addition to the information expressly required to be
					 included in Form A, Form B, Form C, Form D, Form E and Form F, the Commissioner
					 may request such further material information, if any, as may be necessary to
					 make the information contained therein not misleading. The person filing may
					 also file such exhibits as it may desire in addition to those expressly
					 required by the statement. The exhibits shall be so marked as to indicate
					 clearly the subject matters to which they refer. Changes to Forms A, B, C, D, E
					 or F (§§
										1.23  through  1.28   of this Part) shall include on the top of
					 the cover page the phrase: "Change No. [insert number] to" and shall indicate
					 the date of the change and not the date of the original
					 filing.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 45 - Financial Standards and Corporate Operations › Part 1 - Insurance Holding Company Systems (230-RICR-20-45-1) › Section 230-RICR-20-45-1.8 - Definitions

Current through June 14, 2024
A. "Executive officer" means chief executive
				  officer, chief operating officer, chief financial officer, treasurer,
				  secretary, controller, and any other individual performing functions
				  corresponding to those performed by the foregoing officers under whatever
				  title.
B. "Ultimate controlling
				  person" means that person which is not controlled by any other
				  person.
C. Unless the context
				  otherwise requires, other terms found in this Part and in R.I. Gen. Laws §
										27-35-1 are used as defined in the
				  said R.I. Gen. Laws §
										27-35-1. Other nomenclature or
				  terminology is according to the Insurance Code, or industry usage if not
				  defined by the Code.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 45 - Financial Standards and Corporate Operations › Part 1 - Insurance Holding Company Systems (230-RICR-20-45-1) › Section 230-RICR-20-45-1.9 - Subsidiaries of Domestic Insurers

Current through June 14, 2024
The authority to invest in subsidiaries under R.I. Gen.
					 Laws §
										27-35-1.5 is in addition to any
					 authority to invest in subsidiaries which may be contained in any other
					 provision of the Insurance Code.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 45 - Financial Standards and Corporate Operations › Part 1 - Insurance Holding Company Systems (230-RICR-20-45-1) › Section 230-RICR-20-45-1.10 - Acquisition of Control - Statement Filing (Form A)

Current through June 14, 2024
A person required to file a statement pursuant to R.I. Gen.
					 Laws §
										27-35-2 shall furnish the required
					 information on Form A, hereby made a part of this Part. Such person shall also
					 furnish the required information on Form E (§
										1.27   of this Part), hereby
					 made a part of this Part and described in §
										1.13   of this
					 Part.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 45 - Financial Standards and Corporate Operations › Part 1 - Insurance Holding Company Systems (230-RICR-20-45-1) › Section 230-RICR-20-45-1.11 - Amendments to Form A

Current through June 14, 2024
The applicant shall promptly advise the Commissioner of any
					 changes in the information furnished on Form A (§
										1.23   of this Part)
					 arising subsequent to the date upon which the information was furnished but
					 prior to the Commissioner's disposition of the application.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 45 - Financial Standards and Corporate Operations › Part 1 - Insurance Holding Company Systems (230-RICR-20-45-1) › Section 230-RICR-20-45-1.12 - Acquisition of Section 27-35-2(a)(1) Insurers

Current through June 14, 2024
A. If
				  the person being acquired is deemed to be a "domestic insurer" solely because
				  of the provisions of R.I. Gen. Laws §
										27-35-2(a)(1),
				  the name of the domestic insurer on the cover page should be indicated as
				  follows:
1. "ABC Insurance Company, a
				  subsidiary of XYZ Holding Company."
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 45 - Financial Standards and Corporate Operations › Part 1 - Insurance Holding Company Systems (230-RICR-20-45-1) › Section 230-RICR-20-45-1.13 - Pre-Acquisition Notification

