reglab/statecodes huggingface dataset:
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 15 - Workers Compensation Insurance › Part 1 - Workers Compensation Group Self Insurance (formerly Insurance Regulation 33) (230-RICR-20-15-1) › Section 230-RICR-20-15-1.10 - Reports

Current through June 14, 2024
A. Each group self-insurer shall be required
				  to submit the following documents and reports on a continuing basis:
1. quarterly status reports which accurately
				  reflect the financial condition of each open fiscal year shall be filed with
				  the Department within thirty (30) days after the close of each fiscal year
				  quarter and signed by the chairman of the board of trustees or the
				  administrator. A fiscal year is considered open as long as one claim from that
				  year remains unsettled. A listing of any and all delinquent accounts and the
				  amount owed shall be furnished to the Department as part of this
				  report;
2. properly classified and
				  audited payrolls for each member shall be submitted to the Department within
				  ninety (90) days after the close of the fiscal year;
3. a verified copy of the minutes of all
				  trustees' meetings shall be submitted to the Department within thirty (30) days
				  of the meeting date;
4. an audited
				  statement of financial condition shall be submitted annually, within ninety
				  (90) days after the close of the group self-insurer fiscal year;
5. summary loss data for the group
				  self-insurer and individual members shall be furnished to the Department upon
				  request.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 15 - Workers Compensation Insurance › Part 1 - Workers Compensation Group Self Insurance (formerly Insurance Regulation 33) (230-RICR-20-15-1) › Section 230-RICR-20-15-1.11 - Surplus Distributions and Deficits

Current through June 14, 2024
A. Any monies for a
				  coverage year in excess of the amount necessary to fulfill all of the group
				  self-insurer's obligations for that year shall be considered surplus that may
				  be declared refundable to members by the trustees at any time. The amount of
				  such declaration shall be a liability of the group self-insurer at the time of
				  the declaration. A distribution of such surplus monies may not be made by the
				  group self-insurer until the date of payment has been agreed to by the
				  trustees, proper notification has been provided to the Department in accordance
				  with §
										1.11(C)   of this Part, and the requirements of this Section are
				  otherwise complied with.
B. A group
				  self-insurer may notify the Department of its intention to make a distribution
				  when surplus exists for a given coverage year. However, in no event shall a
				  distribution take place less than twenty-four (24) months after the end of the
				  coverage year, or if a deficit exists for any coverage year that has not been
				  adequately addressed in accordance with §
										1.11(D)   of this Part. The amount
				  of the distribution must be within the following guidelines:
1. The amount of the initial distribution may
				  not exceed forty percent (40%) of the recalculated surplus for the coverage
				  year from which the distribution is to be made.
2. Additional distributions may be made
				  annually thereafter in accordance with the following schedule:
a. Second year (36 months after the end of
				  the coverage year); up to thirty-three percent (33%) of the remaining
				  recalculated surplus amount.
b.
				  Third year (48 months after the end of the coverage year); up to fifty percent
				  (50%) of the remaining recalculated surplus amount.
c. Fourth year and ensuing years (60 months
				  after the end of the coverage year); up to one hundred percent (100%) of the
				  remaining recalculated surplus amount, but only if all claims for that coverage
				  year are closed.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 15 - Workers Compensation Insurance › Part 1 - Workers Compensation Group Self Insurance (formerly Insurance Regulation 33) (230-RICR-20-15-1) › Section 230-RICR-20-15-1.12 - Contract Services

Current through June 14, 2024
A. Any individual,
				  co-partnership or corporation contracting to provide underwriting, industrial
				  safety engineering, claims adjusting and/or data reporting services to a group
				  self-insurer shall register with the Department, on a form prescribed by the
				  Department, not less than ten (10) days prior to the effective date of its
				  contract.
B. All claims adjusting
				  services provided by or on behalf of a group self-insurer shall be performed by
				  individuals having at least three (3) years experience in workers' compensation
				  claims or subject to the direct supervision of an individual having such
				  experience.
C. All persons
				  performing industrial safety engineering services for a group self-insurer
				  shall have not less than three (3) years experience in safety
				  engineering.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 15 - Workers Compensation Insurance › Part 1 - Workers Compensation Group Self Insurance (formerly Insurance Regulation 33) (230-RICR-20-15-1) › Section 230-RICR-20-15-1.13 - Revocation or Termination of Authority

