Title 27, Title 27 Title 27

This chapter shall be known as the “Standard Nonforfeiture Law for Individual Deferred Annuities Act.”

Any paid-up annuity, cash surrender, or death benefits available at any time, other than on the contract anniversary under any contract with fixed scheduled considerations, shall be calculated with allowance for the lapse of time and the payment of any scheduled considerations be…

For any contract which provides, within the same contract by rider or supplemental contract provision, both annuity benefits and life insurance benefits that are in excess of the greater of cash surrender benefits or a return of the gross consideration with interest, the minimum …

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

This chapter shall not apply to any reinsurance, group annuity purchased under a retirement plan or plan of deferred compensation established or maintained by an employer including a partnership or sole proprietorship or by an employee organization, or by both, other than a plan …

(a) In the case of contracts issued on or after July 7, 2004, no contract of annuity, except as stated in § 27-4.4-2, shall be delivered or issued for delivery in this state unless it contains in substance the following provisions, or corresponding provisions which in the opinion…

(a) The minimum values as specified in §§ 27-4.4-5 — 27-4.4-8 and 27-4.4-10 of any paid-up annuity, cash surrender, or death benefits available under an annuity contract shall be based upon minimum nonforfeiture amounts as defined in this section. (b) The minimum nonforfeiture am…

Any paid-up annuity benefit available under a contract shall be such that its present value on the date annuity payments are to commence is at least equal to the minimum nonforfeiture amount on that date. The present value shall be computed using the mortality table, if any, and …

For contracts that provide cash surrender benefits, the cash surrender benefits available prior to maturity shall not be less than the present value as of the date of surrender of that portion of the maturity value of the paid-up annuity benefit that would be provided under the c…

For contracts that do not provide cash surrender benefits, the present value of any paid-up annuity benefit available as a nonforfeiture option at any time prior to maturity shall not be less than the present value of that portion of the maturity value of the paid-up annuity bene…

For the purpose of determining the benefits calculated under §§ 27-4.4-6 and 27-4.4-7, in the case of annuity contracts under which an election may be made to have annuity payments commence at optional maturity dates, the maturity date shall be deemed to be the latest date for wh…

Any contract that does not provide cash surrender benefits or does not provide death benefits at least equal to the minimum nonforfeiture amount prior to the commencement of any annuity payments shall include a statement in a prominent place in the contract that those benefits ar…

The purposes of this chapter are: (1) To prohibit price fixing agreements and other anticompetitive behavior by insurers; (2) To protect policyholders and the public against the adverse effects of excessive, inadequate, or unfairly discriminatory rates; (3) To promote price compe…

(a) No insurer or rating or advisory organization shall attempt to monopolize or combine or conspire with any other person to monopolize an insurance market. (b)(1) No insurer shall agree with any other insurer or with any rating or advisory organization to adhere to or to use an…

Any rating organization, in addition to other activities not prohibited, is authorized to: (1) Develop statistical plans including territorial and class definitions; (2) Collect statistical data from members, subscribers, or any other source; (3) Prepare, distribute, and file rat…

Every rating organization shall file any amendment or modification made to supplementary rate information with the director within fifteen (15) days after it is distributed to members, subscribers, or others.

The director may adopt reasonable rules for use by companies to record and report to the director their loss and expense experience and any other information determined by the director to be necessary or appropriate for the administration of this chapter and the effectuation of i…

(a) The director may examine any insurer, pool, rating organization, or advisory organization as he or she deems necessary to ascertain compliance with this chapter. (b) Every insurer, pool, rating organization, and advisory organization shall maintain reasonable records of the t…

The director may, by his or her own initiative or upon request of any person, by rule, exempt any market from any or all of the provisions of this chapter, if and to the extent that the director finds an exemption necessary to achieve the purpose of this chapter.

The director may appoint an actuary to assist the director in the performance of his or her duties pursuant to this chapter. The actuary shall serve under the direction of the director and shall be removable at the pleasure of the director. Insurance companies doing business in t…

Any market deemed to be a noncompetitive market, and any market described in § 27-44-3, shall have rates established for it pursuant to the standards and procedures as applicable in chapters 6, 7.1, 9, 19, and 20 of this title, and the other sections of law govern the rates of di…

(a) The director may, if he or she finds that any person or organization has violated any provision of this chapter, impose a penalty of not more than one thousand dollars ($1,000) for each violation, but if the director finds the violation to be willful, he or she may impose a p…

The director may promulgate any reasonable regulations that are necessary and proper to enforce this chapter and to require any information that the director finds necessary.