Current through June 14, 2024
A. If a domestic
				  insurer, including any person controlling a domestic insurer, is proposing a
				  merger or acquisition pursuant to R.I. Gen. Laws §
										27-35-2(a)(1),
				  that person shall file a pre-acquisition notification form, Form E, which was
				  developed pursuant to R.I. Gen. Laws §
										27-35-2.5(c).
B. Additionally, if a non-domiciliary insurer
				  licensed to do business in this state is proposing a merger or acquisition
				  pursuant to R.I. Gen. Laws §
										27-35-2.5, that person shall file
				  a pre-acquisition notification form, Form E (§
										1.27   of this Part). No
				  pre-acquisition notification form need be filed if the acquisition is beyond
				  the scope of R.I. Gen. Laws §
										27-35-2.5 as set forth in R.I.
				  Gen. Laws §
										27-35-2.5(b)(2).
C. In addition to the information required by
				  Form E (§
										1.27   of this Part), the Commissioner may wish to require an
				  expert opinion as to the competitive impact of the proposed
				  acquisition.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 45 - Financial Standards and Corporate Operations › Part 1 - Insurance Holding Company Systems (230-RICR-20-45-1) › Section 230-RICR-20-45-1.14 - Annual Registration of Insurers - Statement Filing

Current through June 14, 2024
An insurer required to file an annual registration
					 statement pursuant to R.I. Gen. Laws §
										27-35-3 shall furnish the required
					 information on Form B (§
										1.24   of this Part), hereby made a part of this
					 Part.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 45 - Financial Standards and Corporate Operations › Part 1 - Insurance Holding Company Systems (230-RICR-20-45-1) › Section 230-RICR-20-45-1.15 - Summary of Registration - Statement Filing

Current through June 14, 2024
An insurer required to file an annual registration
					 statement pursuant to R.I. Gen. Laws §
										27-35-3 is also required to
					 furnish information required on Form C (§
										1.25   of this Part), hereby made a
					 part of this Part.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 45 - Financial Standards and Corporate Operations › Part 1 - Insurance Holding Company Systems (230-RICR-20-45-1) › Section 230-RICR-20-45-1.16 - Amendments to Form B

Current through June 14, 2024
A. An amendment to
				  Form B (§
										1.24   of this Part) shall be filed within fifteen (15) days after
				  the end of any month in which there is a material change to the information
				  provided in the annual registration statement.
B. Amendments shall be filed in the Form B
				  format with only those items which are being amended reported. Each amendment
				  shall include at the top of the cover page "Amendment No. [insert number] to
				  Form B for [insert year]" and shall indicate the date of the change and not the
				  date of the original filings.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 45 - Financial Standards and Corporate Operations › Part 1 - Insurance Holding Company Systems (230-RICR-20-45-1) › Section 230-RICR-20-45-1.17 - Alternative and Consolidated Registrations

Current through June 14, 2024
A. Any
				  authorized insurer may file a registration statement on behalf of any
				  affiliated insurer or insurers which are required to register under R.I. Gen.
				  Laws §
										27-35-3. A registration statement
				  may include information not required by R.I. Gen. Laws §
										27-35-3(b)
				  regarding any insurer in the insurance holding company system even if the
				  insurer is not authorized to do business in this State. In lieu of filing a
				  registration statement on Form B (§
										1.24   of this Part), the authorized
				  insurer may file a copy of the registration statement or similar report which
				  it is required to file in its State of domicile, provided:
1. The statement or report contains
				  substantially similar information required to be furnished on Form B
				  (§
											1.24   of this Part); and
2.
				  The filing insurer is the principal insurance company in the insurance holding
				  company system.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 45 - Financial Standards and Corporate Operations › Part 1 - Insurance Holding Company Systems (230-RICR-20-45-1) › Section 230-RICR-20-45-1.18 - Disclaimers and Termination of Registration

Current through June 14, 2024
A. A
				  disclaimer of affiliation or a request for termination of registration claiming
				  that a person does not, or will not upon the taking of some proposed action,
				  control another person (hereinafter referred to as the "subject") shall contain
				  the following information:
1. The number of
				  authorized, issued and outstanding voting securities of the subject;
2. With respect to the person whose control
				  is denied and all affiliates of such person, the number and percentage of
				  shares of the subject's voting securities which are held of record or known to
				  be beneficially owned, and the number of shares concerning which there is a
				  right to acquire, directly or indirectly;
3. All material relationships and bases for
				  affiliation between the subject and the person whose control is denied and all
				  affiliates of such person;
4. A
				  statement explaining why the person should not be considered to control the
				  subject.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 45 - Financial Standards and Corporate Operations › Part 1 - Insurance Holding Company Systems (230-RICR-20-45-1) › Section 230-RICR-20-45-1.19 - Transactions Subject to Prior Notice - Notice Filing