Current through June 14, 2024
A. Any of the
				  following shall be considered good cause for revocation or termination of the
				  authority to operate a group self-insurer;
1.
				  failure to comply with any of the rules herein;
2. failure to comply with any order of the
				  Department;
3. failure to comply
				  with any of the provisions of the workers' compensation law with particular
				  reference to those relating to time and method of compensation payments, the
				  furnishing of medical treatment and the filing of accident and compensation
				  reports;
4. failure to pay any
				  assessment or penalty;
5. failure
				  to maintain required reserves, security deposits and excess insurance
				  coverage;
6. failure to maintain
				  proper fiscal control over the plan's assets;
7. failure to provide proper claims
				  adjusting, underwriting, and safety engineering services.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 15 - Workers Compensation Insurance › Part 1 - Workers Compensation Group Self Insurance (formerly Insurance Regulation 33) (230-RICR-20-15-1) › Section 230-RICR-20-15-1.14 - Indemnity Agreements

Current through June 14, 2024
A. Each group
				  self-insurer member shall enter into an indemnity agreement jointly and
				  severally binding the self-insurer and each member thereof to comply with the
				  provisions of the Rhode Island Workers' Compensation Law.
B. The indemnity agreement shall conform to
				  the form of the indemnity agreement set forth in a bulletin issued for that
				  purpose and shall contain all its provisions but may also contain other
				  provisions not inconsistent with these rules.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 15 - Workers Compensation Insurance › Part 1 - Workers Compensation Group Self Insurance (formerly Insurance Regulation 33) (230-RICR-20-15-1) › Section 230-RICR-20-15-1.15 - Severability

Current through June 14, 2024
If any provision of these rules is held by a court of
					 competent jurisdiction to be invalid or unenforceable, the remainder of the
					 provisions shall remain in full force and effect and shall in no way be
					 affected.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 15 - Workers Compensation Insurance › Part 2 - Present Value of Permanent Total Disability Workers' Compensation Reserves (230-RICR-20-15-2) › Section 230-RICR-20-15-2.1 - Authority

Current through June 14, 2024
This Regulation is promulgated pursuant to the authority
					 granted by R.I. Gen. Laws Chapters 27-1, 27-2, 27-7.1 and
					 42-14.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 15 - Workers Compensation Insurance › Part 2 - Present Value of Permanent Total Disability Workers' Compensation Reserves (230-RICR-20-15-2) › Section 230-RICR-20-15-2.2 - Purpose

Current through June 14, 2024
The purpose of this Regulation is to establish procedures
					 for insurance carriers domiciled in Rhode Island to present value certain
					 reserves relating to permanent total disability and survivor death benefits for
					 statutory financial reporting.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 15 - Workers Compensation Insurance › Part 2 - Present Value of Permanent Total Disability Workers' Compensation Reserves (230-RICR-20-15-2) › Section 230-RICR-20-15-2.3 - Definitions

Current through June 14, 2024
A. For purposes of this Regulation:
1. "Department" means the Department of
				  Business Regulation.
2. "Director"
				  means the Director of the Department of Business Regulation.
3. "Division" means the Division of Insurance
				  of the Department of Business Regulation.
4. "Insurer" means any insurance company
				  domiciled in Rhode Island authorized and licensed to write workers'
				  compensation insurance in the State of Rhode Island.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 15 - Workers Compensation Insurance › Part 2 - Present Value of Permanent Total Disability Workers' Compensation Reserves (230-RICR-20-15-2) › Section 230-RICR-20-15-2.4 - Present Value of Loss Reserves

Current through June 14, 2024
A. Insurers shall
				  be allowed to compute the present value of permanent total disability and
				  survivor (death) benefits for reported claims and for incurred but not reported
				  claims which represent total and permanent disability cases, exclusive of loss
				  adjustment expenses, and shall assume a rate of interest not greater than three
				  and one half percent (3.5%).
B.
				  Insurers electing to compute the present value of incurred but not reported
				  claims which represent expected permanent total disability and survivor (death)
				  benefit cases must maintain adequate records which clearly show that portion of
				  the permanent total disability and survivor (death) benefit incurred but not
				  reported claims as distinct from the total estimate of incurred but not
				  reported claims. This present value calculation must be calculated in a
				  consistent manner for all workers' compensation claim reserves as reported in
				  the insurers' statutory filings regardless of claim jurisdiction.
C. This present value shall be allowed for
				  statutory financial reporting purposes beginning in reporting year 1993. Those
				  companies that have reported present value levels which exceed the levels
				  established under this Regulation shall be allowed a phase-in period ending
				  December 31, 1994. The phase-in period shall require present value levels to be
				  amortized rateably beginning with the nearest quarter ending which follows the
				  effective date of this Regulation in order for the insurer to be in full
				  compliance for the 1994 annual statement.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 20 - Commercial Insurance › Part 1 - Commercial Insurance Cancellation, Non-Renewal and Premium or Coverage Changes (230-RICR-20-20-1) › Section 230-RICR-20-20-1.1 - Authority