As used in this chapter: (1) “Advisory organization” means any person or organization other than a rating organization that assists insurers in the authorized activities enumerated in § 27-44-11, except no advisory organization may make any filings on behalf of insurers. (2) “Com…

Any hearing conducted pursuant to this chapter shall be held in accordance with the Administrative Procedures Act (“APA”), chapter 35 of title 42, to the extent that the APA does not conflict with any provision of law contained in this chapter.

(a) Any order, regulation, or decision of the director made after a hearing shall be subject to judicial review in accordance with the Administrative Procedures Act, chapter 35 of title 42. (b) Upon the request of any insurer or organization to which the director has directed an …

If any provisions of this chapter, or the application of the provisions to any person or circumstances, are held invalid, the remainder of the chapter, and the application of the provisions to persons or circumstances other than those to which it is held invalid, shall not be aff…

(a) This chapter applies to all kinds of insurance written on risks in this state by any insurers authorized to do business in this state, except: (1) Life insurance; (2) Annuities; (3) Accident and health insurance; (4) Ocean marine insurance; (5) Reinsurance; (6) Medical malpra…

(a) A competitive market is presumed to exist unless the director, after a hearing, determines that a reasonable degree of competition does not exist in the market and issues a ruling to that effect. The ruling shall remain in effect until the time the director deems that a compe…

(a) Every insurance company and every rating/advisory organization issuing policies covering casualty, liability, and fire and marine insurance provided for in this chapter shall file with the director a copy of the form of the policies the company or organization is proposing to…

(a) Requirements. Rates shall not be excessive, inadequate, or unfairly discriminatory. (b) Excessiveness. A rate is excessive if it is likely to produce an underwriting profit that is unreasonably high for the class of business or if expenses are unreasonably high in relation to…

(a) Filings as to competitive markets; file and use. In a competitive market, every insurer shall file with the director all rates and supplementary rate information to be used in this state. At the time the rates are filed, the filing shall state the specific model(s) used (cata…

For the purpose of determining whether the filing meets the requirements of this chapter, the director may employ staff personnel and outside consultants, including, but not limited to, those authorized pursuant to § 27-9-52. The reasonable costs related to the review of rate fil…

(a) Timing of disapproval. A rate in a competitive market may be disapproved any time prior to the proposed effective date or, if supporting information is required pursuant to § 27-44-6(a), at any time within thirty (30) days after receipt of the information. An existing rate ma…

(a) License required. No rating organization shall provide any service relating to the rates of any insurance subject to this chapter, and no insurer shall utilize the services of the organization for these purposes unless the organization has obtained a license under subsection …

(a) License required. No advisory organization shall provide any service relating to the rates of any insurer subject to this chapter, and no insurer shall utilize the services of the organization for those purposes unless the organization has become licensed under subsection (d)…

(a) This chapter shall be known as the “Standard Valuation Law.” (b) For the purpose of this chapter, the following definitions shall apply on or after the operative date of the valuation manual: (1) “Accident and health insurance” means contracts that incorporate morbidity risk …

For accident and health insurance contracts issued on or after the operative date of the valuation manual, the standard prescribed in the valuation manual is the minimum standard of valuation required under § 27-4.5-2(b). For accident and health insurance contracts issued on or a…

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

If any provision of this chapter, or the application of the provision to any person or circumstances, shall be held invalid, the remainder of the chapter, and the application of the provision to persons or circumstances other than those to which it is held invalid, shall not be a…

(a) For policies issued on or after the operative date of the valuation manual, the standard prescribed in the valuation manual is the minimum standard of valuation required under § 27-4.5-2(b), except as provided under subsections (e) or (g) of this section. (b) The operative da…

(a) A company must establish reserves using a principle-based valuation that meets the following conditions for policies or contracts as specified in the valuation manual: (1) Quantify the benefits and guarantees, and the funding, associated with the contracts and their risks at …

A company shall submit mortality, morbidity, policyholder behavior, or expense experience and other data as prescribed in the valuation manual.

(a) For purposes of this section, “confidential information” shall mean: (1) A memorandum in support of an opinion submitted under § 27-4.5-3 and any other documents, materials, and other information, including, but not limited to, all working papers, and copies thereof, created,…

(a) The commissioner may exempt specific product forms or product lines of a domestic company that is licensed and doing business only in Rhode Island from the requirements of § 27-4.5-13 provided: (1) The commissioner has issued an exemption in writing to the company and has not…

(a) Policies and contracts issued prior to the operative date of the valuation manual. (1) The commissioner of insurance shall annually value, or cause to be valued, the reserve liabilities, called “reserves” in this chapter, for all outstanding life insurance policies and annuit…