Title 27, Title 27 Title 27

(a) This section shall apply to all annuity and pure endowment contracts other than group annuity and pure endowment contracts purchased under a retirement plan or plan of deferred compensation, established or maintained by an employer, including a partnership or sole proprietors…

(a) In no event shall a company’s aggregate reserves for all life insurance policies, excluding disability and accidental death benefits, issued on or after January 1, 1994, be less than the aggregate reserves calculated in accordance with the methods set forth in §§ 27-4.5-5, 27…

(a) Reserves for all policies and contracts issued prior to January 1, 1994, may be calculated, at the option of the company, according to any standards that produce greater aggregate reserves for all such policies and contracts than the minimum reserves required by the laws in e…

(a) If in any contract year the gross premium charged by the company on any policy or contract is less than the valuation net premium for the policy or contract calculated by the method used in calculating the reserve but using the minimum valuation standards of mortality and rat…

In the case of a plan of life insurance that provides for future premium determination, the amounts of which are to be determined by the insurance company based on the then estimates of future experience, or in the case of any plan of life insurance or annuity that is of such a n…

As used in this chapter: (1) “Adjusted RBC report” means an RBC report adjusted by the commissioner in accordance with § 27-4.6-2(e). (2) “Corrective order” means an order issued by the commissioner specifying corrective actions that the commissioner has determined are required. …

(a)(1) Any foreign insurer shall, upon the written request of the commissioner, submit to the commissioner an RBC report as of the end of the calendar year just ended the later of: (i) The date an RBC report would be required to be filed by a domestic insurer under this chapter; …

There shall be no liability on the part of, and no cause of action shall arise against, the commissioner or the insurance department or its employees or agents for any action taken by them in the performance of their powers and duties under this chapter.

All notices by the commissioner to an insurer which may result in regulatory action under this chapter shall be effective upon dispatch if transmitted by registered or certified mail, or in the case of any other transmission shall be effective upon the insurer’s receipt of the no…

If any provision of this chapter, or the application of it to any person or circumstance, is held invalid, that determination shall not affect the provisions or applications of this chapter which can be given effect without the invalid provision or application, and to that end th…

(a) Every domestic insurer shall, on or prior to each March 1 (the “filing date”), prepare and submit to the commissioner a report of its RBC levels as of the end of the calendar year just ended, in a form and containing any information required by the RBC instructions. In additi…

(a) “Company action level event” means any of the following events: (1) The filing of an RBC report by an insurer that indicates that: (i) The insurer’s total adjusted capital is greater than or equal to its regulatory action level RBC but less than its company action level RBC; …

(a) “Regulatory action level event” means, with respect to any insurer, any of the following events: (1) The filing of an RBC report by the insurer which indicates that the insurer’s total adjusted capital is greater than or equal to its authorized control level RBC but less than…

(a) “Authorized control level event” means any of the following events: (1) The filing of an RBC report by the insurer which indicates that the insurer’s total adjusted capital is greater than or equal to its mandatory control level RBC but less than its authorized control level …

(a) “Mandatory control level event” means any of the following events: (1) The filing of an RBC report which indicates that the insurer’s total adjusted capital is less than its mandatory control level RBC; (2) Notification by the commissioner to the insurer of an adjusted RBC re…

Upon: (1) Notification to an insurer by the commissioner of an adjusted RBC report; or (2) Notification to an insurer by the commissioner that: (i) The insurer’s RBC plan or revised RBC plan is unsatisfactory; and (ii) That notification constitutes a regulatory action level event…

(a) All RBC reports (to the extent the information in them is not required to be set forth in a publicly available annual statement schedule) and RBC plans (including the results or report of any examination or analysis of an insurer performed pursuant to this chapter and any cor…

(a) The provisions of this chapter are supplemental to any other provisions of the laws of this state, and shall not preclude or limit any other powers or duties of the commissioner under those laws, including, but not limited to, chapter 14.3 and chapter 14.2 of this title. (b) …

The purpose of this chapter is to regulate the formation and/or operation of risk retention groups and purchasing groups in this state formed pursuant to the provisions of 15 U.S.C. § 3901 et seq., to the extent permitted by that law.

Premium taxes and taxes on premiums paid for coverage of risks resident or located in this state by a purchasing group or any members of the purchasing groups shall be: (1) Imposed at the same rate and subject to the same interest, fines, and penalties as that applicable to premi…

The commissioner is authorized to make use of any of the powers established under this title and any other pertinent section of law to enforce the laws of this state not specifically preempted by 15 U.S.C. § 3901 et seq., including the commissioner’s administrative authority to i…

(a) Risk retention groups. No person, firm, association, or corporation shall act or aid in any manner in soliciting, negotiating, or procuring liability insurance in this state from a risk retention group unless that person, firm, association, or corporation is licensed as an in…

An order issued by any district court of the United States enjoining a risk retention group from soliciting or selling insurance, or operating in any state, or in all states or in any territory or possession of the United States, upon a finding that the group is in hazardous fina…

The commissioner may establish and amend any rules and/or regulations relating to risk retention groups as may be necessary or desirable to carry out the provisions of this chapter.