Current through June 14, 2024
This Regulation is promulgated in accordance with R.I. Gen.
					 Laws §§
										27-29-17 through 17.4, 27-3-40,
					 27-65-1 and 42-14-17.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 20 - Commercial Insurance › Part 1 - Commercial Insurance Cancellation, Non-Renewal and Premium or Coverage Changes (230-RICR-20-20-1) › Section 230-RICR-20-20-1.2 - Purpose and Applicability

Current through June 14, 2024
A. The purpose of
				  this Regulation is to govern cancellation, nonrenewal and notice of premium or
				  coverage changes of commercial insurance policies
B. This regulation shall apply to:
1. commercial property insurance
				  policies;
2. commercial liability
				  insurance policies;
3. commercial
				  package policies;
4. commercial
				  excess or umbrella policies, and
5. commercial auto policies.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 20 - Commercial Insurance › Part 1 - Commercial Insurance Cancellation, Non-Renewal and Premium or Coverage Changes (230-RICR-20-20-1) › Section 230-RICR-20-20-1.3 - Definitions

Current through June 14, 2024
A. For the purpose of this regulation:
1. "Cancellation" means termination of a
				  policy at a date other than its expiration date.
2. "Commissioner" means the Director of the
				  Department of Business Regulation or his or her designee.
3. "Expiration date" means the date upon
				  which coverage under a policy ends. It shall also mean, for a policy written
				  for a term longer than one year or with no fixed expiration date, each annual
				  anniversary date of such policy.
4.
				  "Insurance producer of record" for purposes of notice under §§
											1.4,
				   1.5  and  1.6   of this Part shall not include a producer who
a. is an employee of the insurer or
b. is a non-employee exclusive
				  producer of the insurer.
5. "Nonpayment of premium" means the failure
				  or inability of a named insured to discharge any obligation in connection with
				  the payment of premiums on a policy of insurance subject to this regulation,
				  whether such payments are payable directly to an insurer or its agent or
				  indirectly payable under a premium finance plan or extension of
				  credit.
6. "Nonrenewal" means
				  termination of a policy at its expiration date.
7. "Renewal" or "to renew" means the issuance
				  of, or the offer by an insurer to issue a policy succeeding a policy previously
				  issued and delivered by the same insurer or an insurer within the same group of
				  insurers, or the issuance of a certificate or notice extending the term of an
				  existing policy for a specified period beyond its expiration date.
8. "Writing" shall include electronic
				  writings if the parties have agreed to conduct the transaction by electronic
				  means in accordance with R.I. Gen. Laws §
											42-127.1-7.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 20 - Commercial Insurance › Part 1 - Commercial Insurance Cancellation, Non-Renewal and Premium or Coverage Changes (230-RICR-20-20-1) › Section 230-RICR-20-20-1.4 - Cancellation

Current through June 14, 2024
A. Permissible Cancellations. If coverage has
				  not been in effect for sixty (60) days and the policy is not a renewal,
				  cancellation shall be effected by giving, mailing or delivering a written
				  notice to the first-named insured at the mailing address shown on the policy
				  and, if applicable, to the insurance producer of record, at least thirty (30)
				  days before the cancellation's effective date. After coverage has been in
				  effect for more than sixty (60) days or after the effective date of a renewal
				  policy, no insurer shall cancel a policy unless the cancellation is based on at
				  least one of the following reasons:
1.
				  Nonpayment of premium;
2. Fraud or
				  material misrepresentation made by or with the knowledge of the named insured
				  in obtaining the policy, continuing the policy, or in presenting a claim under
				  the policy;
3. Activities or
				  omissions on the part of the named insured which increase any hazard insured
				  against, including a failure to comply with loss control
				  recommendations;
4. Change in the
				  risk which increases the risk of loss after insurance coverage has been issued
				  or renewed, including but not limited to an increase in exposure due to
				  regulation, legislation, or court decision;
5. Loss or decrease of the insurer's
				  reinsurance covering all or part of the risk or exposure covered by the
				  policy;
6. Determination by the
				  Commissioner of Insurance that the continuation of the policy would jeopardize
				  a company's solvency or would place the insurer in violation of the insurance
				  laws of this state;
7. Owner or
				  occupant incendiarism;
8. Violation
				  or breach by the named insured of any policy terms or conditions;
9. Constructive or actual total loss of the
				  insured property;
10. Such other
				  reasons as may be approved by the Commissioner of Insurance.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 20 - Commercial Insurance › Part 1 - Commercial Insurance Cancellation, Non-Renewal and Premium or Coverage Changes (230-RICR-20-20-1) › Section 230-RICR-20-20-1.5 - Notice of Nonrenewal

