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-20-55-1.5 - Filing Requirements

Current through June 14, 2024
A. Foreign
				  insurance companies seeking a Rhode Island Certificate of Authority must submit
				  those items listed in the NAIC's UCAA Expansion Application. When completing an
				  application for a Rhode Island Certificate of Authority, applicant companies
				  should particularly follow the Rhode Island specific items in Sections II and
				  III of the NAIC UCAA Manual for the Expansion Application.
B. The Insurance Commissioner reserves the
				  right to require any applicant company to furnish additional material or
				  information deemed necessary in the course of this Department's
				  review.
C. In addition to the
				  specific requirements for filing an Expansion Application, a foreign insurance
				  company must file the following information and/or documents for the
				  Commissioner's consideration:
1. A foreign
				  insurance company may not transact business in Rhode Island until it has
				  appointed, in writing, the Insurance Commissioner as attorney to receive
				  service of process (to be accompanied by a certified copy of the resolution of
				  its Board of Directors authorizing such appointment).
2. A Retaliatory Statement must be completed
				  by the applicant company's state of domicile Insurance Department/Division for
				  submission to the Department.
3. If
				  the applicant company's state of domicile insurance holding company disclosure
				  requirements and standards are substantially similar to the requirements of
				  R.I. Gen. Laws Chapter 27-35, the applicant shall submit only an affidavit
				  attesting to that "substantial similarity" and shall not submit a full Form B
				  filing. If such an affidavit cannot be provided, the Form B filing should be
				  submitted with a cover letter explaining the absence of "substantial
				  similarity."
4. R.I. Gen. Laws
				  §
											27-34-6 requires that all Property
				  and Casualty insurers shall be and remain members of the Rhode Island Insurers'
				  Insolvency Fund.
5. R.I. Gen. Laws
				  §
											31-33-8 and "INSURANCE REGULATION
				  98 RHODE ISLAND AUTOMOBILE INSURANCE PLAN" require that all automobile insurers
				  must participate in the Rhode Island Automobile Insurance Plan ("Rhode Island
				  Assigned Risk Plan"). A company applying for a Rhode Island Certificate of
				  Authority that will include those lines of business must submit a statement on
				  company letterhead, signed by the appropriate company official and certifying
				  that the company will become a member of the Rhode Island Automobile Insurance
				  Plan upon approval and issuance of its Rhode Island Certificate of
				  Authority.
6. R.I. Gen. Laws §
											27-33-2 and Subchapter 05 Part 11
				  of this Chapter require that all insurers licensed to write those classes of
				  insurance listed in R.I. Gen. Laws §§
											27-8-1 and
				  27-8-3 on a direct basis, must
				  participate in the basic property insurance program established in Rhode
				  Island, the Rhode Island Joint Reinsurance Association ("RI FAIR Plan"). A
				  company applying for a Rhode Island Certificate of Authority that will include
				  those lines of business must submit a statement on company letterhead, signed
				  by the appropriate company official and certifying that the company will become
				  a member of the Rhode Island Joint Reinsurance Association upon approval and
				  issuance of its Rhode Island Certificate of Authority.
7. Under R.I. Gen. Laws §
											42-14.1-1 and Subchapter 10 Part 1
				  of this Chapter all insurers licensed to write "personal injury liability
				  insurance" on a direct basis are, by operation of law, members of the Medical
				  Malpractice Joint Underwriting Association of Rhode Island (MMJUA).
8. R.I. Gen. Laws §
											27-34.3-6(a)
				  requires that all Life or Health insurers shall be and remain members of the
				  Rhode Island Life and Health Insurance Guaranty Association.
9. A foreign life company planning to include
				  variable life and/or variable annuity authority must also submit a written
				  opinion as to whether the applicant company's state of domicile regulation
				  provides a degree of protection to policyholders and the public which is
				  substantially equal to that provided by R.I. Gen. Laws Chapter 27-32.