reglab/statecodes huggingface dataset:
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 50 - INSURANCE PRODUCERS AND OTHER NON INSURER LICENSEES › Part 4 - Insurance Claim Adjusters › Section 230-RICR-20-50-4.6 - Emergency Licenses

Current through June 14, 2024
A. Emergency company
				  and independent adjuster licenses may be issued if the requirements of R.I.
				  Gen. Laws §
										27-10-8 and this Part are met.
				  Public adjusters are not eligible for emergency licensing.
B. Pursuant to R.I. Gen. Laws §
										27-10-8, the Department may permit
				  an experienced adjuster to act as a company or independent adjuster in this
				  state on homeowners' losses if the adjuster is either a licensed adjuster in
				  another state which requires a license or regularly adjusts in another state
				  where such licensing is not required and works for an insurance company
				  authorized to do business in Rhode Island.
C. Those persons issued an emergency license
				  may only engage in adjustment work during the period determined by the
				  Department.
D. In order to obtain
				  an emergency adjuster license the individual shall complete an application for
				  an emergency adjuster license in NIPR within five (5) days of deployment to
				  adjust claims arising from the declared catastrophe. No fee will be assessed by
				  the State, however, the applicant will be required to pay any fees imposed by
				  NIPR for services provided.
E.
				  Emergency licenses shall remain in force for a period specified by the
				  Department not to exceed ninety (90) days, unless extended by the
				  Department.
F. Any person licensed
				  as an emergency adjuster must comply with all laws of this state and both (s)he
				  and the insurer for whom the claim is adjusted are responsible in the same
				  manner as they would be if the adjuster was a fully licensed
				  adjuster.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 50 - INSURANCE PRODUCERS AND OTHER NON INSURER LICENSEES › Part 4 - Insurance Claim Adjusters › Section 230-RICR-20-50-4.7 - Examination

Current through June 14, 2024
A. An individual applying for an adjuster
				  license shall pass a written examination unless exempt pursuant to
				  §§
										4.5  and  4.7   of this Part. The examination shall test the knowledge
				  of the individual concerning the duties and responsibilities of an adjuster and
				  the insurance laws and regulations of this state.
B. The Department may make arrangements,
				  including contracting with an outside testing service, for administering
				  examinations and collecting the nonrefundable fee for said
				  examinations.
C. An individual who
				  fails to appear for the examination as scheduled or fails to pass the
				  examination, shall register for another examination and is required to pay the
				  fees and complete the necessary forms before being rescheduled for another
				  examination.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 50 - INSURANCE PRODUCERS AND OTHER NON INSURER LICENSEES › Part 4 - Insurance Claim Adjusters › Section 230-RICR-20-50-4.8 - Exemptions from Examination

Current through June 14, 2024
A. A person who
				  applies for an adjuster license in this state who holds an active license as a
				  resident adjuster in another state shall not be required to complete any
				  examination. An adjuster that is exempted from examination is required to be
				  knowledgeable of Rhode Island law applicable to adjusters and is required to
				  comply with all such statutes and regulations. This exemption is only available
				  if the person is currently licensed if the resident or designated home state
				  certifies that, the applicant is in good standing in that state or the state's
				  database records or those records maintained by the NAIC, its affiliates or
				  subsidiaries, indicate that the adjuster is licensed in good
				  standing.
B. A person that
				  currently holds a nonresident adjuster license and moves to this state shall
				  make application within ninety (90) days of establishing legal residence to
				  become a resident adjuster. No examination shall be required of that person to
				  obtain an adjusters license, but the adjuster shall be required to certify
				  knowledge of Rhode Island law applicable to adjusters.
C. An adjuster who allows his, her or its
				  license to expire may, within twelve (12) months from the due date of the
				  renewal, reinstate this license without the necessity of passing a written
				  examination. A reinstatement fee is required along with the unpaid renewal fee
				  which shall be paid at the time of reinstatement. This exemption is only
				  available if the application is received within twelve (12) months of the due
				  date and the Applicant was in good standing in the state of residence or the
				  state's database records or those records maintained by the NAIC at the time of
				  renewal. The Applicant is required to file a reinstatement application and pay
				  all applicable fees.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 50 - INSURANCE PRODUCERS AND OTHER NON INSURER LICENSEES › Part 4 - Insurance Claim Adjusters › Section 230-RICR-20-50-4.9 - Conduct - All Adjusters