Current through June 14, 2024
A. An insurer may
				  nonrenew a policy if it gives, mails or delivers to the first-named insured at
				  the address shown on the policy and, if applicable, to the insurance producer
				  of record, written notice it will not renew the policy. Such notice shall be
				  given, mailed or delivered at least sixty (60) days before the expiration date.
				  If the notice is given, mailed or delivered less than sixty (60) days before
				  expiration coverage shall remain in effect until sixty (60) days after notice
				  is given, mailed or delivered. Earned premium for any period of coverage that
				  extends beyond the expiration date shall be considered pro-rata based upon the
				  previous year's rate. For purposes of this regulation, the transfer of a
				  policyholder between companies within the same insurance group is not a refusal
				  to renew. In addition, changing deductibles, changes in premium, changes in the
				  amount of insurance or reductions in policy limits or coverage shall not be
				  deemed to be refusals to renew.
B.
				  Notice of nonrenewal shall not be required where:
1. the insurer or a company within the same
				  insurance group has offered to issue a renewal policy; or
2. the named insured has obtained replacement
				  coverage or has agreed in writing to obtain replacement coverage.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 20 - Commercial Insurance › Part 1 - Commercial Insurance Cancellation, Non-Renewal and Premium or Coverage Changes (230-RICR-20-20-1) › Section 230-RICR-20-20-1.6 - Notice of Premium or Coverage Changes

Current through June 14, 2024
A. An
				  insurer shall provide to the first-named insured at the mailing address shown
				  on the policy, and, if applicable, to the insurance producer of record, written
				  notice of any premium increase in excess of ten percent (10%) and shall also
				  provide the exact renewal premium (or if the exact renewal premium is not
				  available a reasonable estimate of the renewal premium) at least sixty (60)
				  days prior to the expiration date of the policy. Notice does not have to be
				  provided if the increase is a result of an audit or an increase in exposure
				  requested by the insured.
B.
				  Written notice of any coverage elimination, reduction, diminution or increased
				  deductible must be given at least sixty (60) days prior to the expiration date
				  of the policy. The notice must itemize and describe the coverage changes and
				  shall be separate from the renewal policy. Notice does not have to be provided
				  if the coverage change is at the request of the insured.
C. If the insurer fails to provide the notice
				  required by §§
										1.6(A) or (B)   of this Part above, the coverage provided
				  to the named insured shall remain in effect until notice is provided or until
				  the effective date of replacement coverage obtained by the named insured,
				  whichever first occurs. For the purposes of this regulation, notice is
				  considered given sixty (60) days following date of giving of the notice. If the
				  named insured elects not to renew, any earned premium for the period of
				  extension of the terminated policy shall be calculated pro rata at the lower of
				  the current or previous year's rate. If the insured accepts the renewal, the
				  premium increase, if any, and other changes shall be effective the day
				  following the prior policy's expiration or anniversary date.
D. The requirement of this section shall not
				  apply to changes based upon the altered nature or extent of the risk
				  insured.
E. Notice under this
				  section is not requested to be provided to an insurance producer of record that
a. is an employee of the insurer; or
b. is a non-employer exclusive
				  agent of the insurer.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 20 - Commercial Insurance › Part 1 - Commercial Insurance Cancellation, Non-Renewal and Premium or Coverage Changes (230-RICR-20-20-1) › Section 230-RICR-20-20-1.7 - Proof of Notice

Current through June 14, 2024
A. Notice required
				  under §§
										1.5  and  1.6   of this Part shall be effective by serving the
				  notice of it as provided by the policy. The notice shall be delivered in hand
				  to the named insured, or be left at his or her last address as shown by the
				  company's records, or, if its records contain no last address, at his or her
				  last business, residence, or other address known to the company. A company may
				  alternatively forward notice to that address by first class mail and maintain
				  proof of mailing of the notice to the insured by the United States Postal
				  Service certificate of mailing in the ordinary course of the insurer's
				  business, and this proof of mailing shall be sufficient proof of notice. Notice
				  may alternatively be given electronically if the insured consents and if the
				  insurer has complied with the Electronic Transaction Act R.I. Gen. Laws §
										42-127.1-1 et seq.
B. If a policy is made payable to a mortgagee
				  or any person other than the named insured, notice shall be given as provided
				  in §
										1.7(A)   of this Part to the payee and to the named insured.
C. The insurance producer of record who
				  placed the policy shall also be given notice of any nonrenewal or any premium
				  increase, a change in deductible, or a change in coverage, in the same manner
				  as provided in §
										1.7(A)   of this Part unless exempted by R.I. Gen. Laws
				  §
										27-29-17.3(c) or
				  §
										1.6(E)   of this Part. Notice may alternatively be given electronically if
				  the insured consents and if the insurer has complied with the Electronic
				  Transaction Act R.I. Gen. Laws §
										42-127.1-1 et seq.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 20 - Commercial Insurance › Part 1 - Commercial Insurance Cancellation, Non-Renewal and Premium or Coverage Changes (230-RICR-20-20-1) › Section 230-RICR-20-20-1.8 - Severability