Current through June 14, 2024
A. An insurer required to give notice of a
				  proposed transaction pursuant to R.I. Gen. Laws §
										27-35-4 shall furnish the required
				  information on Form D (§
										1.26   of this Part), hereby made a part of this
				  Part.
B. Agreements for cost
				  sharing services and management services shall at a minimum and as applicable:
1. Identify the person providing services and
				  the nature of such services;
2. Set
				  forth the methods to allocate costs;
3. Require timely settlement, not less
				  frequently than on a quarterly basis, and compliance with the requirements in
				  the Accounting Practices and Procedures Manual;
4. Prohibit advancement of funds by the
				  insurer to the affiliate except to pay for services defined in the agreement;
5. State that the insurer will
				  maintain oversight for functions provided to the insurer by the affiliate and
				  that the insurer will monitor services annually for quality assurance;
6. Define books and records of the
				  insurer to include all books and records developed or maintained under or
				  related to the agreement;
7.
				  Specify that all books and records of the insurer are and remain the property
				  of the insurer and are subject to control of the insurer;
8. State that all funds and invested assets
				  of the insurer are the exclusive property of the insurer, held for the benefit
				  of the insurer and are subject to the control of the insurer;
9. Include standards for termination of the
				  agreement with and without cause;
10. Include provisions for indemnification of
				  the insurer in the event of gross negligence or willful misconduct on the part
				  of the affiliate providing the services;
11. Specify that, if the insurer is placed in
				  receivership or seized by the commissioner under the State Receivership Act:
a. All of the rights of the insurer under the
				  agreement extend to the receiver or commissioner; and,
b. All books and records will immediately be
				  made available to the receiver or the commissioner, and shall be turned over to
				  the receiver or commissioner immediately upon the receiver or the
				  commissioner's request;
12. Specify that the affiliate has no
				  automatic right to terminate the agreement if the insurer is placed in
				  receivership pursuant to the State Receivership Act; and
13. Specify that the affiliate will continue
				  to maintain any systems, programs, or other infrastructure notwithstanding a
				  seizure by the commissioner under the State Receivership Act, and will make
				  them available to the receiver, for so long as the affiliate continues to
				  receive timely payment for services rendered.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 45 - Financial Standards and Corporate Operations › Part 1 - Insurance Holding Company Systems (230-RICR-20-45-1) › Section 230-RICR-20-45-1.20 - Enterprise Risk Report

Current through June 14, 2024
The ultimate controlling person of an insurer required to
					 file an enterprise risk report pursuant to R.I. Gen. Laws §
										27-35-3(l) shall
					 furnish the required information on Form F (§
										1.28   of this Part), hereby
					 made a part of this Part.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 45 - Financial Standards and Corporate Operations › Part 1 - Insurance Holding Company Systems (230-RICR-20-45-1) › Section 230-RICR-20-45-1.21 - Extraordinary Dividends and Other Distributions

Current through June 14, 2024
A.
				  Requests for approval of extraordinary dividends or any other extraordinary
				  distribution to shareholders shall include the following:
1. The amount of the proposed
				  dividend;
2. The date established
				  for payment of the dividend;
3. A
				  statement as to whether the dividend is to be in cash or other property and, if
				  in property, a description thereof, its cost, and its fair market value
				  together with an explanation of the basis for valuation;
4. A copy of the calculations determining
				  that the proposed dividend is extraordinary. The work paper shall include the
				  following information:
a. The amounts, dates
				  and form of payment of all dividends or distributions (including regular
				  dividends but excluding distributions of the insurer's own securities) paid
				  within the period of twelve (12) consecutive months ending on the date fixed
				  for payment of the proposed dividend for which approval is sought and
				  commencing on the day after the same day of the same month in the last
				  preceding year;
b. Surplus as
				  regards policyholders (total capital and surplus) as of the 31st day of
				  December next preceding;
c. If the
				  insurer is a life insurer, the net gain from operations for the 12-month period
				  ending the 31st day of December next preceding;
d. If the insurer is not a life insurer, the
				  net income less realized capital gains for the 12-month period ending the 31st
				  day of December next preceding and the two preceding 12-month periods;
				  and
e. If the insurer is not a life
				  insurer, the dividends paid to stockholders excluding distributions of the
				  insurer's own securities in the preceding two (2) calendar years;
5. A balance sheet and statement
				  of income for the period intervening from the last annual statement filed with
				  the Commissioner and the end of the month preceding the month in which the
				  request for dividend approval is submitted; and
6. A brief statement as to the effect of the
				  proposed dividend upon the insurer's surplus and the reasonableness of surplus
				  in relation to the insurer's outstanding liabilities and the adequacy of
				  surplus relative to the insurer's financial needs.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 45 - Financial Standards and Corporate Operations › Part 1 - Insurance Holding Company Systems (230-RICR-20-45-1) › Section 230-RICR-20-45-1.22 - Adequacy of Surplus

