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Rhode Island Statutes, Title 27

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Rhode Island/Statutes

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Title 27, Title 27 Title 27

166 chapters · 2,034 sections in this title.

All chapters in Title 272,034 Ch 27-41, Chapter 27-41 Health Maintenance Org…115 Ch 27-18, Chapter 27-18 Accident and Sickness …110 Ch 27-20, Chapter 27-20 Nonprofit Medical Serv…98 Ch 27-19, Chapter 27-19 Nonprofit Hospital Ser…96 Ch 27-14.3, Chapter 27-14.3 Insurers’ Rehabilita…66 Ch 27-9, Chapter 27-9 Casualty Insurance Rating60 Ch 27-6, Chapter 27-6 Fire and Marine Insuran…56 Ch 27-1, Chapter 27-1 Domestic Insurance Comp…51 Ch 27-25, Chapter 27-25 Rhode Island Fraternal…44 Ch 27-5, Chapter 27-5 Fire Insurance Policies…42 Ch 27-4, Chapter 27-4 Life Insurance Policies…33 Ch 27-2, Chapter 27-2 Foreign Insurance Companies32 Ch 27-29, Chapter 27-29 Unfair Competition and…31 Ch 27-66, Chapter 27-66 The Health Insurance C…28

9 sections·Filtered byTitle 27✕Ch 27-51✕

R.I. Gen. Laws § 27-51-1. Short title
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This chapter may be known as the “Managing General Agents Act.”
R.I. Gen. Laws § 27-51-2. Definitions
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As used in this chapter: (1) “Actuary” means a person who is a member in good standing of the American Academy of Actuaries. (2) “Insurer” means any person, firm, association, or corporation duly licensed in this state as an insurance company pursuant to this title. (3)(i) “Manag…
R.I. Gen. Laws § 27-51-3. Licensure
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(a) No person, firm, association, or corporation shall act in the capacity of an MGA with respect to risks located in this state for an insurer licensed in this state unless that person, firm, association, or corporation is a licensed producer in this state. (b) No person, firm, …
R.I. Gen. Laws § 27-51-4. Required contract provisions
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No person, firm, association, or corporation acting in the capacity of an MGA shall place business with an insurer unless there is in force a written contract between the parties that sets forth the responsibilities of each party and where both parties share responsibility for a …

R.I. Gen. Laws § 27-51-5. Duties of insurers

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(a) The insurer shall have on file an independent financial examination, in a form acceptable to the commissioner, of each MGA with which it has done business. (b) If an MGA establishes loss reserves, the insurer shall annually obtain the opinion of an actuary attesting to the ad…

R.I. Gen. Laws § 27-51-6. Examination authority

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The acts of the MGA are considered to be the acts of the insurer on whose behalf it is acting. An MGA may be examined as if it was the insurer and cost of examination will be borne by the insurer pursuant to § 27-13-1.

R.I. Gen. Laws § 27-51-7. Penalties and liabilities

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(a) If the commissioner finds after a hearing conducted in accordance with the Administrative Procedures Act, chapter 35 of title 42, that any person has violated any provision(s) of this chapter, the commissioner may order: (1) For each separate violation, a penalty in an amount…

R.I. Gen. Laws § 27-51-8. Rules and regulations

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The commissioner of insurance may adopt reasonable rules and regulations for the implementation and administration of the provisions of this chapter.

R.I. Gen. Laws § 27-51-9. Utilization of services

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No insurer may continue to utilize the services of an MGA on and after December 31, 1992, unless that utilization is in compliance with this chapter.