Current through June 14, 2024
If any provision of this Regulation or the application
					 thereof to any person or circumstances is held invalid or unconstitutional, the
					 invalidity or unconstitutionality shall not affect other provisions or
					 applications of this Regulation which can be given effect without the invalid
					 or unconstitutional provision or application, and to this end the provisions of
					 this Regulation are severable.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 1 - Suitability in Annuity Transactions › Section 230-RICR-20-25-1.1 - Authority

Current through June 14, 2024
This Part is promulgated in accordance with R.I. Gen. Laws
					 §
										27-29-12.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 1 - Suitability in Annuity Transactions › Section 230-RICR-20-25-1.2 - Purpose

Current through June 14, 2024
A. The purpose of this Part is to require
				  producers, as defined in this Regulation, to act in the best interest of the
				  consumer when making a recommendation of an annuity and to require insurers to
				  establish and maintain a system to supervise recommendations so that the
				  insurance needs and financial objectives of consumers at the time of the
				  transaction are effectively addressed.
B. Nothing herein shall be construed to
				  create or imply a private cause of action for a violation of this Part or to
				  subject a producer to civil liability under the best interest standard of care
				  outlined in §
										1.6   of this Part or under standards governing the conduct of
				  a fiduciary or a fiduciary relationship.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 1 - Suitability in Annuity Transactions › Section 230-RICR-20-25-1.3 - Scope

Current through June 14, 2024
This Part shall apply to any sale or recommendation of an
					 annuity. If a recommendation is subject both to this Part and to R.I. Gen. Laws
					 Chapter 7-11, the State of Rhode Island may investigate and, where appropriate,
					 seek sanctions with regard to such recommendation under both R.I. Gen. Laws
					 Chapter 7-11 and this Part. The laws are complementary and application of one
					 (1) does not prohibit enforcement of the other prior to, concurrent with or
					 subsequent to any action taken by the appropriate enforcement
					 authority.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 1 - Suitability in Annuity Transactions › Section 230-RICR-20-25-1.4 - Exemptions

Current through June 14, 2024
A. Unless otherwise specifically included,
				  this Part shall not apply to transactions involving:
1. Direct response solicitations where there
				  is no recommendation based on information collected from the consumer pursuant
				  to this Part;
2. Contracts used to
				  fund:
a. An employee pension or welfare
				  benefit plan that is covered by the Employee Retirement Income Security Act
				  (ERISA), Pub. Law 93-406, as amended;
b. A plan described by the Internal Revenue
				  Code (IRC), 26 U.S.C.
				  §§
													401(a),
				  401(k),
				  403(b),
				  408(k) or
				  408(p), as
				  amended, if established or maintained by an employer;
c. A government or church plan defined in
				  §
												414   of the IRC, a government or church welfare benefit plan, or a
				  deferred compensation plan of a State or local government or tax-exempt
				  organization under §
												457   of the IRC;
d. A nonqualified deferred compensation
				  arrangement established or maintained by an employer or plan sponsor;
3. Settlements of or assumptions
				  of liabilities associated with personal injury litigation or any dispute or
				  claim resolution process; or
4.
				  Formal prepaid funeral contracts.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 1 - Suitability in Annuity Transactions › Section 230-RICR-20-25-1.5 - Definitions

Current through June 14, 2024
A. "Annuity" means an annuity that is an
				  insurance product under State law that is individually solicited, whether the
				  product is classified as an individual or group annuity.
B. "Cash compensation" means any discount,
				  concession, fee, service fee, commission, sales charge, loan, override, or cash
				  benefit received by a producer in connection with the recommendation or sale of
				  an annuity from an insurer, intermediary, or directly from the
				  consumer.
C. "Commissioner" means
				  the definition in R.I. Gen. Laws §
										42-14-5.
D. "Consumer profile information" means
				  information that is reasonably appropriate to determine whether a
				  recommendation addresses the consumer's financial situation, insurance needs
				  and financial objectives, including, at a minimum, the following:
1. Age;
2. Annual income;
3. Financial situation and needs, including
				  debts and other obligations;
4.
				  Financial experience;
5. Insurance
				  needs;
6. Financial
				  objectives;
7. Intended use of the
				  annuity;
8. Financial time
				  horizon;
9. Existing assets or
				  financial products, including investment, annuity and insurance
				  holdings;
10. Liquidity
				  needs;
11. Liquid net
				  worth;
12. Risk tolerance,
				  including but not limited to, willingness to accept non-guaranteed elements in
				  the annuity;
13. Financial
				  resources used to fund the annuity; and
14. Tax status.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 1 - Suitability in Annuity Transactions › Section 230-RICR-20-25-1.6 - Duties of Insurers and Producers