Current through June 14, 2024
The factors set forth in R.I. Gen. Laws §
										27-35-4(b) are
					 not intended to be an exhaustive list. In determining the adequacy and
					 reasonableness of an insurer's surplus no single factor is necessarily
					 controlling. The Commissioner, instead, will consider the net effect of all of
					 these factors plus other factors bearing on the financial condition of the
					 insurer. In comparing the surplus maintained by other insurers, the
					 Commissioner will consider the extent to which each of these factors varies
					 from company to company and in determining the quality and liquidity of
					 investments in subsidiaries, the Commissioner will consider the individual
					 subsidiary and may discount or disallow its valuation to the extent that the
					 individual investments so warrant.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 45 - Financial Standards and Corporate Operations › Part 1 - Insurance Holding Company Systems (230-RICR-20-45-1) › Section 230-RICR-20-45-1.27 - Form E: Pre-Acquisition Notification Form Regarding The Potential Competitive Impact Of A Proposed Merger Or Acquisition By A Non-Domiciliary Insurer Doing Business In This State Or By A Domestic Insurer

Current through June 14, 2024
___________________________________
Name of Applicant
___________________________________
Name of Other Person Involved in Merger or
								Acquisition
Filed with the Insurance Department of Rhode
								Island
Date:__________________________
Name, title, address and telephone number of person
								completing this statement:
________________________________________________________________
________________________________________________________________
ITEM 1. NAME AND ADDRESS
State the names and addresses of the persons who
								hereby provide notice of their involvement in a pending acquisition or change
								in corporate control.
ITEM 2. NAME AND ADDRESSES OF AFFILIATED
								COMPANIES
State the names and addresses of the persons
								affiliated with those listed in Item 1. Describe their affiliations.
ITEM 3. NATURE AND PURPOSE OF THE PROPOSED MERGER
								OR ACQUISITION
State the nature and purpose of the proposed merger
								or acquisition.
ITEM 4. NATURE OF BUSINESS
State the nature of the business performed by each
								of the persons identified in response to Item 1 and Item 2.
ITEM 5. MARKET AND MARKET SHARE
State specifically what market and market share in
								each relevant insurance market the persons identified in Item 1 and Item 2
								currently enjoy in this state. Provide historical market and market share data
								for each person identified in Item 1 and Item 2 for the past five years and
								identify the source of such data. Provide a determination as to whether the
								proposed acquisition or merger, if consummated, would violate the competitive
								standards of the state as stated in R.I. Gen. Laws §
														27-35-2.5(d). If
								the proposed acquisition or merger would violate competitive standards, provide
								justification of why the acquisition or merger would not substantially lessen
								competition or create a monopoly in the state.
For purposes of this question, market means direct
								written insurance premium in this state for a line of business as contained in
								the annual statement required to be filed by insurers licensed to do business
								in this state.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 45 - Financial Standards and Corporate Operations › Part 2 - Surrender and Non-Renewal of Licenses by Insurers (230-RICR-20-45-2) › Section 230-RICR-20-45-2.1 - Purpose, Scope and Authority

