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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

13 sections·Filtered byTitle 27✕Ch 27-58✕

R.I. Gen. Laws § 27-58-1. Short title
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This act may be cited as the “Financial Institution Insurance Sales Act.”
R.I. Gen. Laws § 27-58-10. Confidential customer information
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(a) As used in this section, unless the context requires otherwise: (1) “Customer” means a person with an investment, security, deposit, trust, or credit relationship with a financial institution. (2) “Nonpublic customer information” means information regarding a person that has …
R.I. Gen. Laws § 27-58-11. Insurance in connection with a loan
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(a) If insurance is required as a condition of obtaining a loan, the credit and insurance transactions shall be completed independently and through separate documents. (b) A loan for premiums on required insurance shall not be included in the primary credit without the written co…
R.I. Gen. Laws § 27-58-12. Physical location of insurance activities
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The place of solicitation or sale of insurance by any financial institution shall be from an office physically separated from the banking activities of the institution. Physical separation shall not be defined as a separate building. The commissioner shall have the authority to p…

R.I. Gen. Laws § 27-58-13. Penalties

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Any person who violates the provisions of this chapter, or who fails to perform any duties imposed by this chapter, or who violates any administrative regulation promulgated pursuant to this chapter shall be liable for a civil penalty not to exceed the sum of one hundred dollars …

R.I. Gen. Laws § 27-58-2. Purpose

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The purpose of this chapter is to regulate financial institutions in the conduct of the business of insurance in this state.

R.I. Gen. Laws § 27-58-3. Definitions

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For the purposes of this chapter: (1) “Financial institution includes: (i) A bank, savings bank, or trust company, as defined in title 19, its affiliates or subsidiaries, or any of its officers, agents, representatives, or employees, or any bank, savings bank, or savings and loan…

R.I. Gen. Laws § 27-58-4. Authorization for implementing regulations

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The commissioner may promulgate administrative regulations to effectuate the purposes of this chapter and to ensure the safety and soundness of the banking and insurance businesses.

R.I. Gen. Laws § 27-58-5. Licensure requirement

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Any insurance transaction conducted by a financial institution shall be conducted only by a Rhode Island licensed insurance producer representing a Rhode Island authorized insurer or representing a Rhode Island eligible surplus lines insurer.

R.I. Gen. Laws § 27-58-6. Anti-tying provisions

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(a) No financial institution may offer a banking product or service, or fix or vary the conditions of this offer, on a condition or requirement that the customer obtains insurance from the financial institution, or any particular insurance producer. (b) No person shall require or…

R.I. Gen. Laws § 27-58-7. Disclosures

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(a) A financial institution shall prominently disclose in writing, in clear and concise language, to the institution’s customers, including in any advertisement or promotional material, pursuant to regulations prescribed by the commissioner, that insurance offered, recommended, s…

R.I. Gen. Laws § 27-58-8. Sales force

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Solicitation for the purchase or sale of insurance by a financial institution shall be conducted only by persons whose responsibilities do not include loan transactions or other transactions involving the extension of credit, or the taking of deposits. For the purposes of this se…

R.I. Gen. Laws § 27-58-9. No discrimination against nonaffiliated agents

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No financial institution may: (1) Require as a condition of providing any product or service to any customer, or any renewal of any contract for providing the product or service, that the customer acquire, finance, or negotiate any policy or contract of insurance through a partic…