Title 27, Title 27 Title 27

(a) For purposes of this section, “high net worth insured” shall mean any insured, excluding state and local governments, whose net worth exceeds fifty million dollars ($50,000,000) on December 31 of the year prior to the year in which the insurer becomes an insolvent insurer; pr…

(a)(1) Any person having a claim against an insurer, shall be required first to exhaust all coverage provided by any other policy, including the right to a defense under the other policy, if the claim under the other policy arises from the same facts, injury, or loss that gave ri…

To aid in the detection and prevention of insurer insolvencies: (1) The board of directors may, upon a majority vote, make recommendations to the commissioner on matters generally related to improving or enhancing regulation for solvency. (2) At the conclusion of any domestic ins…

The association shall be exempt from the payment of all fees and all taxes levied by this state or any of its subdivisions, except taxes levied on real or personal property.

The rates and premiums charged for insurance policies to which this section applies shall include amounts sufficient to recoup a sum equal to the amounts paid to the association by the member insurer less any amounts returned to the member insurer by the association. Rates shall …

There shall be no liability on the part of, and no cause of action of any nature shall arise against, any member insurer, the association, or its agents or employees, the board of directors, or any persons serving as an alternate or substitute representative of any director, or t…

All proceedings in which the insolvent insurer is a party or is obligated to defend a party in any court in this state shall, subject to waiver by the association in specific cases involving covered claims, be stayed for six (6) months and such additional time as may be determine…

No person shall make, publish, or circulate, or cause to be made, published, or circulated, any statement that uses the existence of the association for the purposes of sale, solicitation, or inducement to purchase any form of insurance within the scope of this chapter.

The purpose of this chapter is to provide a mechanism for the payment of covered claims under certain insurance policies to avoid excessive delay in payment and to the extent provided in this chapter, minimize financial loss to claimants or policyholders because of the insolvency…

This chapter shall apply to all kinds of direct insurance, but shall not be applicable to the following: (1) Life, annuity, health, or disability insurance; (2) Mortgage guaranty, financial guaranty, or other forms of insurance offering protection against investment risks. For pu…

This chapter shall be liberally construed to effect the purpose under § 27-34-2 which will constitute an aid and guide to interpretation.

As used in this chapter: (1) “Account” means any one of the three (3) accounts created by § 27-34-6. (2) “Affiliate” means a person, who directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with another on December 31 …

There is created a nonprofit unincorporated legal entity to be known as the “Rhode Island Property & Casualty Insurance Guaranty Association,” such entity formerly known as the “Rhode Island insurers’ insolvency fund.” All insurers defined as member insurers in § 27-34-5 shall be…

(a) The board of directors of the association shall consist of not less than five (5) nor more than eleven (11) persons serving terms as established in the plan of operation. The members of the board shall be selected by member insurers subject to the approval of the commissioner…

(a) The association shall: (1)(i) Be obligated to pay covered claims existing prior to the order of liquidation; arising within sixty (60) days after the order of liquidation or before the policy expiration date if less than sixty (60) days after the order of liquidation or befor…

(a) The association shall submit to the commissioner a plan of operation and any amendments to the plan of operation necessary or suitable to assure the fair, reasonable, and equitable administration of the association. The plan of operation and amendments shall become effective …