Current through June 14, 2024
A. Purpose and
				  Scope. This Regulation establishes the procedure by which an insurer licensed
				  to write insurance in Rhode Island may surrender or non-renew its existing
				  license and requires submission of a withdrawal plan that will protect the
				  residents of the state. The plan shall be approved by the Commissioner of
				  Insurance prior to becoming effective.
B. The purpose of this Regulation is to limit
				  and prevent, where possible, market disturbances and to preserve the rights of
				  insureds and others affected by the withdrawal of insurers from the Rhode
				  Island insurance market, while permitting insurers to phase out their business
				  in an orderly fashion consistent with their obligations under applicable
				  laws.
C. Authority. This Regulation
				  is promulgated in accordance with the authority granted to the Director of the
				  Department of Business Regulation R.I. Gen. Laws §§
										27-1-1 et seq., 27-2-1 et seq.,
				  27-3-1 et seq., 27-7.1-1 et seq., 27-7.2-1 et seq., 27-13-1 et seq., 27-16-1 et
				  seq., 27-18-1 et seq., 27-19-1 et seq., 27-20-1 et seq., 27-20.1-1 et seq.,
				  27-20.2-1 et seq., 27-20.3-1 et seq., 27-20.4-1 et seq., 27-29-1 et seq.,
				  27-41-1 et seq., and 27-46-1 et seq., 42-14-1 et seq., and 42-62-1 et
				  seq.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 45 - Financial Standards and Corporate Operations › Part 2 - Surrender and Non-Renewal of Licenses by Insurers (230-RICR-20-45-2) › Section 230-RICR-20-45-2.2 - Applicability and Effective Date

Current through June 14, 2024
A. This regulation
				  applies to any insurance company that has obtained a license pursuant to Title
				  27 of the Rhode Island General Laws and that intends to surrender or to not
				  renew such license for any line or all lines of business.
B. No applicant may implement a withdrawal
				  plan until that plan is approved by the Commissioner in accordance with the
				  provisions of this regulation.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 45 - Financial Standards and Corporate Operations › Part 2 - Surrender and Non-Renewal of Licenses by Insurers (230-RICR-20-45-2) › Section 230-RICR-20-45-2.5 - Review and Approval of Filing

Current through June 14, 2024
A. The Commissioner
				  shall promptly review a completed withdrawal plan, and may conduct a hearing,
				  if necessary, to inquire into any aspect of the withdrawal plan.
B. The Commissioner shall issue a written
				  decision on the applicant's withdrawal plan no later than thirty (30) days from
				  the receipt of a complete filing. The Commissioner shall approve the plan if it
				  conforms with the requirements of §
										2.4(C)   of this Part. If the decision
				  disapproves the withdrawal plan in whole or in part, the Commissioner shall
				  specify in what respect(s) the plan fails to conform with the requirements of
				  §
										2.4(C)   of this Part.
C. In
				  the event the Commissioner disapproves an applicant's withdrawal plan without
				  hearing, the applicant may request a hearing by filing a written request for a
				  hearing within ten (10) days of its receipt of notice of disapproval. The
				  Commissioner shall schedule the hearing to be held within twenty (20) days of
				  receipt of the request for the hearing. Within thirty (30) days after the
				  conclusion of the hearing, the Commissioner shall either approve, approve with
				  conditions or disapprove the withdrawal plan. The applicant shall have the
				  right to judicial review of the Commissioner's decision in accordance with the
				  provisions of R.I. Gen. Laws §
										42-35-1 et seq.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 45 - Financial Standards and Corporate Operations › Part 2 - Surrender and Non-Renewal of Licenses by Insurers (230-RICR-20-45-2) › Section 230-RICR-20-45-2.6 - Severability

Current through June 14, 2024
If any provision of this Regulation or its applicability to
					 any person or entity is held invalid by a court, the remainder of this
					 regulation shall not be affected thereby.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 45 - Financial Standards and Corporate Operations › Part 3 - Credit for Reinsurance › Section 230-RICR-20-45-3.1 - Authority

Current through June 14, 2024
This Regulation is promulgated pursuant to the authority
					 granted by R.I. Gen. Laws §
										27-1.1-4.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 45 - Financial Standards and Corporate Operations › Part 3 - Credit for Reinsurance › Section 230-RICR-20-45-3.2 - Purpose