Current through June 14, 2024
A. All adjusters
				  must comply with the following:
1. Any
				  licensee shall immediately notify the Department by any means acceptable to the
				  Department if any action is taken by another state against his or her adjuster
				  license in that state.
2. The
				  licensee shall inform the Department by any means acceptable to the Department
				  of a change of address, change of legal name, or change of information
				  submitted on the application within thirty (30) days of the change.
3. A person shall not accept a commission,
				  service fee or other valuable consideration for investigating or settling
				  insurance claims in this state if that person is required to be licensed under
				  R.I. Gen. Laws Chapter 27-10 and is not so licensed.
4. Records shall be maintained for at least
				  five (5) years after the termination of the transaction and shall be open to
				  examination by the Department at all times.
5. Every adjuster, upon receipt of any
				  written inquiry (including electronic communications) from the Department,
				  shall within 21 calendar days of receipt of such inquiry, furnish the
				  Department with a response to the inquiry in duplicate.
6. No adjuster may represent or act as a
				  public adjuster and a company adjuster, or independent adjuster on the same
				  claim.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 50 - INSURANCE PRODUCERS AND OTHER NON INSURER LICENSEES › Part 4 - Insurance Claim Adjusters › Section 230-RICR-20-50-4.12 - License Denial, Non-Renewal or Revocation

Current through June 14, 2024
A. The
				  Department may place on probation, suspend, revoke or refuse to issue or renew
				  an adjuster's license or may levy a civil penalty in accordance with R.I. Gen.
				  Laws §
										42-14-16 for any one or more of
				  the following causes:
1. Failing to respond
				  to any written inquiry (including electronic communications) from the
				  Department within 21 calendar days of receipt of such inquiry.
2. Providing incorrect, misleading,
				  incomplete, or materially untrue information in the license
				  application.
3. Violating any
				  insurance laws, or violating any regulation, subpoena, or order of the
				  Department or of another state's insurance commissioner.
4. Obtaining or attempting to obtain a
				  license through misrepresentation or fraud.
5. Improperly withholding, misappropriating,
				  or converting any monies or properties received in the course of doing
				  insurance business.
6. Having been
				  convicted of a felony.
7. Having
				  admitted or been found to have committed any insurance unfair trade practice or
				  insurance fraud.
8. Using
				  fraudulent, coercive or dishonest practices; or demonstrating incompetence,
				  untrustworthiness or financial irresponsibility in this state or
				  elsewhere.
9. Having an insurance
				  license, or its equivalent, denied, suspended, or revoked in any other state,
				  province, district or territory.
10. Forging another's name to any
				  document.
11. Cheating, including
				  improperly using notes or any other reference material, to complete an
				  examination for an insurance license.
12. Failing to comply with an administrative
				  or court order imposing a child support obligation.
13. Failing to pay state income tax or comply
				  with any administrative or court order directing payment of state income
				  tax.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 50 - INSURANCE PRODUCERS AND OTHER NON INSURER LICENSEES › Part 4 - Insurance Claim Adjusters › Section 230-RICR-20-50-4.13 - Reporting of Actions

Current through June 14, 2024
A. The adjuster
				  shall report to the Department any administrative action taken against the
				  adjuster in another jurisdiction or by another governmental agency in this
				  state within thirty (30) days of the final disposition of the matter. This
				  report shall include a copy of the order, consent to order, or other relevant
				  legal documents.
B. Within thirty
				  (30) days of the initial pretrial hearing date, the adjuster shall report to
				  the Department any criminal prosecution of the adjuster taken in any
				  jurisdiction. The report shall include a copy of the initial complaint filed,
				  the order resulting from the hearing, and any other relevant legal
				  documents.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 50 - INSURANCE PRODUCERS AND OTHER NON INSURER LICENSEES › Part 4 - Insurance Claim Adjusters › Section 230-RICR-20-50-4.14 - 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 50 - INSURANCE PRODUCERS AND OTHER NON INSURER LICENSEES › Part 5 - LICENSING AND RENEWAL FEES › Section 230-RICR-20-50-5.1 - Authority

Current through June 14, 2024
This Regulation is promulgated in accordance with R.I. Gen.
					 Laws Chapters 27-2.4, 27-3.2, 27-10, 27-10.1, 27-20.7, 27-52 and R.I. Gen. Laws
					 §§
										27-2.7-7 and
					 27-3-38.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 50 - INSURANCE PRODUCERS AND OTHER NON INSURER LICENSEES › Part 5 - LICENSING AND RENEWAL FEES › Section 230-RICR-20-50-5.2 - Purpose

Current through June 14, 2024
The purpose of this Regulation is to establish a fee
					 schedule for the initial licensing and renewals of Insurance Producers,
					 Insurance Claims Adjusters, Motor Vehicle Damage Appraisers, Surplus Line
					 Brokers, Life Settlement Providers, Portable Electronic Vendors, Limited Lines
					 Travel Producers and Life Settlement Brokers, Third Party Administrators and
					 Reinsurance Intermediaries. The Regulation also provides for the fees for
					 associated services and documents that the Commissioner has determined are
					 reasonable and the requirements and fees for the Annual Contracted Producer
					 Reports filed by insurance companies.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 50 - INSURANCE PRODUCERS AND OTHER NON INSURER LICENSEES › Part 5 - LICENSING AND RENEWAL FEES › Section 230-RICR-20-50-5.3 - Definitions