If any clause, sentence, paragraph, section, or part of this chapter or the application of this chapter to any person or circumstances shall, for any reason, be adjudged by any court of competent jurisdiction to be invalid, that judgment shall not affect, impair, or invalidate th…

As used in this chapter: (1) “Commissioner” means the director of the department of business regulation or the commissioner, director, or superintendent of insurance in any other state. (2) “Completed operations liability” means liability arising out of the installation, maintena…

(a) A risk retention group shall be, pursuant to the provisions of this title, chartered and licensed to write only liability insurance pursuant to this chapter and, except as provided in this chapter, must comply with all of the laws, rules, regulations, and requirements applica…

Risk retention groups chartered and licensed in states other than this state and seeking to do business as a risk retention group in this state shall comply with the laws of this state as follows: (1) Notice of operations and designation of commissioner as agent.(i) Before offeri…

(a) No risk retention group shall be required or permitted to join or contribute financially to any insurance insolvency fund, or similar mechanism, in this state, nor shall any risk retention group, or its insureds or claimants against its insureds, receive any benefit from any …

A policy of insurance issued to a risk retention group or any member of that group shall not be required to be countersigned as otherwise provided in this title.

A purchasing group and its insurer or insurers shall be subject to all applicable laws of this state, except that a purchasing group and its insurer or insurers shall be exempt, in regard to liability insurance for the purchasing group, from any law that would: (1) Prohibit the e…

(a) A purchasing group which intends to do business in this state shall, prior to doing business, furnish notice to the commissioner which shall: (1) Identify the state in which the group is domiciled; (2) Identify all other states in which the group intends to do business; (3) S…

(a) A purchasing group may not purchase insurance from a risk retention group that is not chartered in a state or from an insurer not admitted in the state in which the purchasing group is located, unless the purchase is effected through a licensed agent or broker or insurance pr…

This chapter shall be known and may be cited as the “Rhode Island Risk-Based Capital (RBC) for Health Organizations Act.”

(a) The provisions of this chapter are supplemental to any other provisions of the laws of this state, and shall not preclude or limit any other powers or duties of the commissioner under those laws, including, but not limited to, chapters 41, 19, 20, 20.1, 20.2, 20.3, 14.1, 14.2…

(a)(1) A foreign health organization shall, upon the written request of the commissioner, submit to the commissioner an RBC report as of the end of the calendar year just ended the later of: (i) The date an RBC report would be required to be filed by a domestic health organizatio…

There shall be no liability on the part of, and no cause of action shall arise against, the commissioner or the insurance department or its employees or agents for any action taken by them in the performance of their powers and duties under this chapter.

If any provision of this chapter, or its application to any person or circumstance, is held invalid, that determination shall not affect the provisions or applications of this chapter that can be given effect without the invalid provision or application, and to that end the provi…

All notices by the commissioner to a health organization that may result in regulatory action under this chapter shall be effective upon dispatch if transmitted by registered or certified mail, or in the case of any other transmission shall be effective upon the health organizati…

(a) At any time that a health organization elects to discontinue providing all health benefit plans to either individual or group policyholders in this state, the health organization shall provide written notice of this decision to the director of health and the director of the d…

As used in this chapter: (1) “Adjusted RBC report” means an RBC report that has been adjusted by the commissioner in accordance with § 27-4.7-3. (2) “Commissioner” means the director of the department of business regulation. (3) “Corrective order” means an order issued by the com…

(a) A domestic health organization shall, on or prior to each March 1 (the “filing date”), prepare and submit to the commissioner a report of its RBC levels as of the end of the calendar year just ended, in a form and containing any information that is required by the RBC instruc…

(a) “Company action level event” means any of the following events: (1) The filing of an RBC report by a health organization that indicates that the health organization’s total adjusted capital is greater than or equal to its regulatory action level RBC but less than its company …

(a) “Regulatory action level event” means, with respect to a health organization, any of the following events: (1) The filing of an RBC report by the health organization that indicates that the health organization’s total adjusted capital is greater than or equal to its authorize…

(a) “Authorized control level event” means any of the following events: (1) The filing of an RBC report by the health organization that indicates that the health organization’s total adjusted capital is greater than or equal to its mandatory control level RBC but less than its au…

(a) “Mandatory control level event” means any of the following events: (1) The filing of an RBC report which indicates that the health organization’s total adjusted capital is less than its mandatory control level RBC; (2) Notification by the commissioner to the health organizati…