Current through June 14, 2024
A. Best Interest
				  Obligations. A producer, when making a recommendation of an annuity, shall act
				  in the best interest of the consumer under the circumstances known at the time
				  the recommendation is made, without placing the producer's or the insurer's
				  financial interest ahead of the consumer's interest. A producer has acted in
				  the best interest of the consumer if they have satisfied the following
				  obligations regarding care, disclosure, conflict of interest and documentation:
1. Care Obligation
a. The producer, in making a recommendation,
				  shall exercise reasonable diligence, care and skill to:
(1) Know the consumer's financial situation,
				  insurance needs and financial objectives;
(2) Understand the available recommendation
				  options after making a reasonable inquiry into options available to the
				  producer;
(3) Have a reasonable
				  basis to believe the recommended option effectively addresses the consumer's
				  financial situation, insurance needs and financial objectives over the life of
				  the product, as evaluated in light of the consumer profile information;
				  and
(4) Communicate the basis or
				  bases of the recommendation.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 1 - Suitability in Annuity Transactions › Section 230-RICR-20-25-1.8 - Compliance, Mitigation, Penalties; Enforcement

Current through June 14, 2024
A. An
				  insurer is responsible for compliance with this Part. If a violation occurs,
				  either because of the action or inaction of the insurer or its producer, the
				  Commissioner may order:
1. An insurer to take
				  reasonably appropriate corrective action for any consumer harmed by a failure
				  to comply with this Regulation by the insurer, an entity contracted to perform
				  the insurer's supervisory duties or by the producer;
2. A general agency, independent agency or
				  the producer to take reasonably appropriate corrective action for any consumer
				  harmed by the producer's violation of this Part; and
3. Appropriate penalties and
				  sanctions.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 1 - Suitability in Annuity Transactions › Section 230-RICR-20-25-1.9 - Recordkeeping

Current through June 14, 2024
A. Insurers, general agents, independent
				  agencies and producers shall maintain or be able to make available to the
				  Commissioner records of the information collected from the consumer,
				  disclosures made to the consumer, including summaries of oral disclosures and
				  other information used in making the recommendations that were the basis for
				  insurance transactions for five (5) years after the insurance transaction is
				  completed by the insurer. An insurer is permitted, but shall not be required,
				  to maintain documentation on behalf of a producer.
B. Records required to be maintained by this
				  Part may be maintained in paper, photographic, microprocess, magnetic,
				  mechanical or electronic media or by any process that accurately reproduces the
				  actual document.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 1 - Suitability in Annuity Transactions › Section 230-RICR-20-25-1.10 - Effective Date

Current through June 14, 2024
The amendments to this Regulation take effect on April 1,
					 2021.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 1 - Suitability in Annuity Transactions › Section 230-RICR-20-25-1.11 - Severability

Current through June 14, 2024
If any provision of this Part or the application thereof to
					 any person or circumstances is held invalid or unconstitutional, the invalidity
					 or unconstitutionality shall not affect other provisions or applications of
					 this Part which can be given effect without the invalid or unconstitutional
					 provision or application, and to this end the provisions of this Part are
					 severable.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 2 - Recognition of Preferred Mortality Tables for use in Determining Minimum Reserve Liabilities (230-RICR-20-25-2) › Section 230-RICR-20-25-2.1 - Authority

Current through June 14, 2024
This Part is promulgated in accordance with R.I. Gen. Laws
					 §§
										27-4-17(d)(3),
					 27-4.5-11 and in accordance with
					 Part 8 of this Subchapter.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 2 - Recognition of Preferred Mortality Tables for use in Determining Minimum Reserve Liabilities (230-RICR-20-25-2) › Section 230-RICR-20-25-2.2 - Purpose

Current through June 14, 2024
The purpose of this Part is to recognize, permit and
					 prescribe the use of mortality tables that reflect differences in mortality
					 between Preferred and Standard lives in determining minimum reserve liabilities
					 pursuant to R.I. Gen. Laws §
										27-4-17(d) and
					 Part 8 of this Subchapter.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 2 - Recognition of Preferred Mortality Tables for use in Determining Minimum Reserve Liabilities (230-RICR-20-25-2) › Section 230-RICR-20-25-2.3 - Definitions