Current through June 14, 2024
A. As used in this Regulation:
1. "Amendment to a license" means a claim
				  adjuster or an insurance producer application submitted by a licensee to the
				  Department of Business Regulation requesting that a line or lines of authority
				  be added to or deleted from his, her or its license.
2. "Annual contracted producer report" means
				  the report that must be filed annually by each insurance company detailing
				  licensed insurance producers appointed by the insurer. All appointed producers
				  are to be listed in the report whether or not the producer produced insurance
				  for the insurer in this state in the previous calendar year and whether or not
				  commission was paid to the producer by the insurer. The insurance company must
				  pay a fee of $30 per producer to which the insurer paid in excess of $100 in
				  commission in the previous calendar year pursuant to R.I. Gen. Laws §
											27-2.4-4(b)(3).
3. "Appointed" means an insurance producer
				  acting as an agent of an insurer
4.
				  "Continuing education tracking fee" means a fee that all insurance producers
				  are required to pay pursuant to R.I. Gen. Laws §
											27-3.2-9.
5. "Department" means the Department of
				  Business Regulation, Financial Services Division.
6. "License" means an insurance license
				  issued by the Rhode Island Department of Business Regulation.
7. "Licensee" means the holder of an
				  insurance license issued by the Rhode Island Department of Business
				  Regulation.
8. "NAIC" means the
				  National Association of Insurance Commissioners.
9. "Reinstatement" means the process by which
				  an insurance producer license, motor vehicle damage appraiser license, public,
				  independent or company adjuster license or surplus line broker license is
				  reinstated without examination within one (1) year from the date of expiration.
				  A Licensee who allows his or her License to expire will have until one (1) year
				  from the date of expiration to file a new application for a License without
				  having to take an examination. A Licensee must still complete and file a
				  reinstatement application and pay all applicable fees.
10. "Resident" means a person who either
				  resides in Rhode Island or maintains an office in Rhode Island where the
				  business of producing insurance is transacted and designates Rhode Island as
				  the residence for purposes of licensure.
11. "Returned check" means any check
				  submitted by an applicant for a License or submitted by a Licensee to the
				  Department that is returned to the Department due to insufficient
				  funds.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 50 - INSURANCE PRODUCERS AND OTHER NON INSURER LICENSEES › Part 5 - LICENSING AND RENEWAL FEES › Section 230-RICR-20-50-5.4 - Fee Schedules - Individual Licensees

Current through June 14, 2024
A. The
				  Department issues two-year licenses. The fees listed below apply to a person
				  obtaining the license during the two-year period even if his or her license
				  will expire in less than two years. The fees for each license type are as
				  follows.
B. The fee schedule for
				  the initial and renewal license for the various types of licenses issued to
				  individuals by the Department is as follows:
1. Insurance Producer License Fee (both
				  initial application and renewal). These fees apply to all insurance producers
				  licensed in the major lines of authority (life, accident and health and
				  sickness, property, casualty, variable life and annuity, personal lines -
				  property and casualty); title insurance producers and all limited lines of
				  authority:
a. Residents - $120. Fee is
				  calculated by adding $55 per year fee of R.I. Gen. Laws §
												27-2.4-4 and the $5 per year
				  Continuing Education tracking fee of R.I. Gen. Laws §
												27-3.2-9.
b. Nonresidents - $130. Fee is calculated by
				  adding $60 per year fee of R.I. Gen. Laws §
												27-2.4-4, $5 per year retaliatory
				  fee and a $5 per year Continuing Education tracking fee of R.I. Gen. Laws
				  §
												27-3.2-9.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 50 - INSURANCE PRODUCERS AND OTHER NON INSURER LICENSEES › Part 5 - LICENSING AND RENEWAL FEES › Section 230-RICR-20-50-5.5 - Fee Schedules - Business Entity Licensees

Current through June 14, 2024
A. A
				  Business Entity applying for an insurance producer, public, company or
				  independent claims adjuster, motor vehicle damage appraiser or surplus line
				  broker license shall apply and pay the fee identified in §
										5.4   of this Part
				  above for the individual license of the same class.
B. The fee schedule for the initial and
				  renewal license for the other licenses issued to business entities by the
				  Department is as follows:
1. Third Party
				  Health Insurance Administrators. Annual Fee for Certificate of Authority or
				  Waiver (Resident and Nonresident) - $250.
2. Reinsurance Intermediaries. Biennial
				  License Fee (initial application and renewal) - $200 (comprised of $100 per
				  year or part thereof per R.I. Gen. Laws §
											27-52-4(d)(3)).
3. Portable Electronics Vendors. Biennial
				  License Fee (initial application and renewal) - $200 (pursuant to R.I. Gen.
				  Laws §
											27-2.7-7).
4. Limited Lines Travel Producer
a. Residents - $120 - Fee is calculated by
				  adding $55 per year fee of R.I. Gen. Laws §
												27-2.4-4 and the $5 per year
				  Continuing Education tracking fee of R.I. Gen. Laws §
												27-3.2-9.
b. Nonresidents - $130 - Fee is calculated by
				  adding $60 per year fee of R.I. Gen. Laws §
												27-2.4-4, $5 per year retaliatory
				  fee and a $5 per year Continuing Education tracking fee of R.I. Gen. Laws
				  §
												27-3.2-9.
5. Life Settlement Provider
a. Fee for Initial Certificate of Authority
				  (Resident and Nonresident) - $1,000
b. Life Settlement Providers must file an
				  annual report pursuant to R.I. Gen. Laws §
												27-72-6 along with an annual fee
				  of $1,000. Failure to file the annual report or pay the annual fee shall result
				  in immediate suspension of the license and shall be a basis to permanently
				  revoke the license.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 50 - INSURANCE PRODUCERS AND OTHER NON INSURER LICENSEES › Part 5 - LICENSING AND RENEWAL FEES › Section 230-RICR-20-50-5.6 - Miscellaneous Fees

