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166 chapters · 2,034 sections in this title.
R.I. Gen. Laws § 27-53.1-1. Purpose
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This chapter provides for the regulation of the transfer and novation of contracts of insurance by way of assumption reinsurance. It defines assumption reinsurance and establishes notice and disclosure requirements that protect and define the rights and obligations of policyholde…
R.I. Gen. Laws § 27-53.1-2. Scope
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(a) This chapter applies to any insurer authorized in this state that either assumes or transfers the obligations or risks, or both, on contracts of insurance pursuant to an assumption reinsurance agreement. (b) This chapter does not apply to: (1) Any reinsurance agreement or tra…
R.I. Gen. Laws § 27-53.1-3. Definitions
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(a) “Assuming insurer” means the insurer that acquires an insurance obligation or risk, or both, from the transferring insurer pursuant to an assumption reinsurance agreement. (b) “Assumption reinsurance agreement” means any contract that both: (1) Transfers insurance obligations…
R.I. Gen. Laws § 27-53.1-4. Notice requirements
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(a) Notice to policyholders, agents, and brokers. (1) The transferring insurer shall provide, or cause to be provided, to each policyholder a notice of transfer by first-class mail, addressed to the policyholder’s last known address or to the address to which premium notices or o…