Current through June 14, 2024
The purpose of this Part is to set forth rules and
					 procedural requirements that the Superintendent deems necessary to carry out
					 the provisions of the Credit for Reinsurance Act, (the "Act"), R.I. Gen. Laws
					 §
										27-1.1-1
et seq.
The actions and information required by this Part are declared to be necessary
					 and appropriate in the public interest and for the protection of the ceding
					 insurers in this State.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 45 - Financial Standards and Corporate Operations › Part 3 - Credit for Reinsurance › Section 230-RICR-20-45-3.3 - Severability

Current through June 14, 2024
If any provision of this Part, or the application of the
					 provision to any person or circumstance, is held invalid, of the remainder the
					 Part, and the application of the provision to persons or circumstances other
					 than those to which it is held invalid, shall not be
					 affected.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 45 - Financial Standards and Corporate Operations › Part 3 - Credit for Reinsurance › Section 230-RICR-20-45-3.4 - Credit for Reinsurance - Reinsurer Licensed in this State

Current through June 14, 2024
Pursuant to R.I. Gen. Laws §
										27-1.1-1(a), the
					 Superintendent shall allow credit for reinsurance ceded by a domestic insurer
					 to an assuming insurer that was licensed in this State as of any date on which
					 statutory financial statement credit for reinsurance is claimed.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 45 - Financial Standards and Corporate Operations › Part 3 - Credit for Reinsurance › Section 230-RICR-20-45-3.5 - Credit for Reinsurance - Accredited Reinsurers

Current through June 14, 2024
A. Pursuant to R.I. Gen. Laws §
										27-1.1-1(b), the
				  Superintendent shall allow credit for reinsurance ceded by a domestic insurer
				  to an assuming insurer that is accredited as a reinsurer in this State as of
				  the date on which statutory financial statement credit for reinsurance is
				  claimed. An accredited reinsurer must:
1.
				  File a properly executed Form AR-1 (promulgated by the Department in a Bulletin
				  issued for that purpose) as evidence of its submission to this state's
				  jurisdiction and to this State's authority to examine its books and
				  records;
2. File with the
				  Superintendent a certified copy of a certificate of authority or other
				  acceptable evidence that it is licensed to transact insurance or reinsurance in
				  at least one (1) State, or, in the case of a United States branch of an alien
				  assuming insurer, is entered through and licensed to transact insurance or
				  reinsurance in at least one (1) State;
3. File annually with the Superintendent a
				  copy of its annual statement filed with the insurance department of its State
				  of domicile or, in the case of an alien assuming insurer, with the State
				  through which it is entered and in which it is licensed to transact insurance
				  or reinsurance, and a copy of its most recent audited financial statement;
				  and
4. Maintain a surplus as
				  regards policyholders in an amount not less than twenty million dollars
				  ($20,000,000.00) or obtain the affirmative approval of the Superintendent upon
				  a finding that it has adequate financial capacity to meet its reinsurance
				  obligations and is otherwise qualified to assume reinsurance from domestic
				  insurers.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 45 - Financial Standards and Corporate Operations › Part 3 - Credit for Reinsurance › Section 230-RICR-20-45-3.6 - Credit for Reinsurance - Reinsurer Domiciled and Licensed in Another State

Current through June 14, 2024
A. Pursuant to R.I.
				  Gen. Laws §
										27-1.1-1(d) the
				  Superintendent shall allow credit for reinsurance ceded by a domestic insurer
				  to an assuming insurer that as of any date on which statutory financial
				  statement credit for reinsurance is claimed:
1. Is domiciled in (or in the case of a
				  United States branch of an alien assuming insurer, is entered through) a State
				  that employs standards regarding credit for reinsurance substantially similar
				  to those applicable under the Act and this Regulation;
2. Maintains a surplus as regards
				  policyholders in an amount not less than twenty million dollars
				  ($20,000,000.00); and
3. Files a
				  properly executed Form AR-1 (promulgated by the Department in a Bulletin issued
				  for that purpose) with the Superintendent as evidence of its submission to this
				  State's authority to examine its books and records.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 45 - Financial Standards and Corporate Operations › Part 3 - Credit for Reinsurance › Section 230-RICR-20-45-3.10 - Credit for Reinsurance Required by Law