Current through June 14, 2024
A. The Department
				  will charge the following fees for services and documents for all license
				  types:
1. Returned Check Fee:
				  $25.00.
2. Adding a Line of
				  Authority Fee: $50
3. Reinstatement
				  Fee - $50
a. Licenses will be reinstated if
				  the licensee makes application within one year of expiration and pays the
				  reinstatement fee in addition to all applicable licensing renewal
				  fees.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 50 - INSURANCE PRODUCERS AND OTHER NON INSURER LICENSEES › Part 5 - LICENSING AND RENEWAL FEES › Section 230-RICR-20-50-5.7 - Annual Contracted Producers Report

Current through June 14, 2024
A. Each licensed
				  insurance company doing business in Rhode Island must file with the Department
				  a report listing each insurance producer appointed by the insurer for business
				  written in Rhode Island.
B. The
				  report shall be filed with the Department on or prior to March 1 of each year
				  and shall provide a listing of all insurance appointed for the prior calendar
				  year.
C. Each licensed insurer
				  shall pay to the Department a fee of $30 for each producer listed in the report
				  to which the insurer paid in excess of $100 in commission in the previous
				  calendar year pursuant to R.I. Gen. Laws §
										27-2.4-4(b)(3).
D. All contracted producer reports shall be
				  filed electronically in accordance with instructions given by the
				  Department.
E. The Department may
				  contract with outside vendors for the electronic processing of the report and
				  may require that licensed insurers pay a reasonable fee to such vendors for
				  processing of the report.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 50 - INSURANCE PRODUCERS AND OTHER NON INSURER LICENSEES › Part 5 - LICENSING AND RENEWAL FEES › Section 230-RICR-20-50-5.8 - Collection of Licensing Fees and Data

Current through June 14, 2024
The Department may contract with non-governmental entities,
					 including the NAIC or any affiliates or subsidiaries that the NAIC oversees, to
					 perform any ministerial functions, including the collection of fees and data,
					 related to licensing that the Department may deem
					 appropriate.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 50 - INSURANCE PRODUCERS AND OTHER NON INSURER LICENSEES › Part 5 - LICENSING AND RENEWAL FEES › Section 230-RICR-20-50-5.9 - 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 55 - Insurance Company Licensing › Part 1 - Standards for Foreign Insurer Company Licensing (230-RICR-20-55-1) › Section 230-RICR-20-55-1.1 - Authority

Current through June 14, 2024
This Part is promulgated pursuant to R.I. Gen. Laws §
										42-14-17.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 55 - Insurance Company Licensing › Part 1 - Standards for Foreign Insurer Company Licensing (230-RICR-20-55-1) › Section 230-RICR-20-55-1.2 - Purpose

Current through June 14, 2024
A. The purpose of this Part is to set
				  standards to assist the Insurance Commissioner in determining whether a foreign
				  insurance company is eligible to be considered for a license to transact
				  insurance business within the State of Rhode Island as provided for in R.I.
				  Gen. Laws Chapter 27-2.
B. It is in
				  the public interest to set standards whereby foreign insurance companies will
				  be considered for licensure within the State of Rhode Island. The Insurance
				  Commissioner deems it in the public interest to set standards for consideration
				  of those foreign insurance companies which will serve the best interest of the
				  citizens of the State of Rhode Island.
C. The following standards must be met by any
				  foreign Life and Health or Property and Casualty insurance company seeking to
				  be licensed to transact insurance business within the State of Rhode Island.
				  Other types of companies (e.g. Health Maintenance Organizations, Title
				  Insurers, Fraternal Societies, Captives, Risk Retention Groups, Surplus Lines
				  Insurers, Reciprocal Exchanges and Authorized or Accredited Reinsurers) should
				  contact the Chief Insurance Examiner of the Rhode Island Department of Business
				  Regulation, Division of Insurance ("Department") for specific instructions when
				  applying.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 55 - Insurance Company Licensing › Part 1 - Standards for Foreign Insurer Company Licensing (230-RICR-20-55-1) › Section 230-RICR-20-55-1.3 - Conditions