Current through June 14, 2024
A. As used in this Part:
1. "2001 CSO mortality table" means that
				  mortality table, consisting of separate rates of mortality for male and female
				  lives, developed by the American Academy of Actuaries CSO Task Force from the
				  Valuation Basic Mortality Table developed by the Society of Actuaries
				  Individual Life Insurance Valuation Mortality Task Force, and adopted by the
				  NAIC in December 2002. The 2001 CSO Mortality Table is included in the
				  Proceedings of the NAIC (2nd Quarter 2002) and supplemented by the 2001 CSO
				  Preferred Class Structure Mortality Table defined below in §
											2.3(B)   of this
				  Part. Unless the context indicates otherwise, the "2001 CSO Mortality Table"
				  includes both the ultimate form of that table and the select and ultimate form
				  of that table and includes both the smoker and nonsmoker mortality tables and
				  the composite mortality tables. It also includes both the age-nearest-birthday
				  and age-last-birthday bases of the mortality tables. Mortality tables in the
				  2001 CSO Mortality Table include the following:
a. "2001 CSO mortality table (F)" means that
				  mortality table consisting of the rates of mortality for female lives from the
				  2001 CSO Mortality Table.
b. "2001
				  CSO mortality table (M)" means that mortality table consisting of the rates of
				  mortality for male lives from the 2001 CSO Mortality Table.
c. "Composite mortality tables" means
				  mortality tables with rates of mortality that do not distinguish between
				  smokers and nonsmokers.
d. "Smoker
				  and nonsmoker mortality tables" means mortality tables with separate rates of
				  mortality for smokers and nonsmokers.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 2 - Recognition of Preferred Mortality Tables for use in Determining Minimum Reserve Liabilities (230-RICR-20-25-2) › Section 230-RICR-20-25-2.4 - 2001 CSO Preferred Class Structure Table

Current through June 14, 2024
At the election of the company, for each calendar year of
					 issue, for any one or more specified plans of insurance and subject to
					 satisfying the conditions stated in this Part, the 2001 CSO Preferred Class
					 Structure Mortality Table may be substituted in place of the 2001 CSO Smoker or
					 Nonsmoker Mortality Table as the minimum valuation standard for policies issued
					 on or after January 1, 2007. No such election shall be made until the company
					 demonstrates at least 20% of the business to be valued on this table is in one
					 or more of the preferred classes. A table from the 2001 CSO Preferred Class
					 Structure Mortality Table used in place of a 2001 CSO Mortality Table, pursuant
					 to the requirements of this rule, will be treated as part of the 2001 CSO
					 Mortality Table only for purposes of reserve valuation pursuant to the
					 requirements of Part 10 of this Subchapter, "Recognition of the 2001 CSO
					 Mortality Table for Use In Determining Minimum Reserve Liabilities And
					 Nonforfeiture Benefits Model."
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 2 - Recognition of Preferred Mortality Tables for use in Determining Minimum Reserve Liabilities (230-RICR-20-25-2) › Section 230-RICR-20-25-2.5 - Conditions

Current through June 14, 2024
A. For each plan of insurance with separate
				  rates for Preferred and Standard Nonsmoker lives, an insurer may use the Super
				  Preferred Nonsmoker, Preferred Nonsmoker, and Residual Standard Nonsmoker
				  tables to substitute for the Nonsmoker mortality table found in the 2001 CSO
				  Mortality Table to determine minimum reserves. At the time of election and
				  annually thereafter, except for business valued under the Residual Standard
				  Nonsmoker Table, the appointed actuary shall certify that:
1. The present value of death benefits over
				  the next ten years after the valuation date, using the anticipated mortality
				  experience without recognition of mortality improvement beyond the valuation
				  date for each class, is less than the present value of death benefits using the
				  valuation basic table corresponding to the valuation table being used for that
				  class.
2. The present value of
				  death benefits over the future life of the contracts, using anticipated
				  mortality experience without recognition of mortality improvement beyond the
				  valuation date for each class, is less than the present value of death benefits
				  using the valuation basic table corresponding to the valuation table being used
				  for that class.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 2 - Recognition of Preferred Mortality Tables for use in Determining Minimum Reserve Liabilities (230-RICR-20-25-2) › Section 230-RICR-20-25-2.6 - Separability

Current through June 14, 2024
If any provision of this Part or the application thereof to
					 any person or circumstances is held invalid or unconstitutional, the invalidity
					 or unconstitutionality shall not affect other provisions or applications of
					 this Part which can be given effect without the invalid or unconstitutional
					 provision or application, and to this end the provisions of this Part are
					 severable.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 3 - Life Insurance Disclosure (formerly Insurance Regulation 27) (230-RICR-20-25-3) › Section 230-RICR-20-25-3.1 - Authority

Current through June 14, 2024
This Part is adopted and promulgated pursuant to R.I. Gen.
					 Laws §§
										27-29-4(1) and
					 27-4-23.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 3 - Life Insurance Disclosure (formerly Insurance Regulation 27) (230-RICR-20-25-3) › Section 230-RICR-20-25-3.2 - Purpose

Current through June 14, 2024
A. The purpose of this Part is to require
				  insurers to deliver to purchasers of life insurance, information which will
				  improve the buyer's ability to select the most appropriate plan of life
				  insurance for his needs and improve the buyer's understanding of the basic
				  features of the policy which has been purchased or which is under
				  consideration.
B. This Part does
				  not prohibit the use of additional material which is not in violation of this
				  Part or any other Rhode Island statute or regulation.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 3 - Life Insurance Disclosure (formerly Insurance Regulation 27) (230-RICR-20-25-3) › Section 230-RICR-20-25-3.3 - Scope