Current through June 14, 2024
Pursuant to R.I. Gen. Laws §
										27-1.1-1(g), the
					 Superintendent shall allow credit for reinsurance ceded by a domestic insurer
					 to an assuming insurer not meeting the requirements of R.I. Gen. Laws
					 §§
										27-1.1-1(c) through
					 (g) but only as to the insurance of risks
					 located in jurisdictions where the reinsurance is required by the applicable
					 law or regulation of that jurisdiction. As used in §
										3.10   of this Part,
					 "jurisdiction" means State, district or territory of the United States and any
					 lawful national government.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 45 - Financial Standards and Corporate Operations › Part 3 - Credit for Reinsurance › Section 230-RICR-20-45-3.11 - Asset or Reduction from Liability for Reinsurance Ceded to an Unauthorized Assuming Insurer Not Meeting the Requirements of Sections 3.4 through 3.10 of this Part

Current through June 14, 2024
A. Pursuant to R.I.
				  Gen. Laws §
										27-1.1-2, the Superintendent shall
				  allow a reduction from liability for reinsurance ceded by a domestic insurer to
				  an assuming insurer not meeting the requirements of R.I. Gen. Laws §
										27-1.1-1 in an amount not
				  exceeding the liabilities carried by the ceding insurer. The reduction shall be
				  in the amount of funds held by or on behalf of the ceding insurer, including
				  funds held in trust for the exclusive benefit of the ceding insurer, under a
				  reinsurance contract with such assuming insurer as security for the payment of
				  obligations under the reinsurance contract. The security shall be held in the
				  United States subject to withdrawal solely by, and under the exclusive control
				  of, the ceding insurer or, in the case of a trust, held in a qualified United
				  States financial institution as defined in R.I. Gen. Laws §
										27-1.1-3(b). This
				  security may be in the form of any of the following:
1. Cash;
2. Securities listed by the Securities
				  Valuation Office of the NAIC, including those deemed exempt from filing as
				  defined by the Purposes and Procedures Manual of the Securities Valuation
				  Office, and qualifying as admitted assets;
3. Clean, irrevocable, unconditional and
				  "evergreen" letters of credit issued or confirmed by a qualified United States
				  institution, as defined in R.I. Gen. Laws §
											27-1.1-3(a),
				  effective no later than December 31 of the year for which filing is being made,
				  and in the possession of, or in trust for, the ceding insurer on or before the
				  filing date of its annual statement. Letters of credit meeting applicable
				  standards of issuer acceptability as of the dates of their issuance (or
				  confirmation) shall, notwithstanding the issuing (or confirming) institution's
				  subsequent failure to meet applicable standards of issuer acceptability,
				  continue to be acceptable as security until their expiration, extension,
				  renewal, modification or amendment, whichever first occurs; or
4. Any other form of security acceptable to
				  the Superintendent.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 45 - Financial Standards and Corporate Operations › Part 3 - Credit for Reinsurance › Section 230-RICR-20-45-3.12 - Trust Agreements Qualified under Section 3.11 of this Part

Current through June 14, 2024
A. As used in §
										3.12   of this Part:
1. "Beneficiary" means the entity for whose
				  sole benefit the trust has been established and any successor of the
				  beneficiary by operation of law. If a court of law appoints a successor in
				  interest to the named beneficiary, then the named beneficiary includes and is
				  limited to the court appointed domiciliary receiver (including conservator,
				  rehabilitator or liquidator).
2.
				  "Grantor" means the entity that has established a trust for the sole benefit of
				  the beneficiary. When established in conjunction with a reinsurance agreement,
				  the grantor is the unlicensed, unaccredited assuming insurer.
3. "Obligations," as used in
				  §
											3.12(B)(11)   of this Part, means:
a.
				  Reinsured losses and allocated loss expenses paid by the ceding company, but
				  not recovered from the assuming insurer;
b. Reserves for reinsured losses reported and
				  outstanding;
c. Reserves for
				  reinsured losses incurred but not reported; and
d. Reserves for allocated reinsured loss
				  expenses and unearned premiums.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 45 - Financial Standards and Corporate Operations › Part 3 - Credit for Reinsurance › Section 230-RICR-20-45-3.14 - Other Security