Current through June 14, 2024
A. To be eligible to be considered for
				  licensure within the State of Rhode Island, all foreign insurance companies
				  must file an application following the standards established by the National
				  Association of Insurance Commissioners' Uniform Certificate of Authority
				  Application (NAIC UCAA). Such applications must be filed using the NAIC UCAA's
				  Expansion Application. Each application will undergo a rigorous financial and
				  operational review to determine that the applicant company has a positive
				  financial history and that its presence in the State of Rhode Island will not
				  be detrimental to the residents of this State.
B. Consideration will be given to the
				  company's proposed plan of operation, its ownership and management staff, the
				  company's affiliations with other Rhode Island licensed insurance companies,
				  and its recent history of ratings by A.M. Best or other appropriate rating
				  agencies. The review process will particularly consider the company's financial
				  history as indicated by Insurance Regulatory Information System (IRIS) and
				  Financial Analysis Solvency Tools (FAST) ratios, revenues, net incomes or
				  losses, capital gains or losses (realized and unrealized), changes in capital
				  and surplus, changes in assets and liabilities, and the trend of its Risk-Based
				  Capital ratio. Due consideration will also be given to commentaries contained
				  in the most recent independent Certified Public Accountant's Report, Actuarial
				  Opinion, Management Discussion and Analysis Report, and the most recent
				  Examination Report provided by the state of domicile.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 55 - Insurance Company Licensing › Part 1 - Standards for Foreign Insurer Company Licensing (230-RICR-20-55-1) › Section 230-RICR-20-55-1.4 - Procedure

Current through June 14, 2024
Complete foreign Expansion Applications will be reviewed in
					 chronological order, based on the date when each was first recorded as complete
					 and received. The Commissioner reserves the right to consider for licensure
					 foreign Property and Casualty insurance companies other than on the
					 chronological basis as set forth above when said foreign Property and Casualty
					 insurance companies demonstrate to his or her satisfaction that they will
					 commit themselves to the writing of certain lines of business in a significant
					 volume, satisfying the needs of the Rhode Island consumer, provided, however,
					 that said foreign Property and Casualty insurance companies meet the criteria
					 as set forth in this Part.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 55 - Insurance Company Licensing › Part 1 - Standards for Foreign Insurer Company Licensing (230-RICR-20-55-1) › Section 230-RICR-20-55-1.6 - Waiver

Current through June 14, 2024
Whenever a court of competent jurisdiction approves a
					 rehabilitation plan which would create a new company to replace a foreign
					 insurance company that was properly licensed in Rhode Island, or when any state
					 requires the formation of a shell company to facilitate the redomestication of
					 a foreign insurance company that was properly licensed in Rhode Island, to a
					 state other than Rhode Island, the Insurance Commissioner may, at his or her
					 discretion, waive any or all of the requirements of this part and permit the
					 new company to be licensed.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 55 - Insurance Company Licensing › Part 1 - Standards for Foreign Insurer Company Licensing (230-RICR-20-55-1) › Section 230-RICR-20-55-1.7 - Severability

Current through June 14, 2024
If any section, term, or provision of this Part should be
					 adjudged invalid for any reason, that judgment should not effect, impair, or
					 invalidate any remaining section, term, or provision, which shall remain in
					 full force and effect.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 55 - Insurance Company Licensing › Part 2 - Alien Insurers Port of Entry (230-RICR-20-55-2) › Section 230-RICR-20-55-2.1 - Definitions

Current through June 14, 2024
A. "Alien insurance company" means any
				  insurance company incorporated or organized under the laws of any country other
				  than the United States.
B.
				  "Authorized control level risk based capital" means the number determined under
				  the risk-based capital formula in accordance with the provisions of R.I. Gen.
				  Laws Chapter 27-4.6.
C.
				  "Commissioner" means the Director of the Department of Business
				  Regulation.
D. "Domestic insurer"
				  means any insurance company incorporated under the authority of this
				  state.
E. "License" means the
				  approval granted under §
										2.3   of this Part.
F. "State" means any state, commonwealth,
				  territory or possession of the United States and the District of
				  Columbia.
G. "Trusteed assets"
				  means the assets in a trust account which the Commissioner requires be
				  established and maintained by an alien insurance company.
H. "Trusteed surplus" means the aggregate
				  value of the Alien Insurance Company's general state deposits and Trusteed
				  Assets deposited with a trustee in compliance with §§
										2.4  and  2.5   of
				  this Part, plus accrued investment income thereon where such income is
				  collected by the states for trustees, less the aggregate net amount of all of
				  its reserves and other liabilities in the United States as determined in
				  accordance with §
										2.6   of this Part, all as adjusted by any other amounts
				  deemed appropriate by the Commissioner.
I. "United States" means the several states,
				  commonwealths, territories and possessions of the United States and the
				  District of Columbia.
J. "United
				  States branch" means the business unit through which business is transacted
				  within the United States by an Alien Insurance Company and the assets and
				  liabilities of the Alien Insurance Company within the United States pertaining
				  to such business.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 55 - Insurance Company Licensing › Part 2 - Alien Insurers Port of Entry (230-RICR-20-55-2) › Section 230-RICR-20-55-2.2 - Scope