Current through June 14, 2024
A. Except for the exemptions specified in
				  §
										3.3(B)   of this Part, this Part shall apply to any solicitation,
				  negotiation or procurement of life insurance occurring within this state. This
				  Part shall apply to any issuer of life insurance contracts including fraternal
				  benefit societies.
B. This Part
				  shall not apply to:
1. Individual and group
				  annuity contracts;
2. Credit life
				  insurance;
3. Group life
				  insurance;
4. Life insurance
				  policies issued in connection with pension and welfare plans as defined by and
				  which are subject to the federal Employee Retirement Income Security Act of
				  1974 (ERISA), 29 U.S.C.
				  §
												1001 et seq. as amended; or
5. Variable life insurance under which the
				  amount or duration of the life insurance varies according to the investment
				  experience of a separate account.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 3 - Life Insurance Disclosure (formerly Insurance Regulation 27) (230-RICR-20-25-3) › Section 230-RICR-20-25-3.5 - Duties of Insurers

Current through June 14, 2024
A. Requirements
				  Applicable Generally
1. The insurer shall
				  provide, to all prospective purchasers, a Buyer's Guide and prior to accepting
				  the applicant's initial premium or premium deposit. However, if the policy for
				  which application is made contains an unconditional refund provision of at
				  least ten (10) days, the Buyer's Guide must be delivered with the policy or
				  prior to delivery of the policy.
2.
				  The insurer shall provide a policy summary to prospective purchasers where the
				  insurer has identified the policy form as one that will not be marketed with an
				  illustration. The policy summary shall show guarantees only. It shall consist
				  of a separate document with all required information set out in a manner that
				  does not minimize or render any portion of the summary obscure. Any amounts
				  that remain level for two (2) or more years of the policy may be represented by
				  a single number if it is clearly indicated what amounts are applicable for each
				  policy year. Amounts in §
											3.4(A)(5)(e)   of this Part shall be listed in
				  total, not on a per thousand or per unit basis. If more than one insured is
				  covered under one policy or rider, death benefits shall be displayed separately
				  for each insured or for each class of insureds if death benefits do not differ
				  within the class. Zero amounts shall be displayed as a blank space. Delivery of
				  the policy summary shall be consistent with the time for delivery of the
				  Buyer's Guide as specified in §
											3.5(A)(1)   of this Part.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 3 - Life Insurance Disclosure (formerly Insurance Regulation 27) (230-RICR-20-25-3) › Section 230-RICR-20-25-3.6 - General Rules

Current through June 14, 2024
A. Each insurer
				  shall maintain at its home office or principal office, a complete file
				  containing one (1) copy of each document authorized and used by the insurer
				  pursuant to this part. Such file shall contain one (1) copy of each authorized
				  form for a period of three (3) years following the date of its last authorized
				  use unless otherwise provided by this part.
B. An agent shall inform the prospective
				  purchaser, prior to commencing a life insurance sales presentation, that he is
				  acting as a life insurance agent and inform the prospective purchaser of the
				  full name of the insurance company which he is representing to the buyer. In
				  sales situations in which an agent is not involved, the insurer shall identify
				  its full name.
C. An insurance
				  producer shall not use terms such as "financial planner," "investment advisor,"
				  "financial consultant," or "financial counseling" in such a way as to imply
				  that the insurance agent is primarily engaged in an advisory business in which
				  compensation is unrelated to sales unless such is actually the case. This
				  provision is not intended to preclude persons who hold some form of formal
				  recognized financial planning or consultant designation from using this
				  designation even when they are only selling insurance. This provision also is
				  not intended to preclude persons who are members of a recognized trade or
				  professional association having such terms as part of its name from citing
				  membership, providing that a person citing membership, if authorized only to
				  sell insurance products, shall disclose that fact. This provision does not
				  permit persons to charge an additional fee for services that are customarily
				  associated with the solicitation, negotiation or servicing of
				  policies.
D. Any reference to
				  nonguaranteed elements must include a statement that the item is not guaranteed
				  and is based on the company's current scale of nonguaranteed elements (use
				  appropriate special term such as "current dividend" or "current rate" scale.)
				  If a nonguaranteed element would be reduced by the existence of a policy loan,
				  a statement to that effect shall be included in any reference to nonguaranteed
				  elements. A presentation or depiction of a policy issued after the effective
				  date of R.I. Gen. Laws Chapter 27-62, that includes nonguaranteed elements over
				  a period of years shall be governed by R.I. Gen. Laws Chapter 27-62.