Current through June 14, 2024
A ceding insurer may take credit for unencumbered funds
					 withheld by the ceding insurer in the United States subject to withdrawal
					 solely by the ceding insurer and under its exclusive control.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 45 - Financial Standards and Corporate Operations › Part 3 - Credit for Reinsurance › Section 230-RICR-20-45-3.15 - Reinsurance Contracts

Current through June 14, 2024
A. Credit will not
				  be granted, nor an asset or reduction from liability allowed, to a ceding
				  insurer for reinsurance effected with assuming insurers meeting the
				  requirements of §§
										3.4,  3.5,  3.6,  3.7,  3.8,  3.9  or  3.11   of this Part
				  or otherwise in compliance with R.I. Gen. Laws §
										27-1.1-1 after the adoption of
				  this Regulation unless the reinsurance agreement:
1. Includes a proper insolvency clause, which
				  stipulates that reinsurance is payable directly to the liquidator or successor
				  without diminution regardless of the status of the ceding company pursuant to
				  the General Laws of Rhode Island, as amended; and
2. Includes a provision pursuant to R.I. Gen.
				  Laws §
											27-1.1-1(h)
				  whereby the assuming insurer, if an unauthorized assuming insurer, has
				  submitted to the jurisdiction of an alternative dispute resolution panel or
				  court of competent jurisdiction within the United States, has agreed to comply
				  with all requirements necessary to give the court or panel jurisdiction, has
				  designated an agent upon whom service of process may be effected, and has
				  agreed to abide by the final decision of the court or panel; and
3. Includes a proper reinsurance intermediary
				  clause, if applicable, which stipulates that the credit risk for the
				  intermediary is carried by the assuming insurer.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 45 - Financial Standards and Corporate Operations › Part 3 - Credit for Reinsurance › Section 230-RICR-20-45-3.16 - Contracts Affected

Current through June 14, 2024
All new and renewal reinsurance transactions entered into
					 after December 18, 1992, shall conform to the requirements of the Act and this
					 Regulation if credit is to be given to the ceding insurer for such
					 reinsurance.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 45 - Financial Standards and Corporate Operations › Part 4 - Proxies, Consents and Authorizations of Domestic Stock Insurers › Section 230-RICR-20-45-4.1 - Application of Part

Current through June 14, 2024
This Part is applicable to all domestic stock insurers
					 having one hundred (100) or more stockholders; provided, however, that this
					 Part shall not apply to any insurer if ninety-five percent (95%) or more of its
					 stock is owned or controlled by a parent or an affiliated insurer and the
					 remaining shares are held by less than five hundred (500) stockholders. A
					 domestic stock insurer which files with the Securities and Exchange Commission
					 forms of proxies, consents and authorizations complying with the requirements
					 of the Securities and Exchange Act of 1934 and the Securities and Exchange Acts
					 Amendments of 1964 and Regulation 14A of the Securities and Exchange Commission
					 promulgated thereunder shall be exempt from the provisions of this
					 Part.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 45 - Financial Standards and Corporate Operations › Part 4 - Proxies, Consents and Authorizations of Domestic Stock Insurers › Section 230-RICR-20-45-4.2 - Proxies, Consents and Authorizations

Current through June 14, 2024
No domestic stock insurer, or any director, officer or
					 employee of such insurer subject to §
										4.1   of this Part, or any other
					 person, shall solicit, or permit the use of his name to solicit, by mail or
					 otherwise, any proxy, consent or authorization in respect of any stock of such
					 insurer in contravention of this Part and §§
										4.11  and  4.12   of this
					 Part.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 45 - Financial Standards and Corporate Operations › Part 4 - Proxies, Consents and Authorizations of Domestic Stock Insurers › Section 230-RICR-20-45-4.3 - Disclosure of Equivalent Information

Current through June 14, 2024
Unless proxies, consents or authorizations in respect of a
					 stock of a domestic insurer subject to §
										4.1   of this Part hereof are
					 solicited by or on behalf of the management of such insurer from the holders of
					 record of stock of such insurer in accordance with this Part prior to any
					 annual or other meeting, such insurer shall, in accordance with this Part
					 and/or such further regulations as the Commissioner may adopt, file with the
					 Commissioner and transmit to all stockholders of record information
					 substantially equivalent to the information which would be required to be
					 transmitted if a solicitation were made.