Current through June 14, 2024
A. This Part applies to any Alien Insurance
				  Company that seeks the approval of the Commissioner to be treated as a Domestic
				  Insurer of this state pursuant to R.I. Gen. Laws §
										27-59-2. Any Alien Insurance
				  Company that has received the Commissioner's authorization to be treated as a
				  Domestic Insurer of this state shall transact all of its United States business
				  through a United States Branch which has been approved pursuant to the
				  requirements of this Part. The United States Branch shall also be subject to
				  all state laws and regulations applicable to an insurer domiciled in this state
				  unless otherwise provided.
B. Any
				  Alien Insurance Company that has received the Commissioner's authorization to
				  be treated as a Domestic Insurer of this state shall be required to use the
				  State of Rhode Island as its state of entry to transact insurance business in
				  the United States.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 55 - Insurance Company Licensing › Part 2 - Alien Insurers Port of Entry (230-RICR-20-55-2) › Section 230-RICR-20-55-2.3 - Authorization for Entry

Current through June 14, 2024
A. Before
				  authorizing an Alien Insurance Company through its United States Branch to
				  enter this state and be treated as a Domestic Insurer of this state, the
				  Commissioner shall require the Alien Insurance Company to:
1. Submit to the Commissioner a copy of
a. Its charter and by-laws, if any, currently
				  in force, and such other documents necessary to show the kinds of business
				  which it is empowered to do in its domiciliary jurisdiction, attested to as
				  accurate and complete by the insurance supervisory official in its domiciliary
				  jurisdiction;
b. A full statement,
				  subscribed and affirmed as true under the penalties of perjury by two officers
				  or equivalent responsible representatives in such manner as the Commissioner
				  shall prescribe, of its financial condition as of the close of its latest
				  fiscal year, showing its assets, liabilities, income, disbursements, business
				  transacted and other facts required to be shown in its annual statement, as
				  reported to the insurance supervisory official in its domiciliary jurisdiction;
				  and
c. An English language
				  translation, as necessary, of any of the documents required herein;
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 55 - Insurance Company Licensing › Part 2 - Alien Insurers Port of Entry (230-RICR-20-55-2) › Section 230-RICR-20-55-2.4 - Maintenance of Trust Account

Current through June 14, 2024
Trusteed Assets shall at all times be in an amount equal to
					 the United States Branch's reserves and other liabilities plus the minimum
					 capital and surplus or Authorized Control Level Risk Based Capital, whichever
					 is greater, required to be maintained by a Domestic Insurer licensed to do the
					 same kind(s) of insurance.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 55 - Insurance Company Licensing › Part 2 - Alien Insurers Port of Entry (230-RICR-20-55-2) › Section 230-RICR-20-55-2.5 - Requirements for Trust Agreement

Current through June 14, 2024
A. The deed of
				  trust and all amendments thereto shall be authenticated in such form and manner
				  as the Commissioner may prescribe and shall not be effective unless approved by
				  the Commissioner upon finding that:
1. A deed
				  of trust and its amendments are sufficient in form and in conformity with
				  law;
2. The trustee(s) are eligible
				  and duly appointed to serve as such; and
3. The deed of trust is adequate to protect
				  the interests of the beneficiaries of the trust.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 55 - Insurance Company Licensing › Part 2 - Alien Insurers Port of Entry (230-RICR-20-55-2) › Section 230-RICR-20-55-2.6 - Reporting Requirements

Current through June 14, 2024
A. In addition to
				  all other requirements of this Part, every Alien Insurance Company that has
				  been granted a License shall, not later than the first day of March in each
				  year and forty-five (45) days after the end of each of the first three (3)
				  calendar year quarters, file with the Commissioner and with the National
				  Association of Insurance Commissioners:
1.
				  Annual and quarterly statements of the business transacted within the United
				  States and the assets held by or for it within the United States for the
				  protection of policyholders and creditors within the United States, and of the
				  liabilities incurred against such assets. The forms shall not contain any
				  statement in regard to its assets and business elsewhere unless said forms are
				  filed as a supplement to the statements required herein. The statements shall
				  be in the same format required of an insurer domiciled in Rhode Island and
				  licensed to write the same kind(s) of insurance;
2. A statement of Trusteed Surplus, in such
				  form as the Commissioner may prescribe, as of the end of the same period
				  covered by the statement filed pursuant to §
											2.6(A)(1)   of this Part. In
				  determining the net amount of the United States Branch's liabilities in the
				  United States to be reported in the statement of Trusteed Surplus, the United
				  States Branch shall make adjustments to total liabilities reported on the
				  accompanying annual or quarterly statement as prescribed by the Commissioner;
				  and
3. Any additional information
				  that the Commissioner may require relating to the total business or assets, or
				  any portion thereof, of the Alien Insurance Company.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 55 - Insurance Company Licensing › Part 2 - Alien Insurers Port of Entry (230-RICR-20-55-2) › Section 230-RICR-20-55-2.7 - Additional Requirements

Current through June 14, 2024
A. Every Alien
				  Insurance Company that has been granted a License pursuant to §
										2.3   of this
				  Part shall meet the following requirements:
1. At the request of the Commissioner the
				  Alien Insurance Company shall from time to time
a. Provide satisfactory proof, either in the
				  Alien Insurance Company's charter or by a duly certified resolution of its
				  board of directors, or otherwise as the Commissioner may require, that the
				  Alien Insurance Company is not authorized to engage in any insurance business
				  in contravention of the provisions of this Part or applicable laws;
				  and
b. Provide satisfactory proof
				  by a duly certified resolution of its board of directors, or otherwise as the
				  Commissioner may require, that the Alien Insurance Company has not engaged in
				  any insurance business in contravention of the provisions of this Part or
				  applicable laws.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 55 - Insurance Company Licensing › Part 2 - Alien Insurers Port of Entry (230-RICR-20-55-2) › Section 230-RICR-20-55-2.8 - Authority of Commissioner

Current through June 14, 2024
Whenever it appears to the Commissioner after reasonable
					 notice and hearing that an Alien Insurance Company licensed hereunder has
					 failed to comply with any requirements or limitations of this Part, any other
					 requirements or limitations imposed by the Commissioner, or any other
					 applicable law or regulation of this state, or whenever the Commissioner has
					 determined that the continued operation of any Alien Insurance Company licensed
					 hereunder will or may be hazardous to the policyholders, creditors or general
					 public, the Commissioner may proceed against the Alien Insurance Company
					 licensed hereunder, and/or its United States Branch and/or its Trusteed Assets
					 pursuant to R.I. Gen. Laws Chapters 27-12.2, 27-14.1, 27-14.2, 27-14.3 and
					 27-14.4 and any other applicable laws and/or regulations.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 60 - Miscellaneous › Part 1 - Consumer Credit Insurance (230-RICR-20-60-1) › Section 230-RICR-20-60-1.1 - Purpose and Authority

Current through June 14, 2024
The purpose of this Part is to protect the interests of
					 debtors and the public in this state by providing a system of rate, policy
					 form, and operating standards for the transaction of credit life and credit
					 accident and health, and credit unemployment insurance. This Part interprets
					 and implements R.I. Gen. Laws Chapter 27-30.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 60 - Miscellaneous › Part 1 - Consumer Credit Insurance (230-RICR-20-60-1) › Section 230-RICR-20-60-1.2 - Definitions

Current through June 14, 2024
A. As used in this Part:
1. "Affiliate" has the same meaning as
				  defined in R.I. Gen. Laws §
											27-35-1.
2. "Closed-end credit" means a credit
				  transaction that does not meet the definition of open-end credit.
3. "Control" has the same meaning as defined
				  in R.I. Gen. Laws §
											27-35-1.
4. "Evidence of individual insurability"
				  means a statement furnished by the debtor, as a condition of insurance becoming
				  effective that relates specifically to the health status or to the health or
				  medical history of the debtor.
5.
				  "Loss ratio" means incurred claims divided by the sum of earned premiums and
				  imputed interest earned on unearned premiums.
6. "Open-end credit" means credit extended by
				  a creditor under an agreement in which:
a.
				  The creditor reasonably contemplates repeated transactions;
b. The creditor imposes a finance charge from
				  time to time on an outstanding unpaid balance; and
c. The amount of credit that may be extended
				  to the debtor during the term of the agreement (up to any limit set by the
				  creditor) is generally made available to the extent that any outstanding
				  balance is repaid.
7.
				  "Person" has the same meaning as defined in R.I. Gen. Laws §
											27-35-1.
8. "Preexisting condition" means any
				  condition for which the insured debtor received medical advice, consultation or
				  treatment within six (6) months before the effective date of the coverage and
				  from which the insured debtor becomes disabled within six (6) months after the
				  effective date of this coverage.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 60 - Miscellaneous › Part 1 - Consumer Credit Insurance (230-RICR-20-60-1) › Section 230-RICR-20-60-1.4 - Determination of Reasonableness of Benefits in Relation to Premium Charge

Current through June 14, 2024
A. Benefits provided by consumer credit
				  insurance policies must be reasonable in relation to the premiums charged. This
				  requirement is satisfied if the premium rate charged develops or may reasonably
				  be expected to develop a loss ratio, of not less than sixty percent (60%). With
				  the exception of deviations approved under §
										1.11   of this Part, the rates
				  shown in §§
										1.6  and  1.7   of this Part, as adjusted pursuant to
				  §
										1.10   of this Part, shall be presumed to satisfy this standard.
				  Anticipated losses that develop or are expected to develop a loss ratio of not
				  less than sixty percent (60%) shall be presumed reasonable. Any insurer filing
				  a deviation in accordance with §
										1.11   of this Part must satisfy the sixty
				  percent (60%) loss ratio standard on their total consumer credit insurance
				  business, including that of affiliated insurers, for each type of insurance
				  defined in R.I. Gen. Laws Chapter 27-30 for which the deviation is being
				  filed.
B. Nonstandard Coverage. If
				  any insurer files for approval of any form providing coverage different than
				  that described in §§
										1.6  through  1.8   of this Part, the insurer shall
				  demonstrate to the satisfaction of the Commissioner that the premium rates to
				  be charged for such coverage are
1.
				  reasonably expected to develop a loss ratio not less than sixty percent (60%),
				  or
2. actuarially consistent with
				  the rates used for standard coverages.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 60 - Miscellaneous › Part 1 - Consumer Credit Insurance (230-RICR-20-60-1) › Section 230-RICR-20-60-1.5 - Limitation on Compensation

Current through June 14, 2024
A. An insurer shall
				  not pay compensation in excess of thirty percent (30%) of the net written prima
				  facie premium of which not more than twenty-five percent (25%) of net written
				  prima facie premium may be paid to a creditor.
B For the purpose of §
										1.5(A)   of this Part, prima facie
					 premium means premium using the premium rates set out in §§
										1. 6 and
					 1.7 of this Part, or actuarially consistent premium rates for plans not
					 described in §§
										1.6  and  1.7   of this Part, without any adjustment
					 pursuant to §
										1.10   of this Part.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 60 - Miscellaneous › Part 1 - Consumer Credit Insurance (230-RICR-20-60-1) › Section 230-RICR-20-60-1.6 - Credit Life Insurance Rates

Current through June 14, 2024
A. Premium Rate.
				  Subject to the conditions and requirements in §§
										1.6(B)  and  1.11   of
				  this Part, the prima facie rates shown below are considered to meet the
				  requirements of §
										1.4   of this Part, and may be used without filing
				  additional actuarial support.
1. Monthly
				  outstanding balance basis: Sixty six cents ($.66) per month per one thousand
				  ($1,000) of outstanding insured debt on single life and one dollar and five
				  cents ($1.05) per month per $1,000 of outstanding insured debt on joint life if
				  premiums are payable on a monthly outstanding balance basis.
2. Single premium basis: If the premium is
				  charged on a single premium basis, the rate shall be computed according to the
				  following formula or according to a formula approved by the commissioner which
				  produces rates substantially the same as those produced by the following
				  formula:
n Op It
Sp = N-ARY SUMATION ( _____ x _____ x (vt - 1
								))
t = 1 10 Ii
1
v = -----------
1 + (dis)
Sp = Single Premium per $100 of initial consumer
								credit life insurance coverage.
Op = $0.66 or $1.05, the prima facie consumer
								credit life insurance premium rate for monthly outstanding balance coverage
								from §
																1.6(A)(1)   of this Part.
It = The scheduled amount of insurance for month
								t.
Ii = Initial amount of insurance. For a net
								insurance policy, Ii equals the initial principal balance of the loan.
dis = .0020, representing an annual discount rate
								of 1.924percent for interest plus 0.4 percent for mortality.
n = The number of months in the term of the
								insurance.
3.
				  If the benefits provided are other than those described in the introduction to
				  this subsection, premium rates for such benefits shall be actuarially
				  consistent with the rates provided in §§
											1.6(A)(1) and (2)   of this
				  Part.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 60 - Miscellaneous › Part 1 - Consumer Credit Insurance (230-RICR-20-60-1) › Section 230-RICR-20-60-1.8 - Credit Unemployment Insurance Rates

Current through June 14, 2024
A. Each insurer
				  filing rates for credit unemployment insurance shall include in its rate filing
				  with the commissioner the appropriate rate formula upon which its rates are
				  based, including a provision for anticipated losses. Anticipated losses that
				  develop or are expected to develop a loss ratio of not less than sixty percent
				  (60%) shall be presumed reasonable. Anticipated losses may include an amount
				  for fluctuation in loss due to catastrophe based on the experience of at least
				  the latest nine (9) policy years or as long as the company has been writing
				  this line of business.
B. Credit
				  unemployment insurance policies must contain benefits at least as favorable to
				  insureds as the provisions below:
1. Coverage
				  for unemployment for any reason, except that coverage may be excluded for:
a. voluntary forfeiture of salary, wage or
				  other employment income;
b.
				  resignation;
c.
				  retirement;
d. general
				  strike;
e. illegal walk
				  out;
f. war;
g. separation from the military;
h. willful misconduct or criminal misconduct
				  or unlawful behavior; and
i.
				  disability caused by injury, sickness or pregnancy.