Title 27, Title 27 Title 27

The action of any company organized under the laws of this state authorized to do a fire insurance business in constituting and setting apart guaranty surplus and special reserve funds under the provisions of §§ 26 to 33 of chapter 181 of the General Laws of 1896, or of chapter 3…

Any company that has established a guaranty surplus fund and special reserve fund may, at a regular meeting of its board of directors, or at a special meeting called for that purpose, adopt a resolution declaring its desire and intention to discontinue those funds and to cease to…

There shall be printed at the head of a fire insurance policy the name of the insurer or insurers issuing the policy, the location of the home office of the insurer or insurers, and a statement whether the insurer or insurers are stock or mutual corporations; and there may be add…

If the policy is issued by a mutual insurer having special regulations with respect to the payment by the policyholder of assessments, those regulations shall be printed upon the policy, and any mutual insurer may print upon the policy any regulations that may be appropriate to o…

Binders or other contracts for temporary insurance may be made, orally or in writing, for a period that shall not exceed thirty (30) days, and shall be deemed to include all of the terms of the standard fire insurance policy and all applicable endorsements, approved by the direct…

No bank or lending institution doing business in this state, whether acting under state or federal authority, which includes, but is not limited to: (1) A bank, savings bank, or trust company, as defined in title 19, its affiliates or subsidiaries; (2) A bank holding company, as …

All banks and lending institutions doing business in this state, whether acting under state or federal authority, which include, but are not limited to: (1) A bank, savings bank, or trust company, as defined in title 19, its affiliates or subsidiaries; (2) A bank holding company,…

Two (2) or more insurers authorized to do the business of fire insurance in this state may, with the approval of the director of business regulation, issue a combination standard form of fire insurance policy which shall contain the following provisions: (1) A provision substanti…

Appropriate forms of supplemental contracts or extended coverage endorsements where the interest in the property described in a fire insurance policy shall be insured against one or more of the perils that the insurer is empowered to assume, in addition to the peril covered by th…

The standard fire insurance policy provided for in this chapter need not be used for effecting reinsurance between insurers.

Simplified policies of insurance providing broad coverage of all or various combinations of risks may be approved by the director of business regulation and issued by insurers notwithstanding those provisions of any other law that specify the contents of insurance policies; provi…

The purpose of this chapter is to promote the public welfare by regulating insurance rates to the end that they shall not be excessive, inadequate, or unfairly discriminatory, and to authorize and regulate cooperative action among insurers in ratemaking and in other matters withi…

The commissioner shall review filings as soon as reasonably possible after they have been made in order to determine whether they meet the requirements of this chapter.

Subject to the exception specified in § 27-6-10, each filing shall be on file for a waiting period of thirty (30) days before it becomes effective, which period may be extended by the commissioner for an additional period not to exceed thirty (30) days if the commissioner gives w…

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…

Specific inland marine rates on risks specially rated by a rating organization shall become effective when filed and shall be deemed to meet the requirements of this chapter until such time as the commissioner reviews the filing and so long after this as the filing remains in eff…

Under the rules and regulations that the commissioner shall adopt, the commissioner may, by written order, suspend or modify the requirement of filing as to any kind of insurance, or subdivision or combination of it, or as to classes of risks, the rates for which cannot practicab…

Upon the written consent of the insured, stating the insured’s reasons, filed with and approved by the commissioner, a rate in excess of that provided by an applicable filing may be used on any specific risk.

No insurer shall make or issue a contract or policy at a rate or premium in excess of filings that are in effect for that insurer as provided in this chapter or in accordance with § 27-6-13 or § 27-6-14. This section shall not apply to contracts or policies for inland marine risk…

Within ten (10) days after any insurer has made or issued a contract or policy at a rate or premium other than as provided for by any filing made with the commissioner by or in its behalf, the insurer shall notify the commissioner in writing of that action in any form the commiss…

If, within the waiting period or any extension, as provided in § 27-6-11, the commissioner finds that a filing does not meet the requirements of this chapter, the commissioner shall send to the insurer or rating organization which made that filing written notice of disapproval of…

If, within thirty (30) days after a specific inland marine rate on a risk specially rated by a rating organization, subject to § 27-6-12, has become effective, the commissioner finds that the filing does not meet the requirements of this chapter, the commissioner shall send to th…

If, at any time subsequent to the applicable review period provided for in § 27-6-17 or § 27-6-18, the commissioner finds that a rate or filing does not meet the requirements of this chapter, the commissioner shall, after a hearing held upon not less than ten (10) days’ written n…

(a) This chapter applies to fire, marine, and inland marine insurance on risks located in this state. Inland marine insurance shall include insurance now or defined by statute, or by interpretation of a statute, or if not defined or interpreted by statute, by ruling of the insura…

(a) Any person or organization aggrieved with respect to any rate or filing that is in effect may make written application to the commissioner for a hearing; provided, that the insurer or rating organization that uses the rate or made the filing shall not be authorized to proceed…

If the insurer making or issuing a contract or policy at a rate or premium less than that provided by any filing, at any hearing held pursuant to §§ 27-6-17 — 27-6-22, or pursuant to § 27-6-16, shows to the satisfaction of the commissioner that the rate or premium was used in goo…

No manual, minimum, or class rate, rating schedule, rating plan, rating rule, or any modification of any of these which has been filed pursuant to the requirements of §§ 27-6-8 — 27-6-16 shall be disapproved if the rates produced meet the requirements of this chapter.

(a) A corporation, an unincorporated association, a partnership, or an individual, whether located within or outside this state, may make an application to the commissioner for a license as a rating organization for those kinds of insurance, or a subdivision or a class of risk or…

Subject to rules and regulations that have been approved by the commissioner as reasonable, each rating organization shall permit any insurer, not a member, to be a subscriber to its rating services for any kind of insurance, or subdivision or class of risk or a part or combinati…

No rating organization shall adopt any rule the effect of which would be to prohibit or regulate the payment of dividends, savings, or unabsorbed premium deposits allowed or returned by insurers to their policyholders, members, or subscribers.

Cooperation among rating organizations or among rating organizations and insurers and concert of action among insurers under the same general management or control, in ratemaking or in other matters within the scope of this chapter, are authorized, provided the filings resulting …

Any rating organization may provide for the examination of policies, daily reports, binders, renewal certificates, endorsements, or other evidences of insurance, or the cancellation of insurance, and may make reasonable rules governing their submission. Those rules shall contain …

Any rating organization may subscribe for or purchase actuarial, technical, or other services, and those services shall be available to all members and subscribers without discrimination.

Every member of or subscriber to a rating organization shall adhere to the filings made on its behalf by the organization; except that any insurer that is a member or subscriber may file with the commissioner a deviation from the class rates, schedules, rating plans, or rules res…

This chapter applies to all insurers that, under any provision of the laws of this state, write any of the kinds of insurance to which this chapter applies. If any kind of insurance, or subdivision or combination of it, or type of coverage, subject to this chapter, is also subjec…

(a) Any member of or subscriber to a rating organization may appeal to the commissioner from any action or decision of the rating organization in approving or rejecting any proposed change in or addition to the filings of the rating organization, and the commissioner shall, after…

Every rating organization and every insurer that makes its own rates shall, within a reasonable time after receiving written request for it and upon payment of any reasonable charge it may make, furnish to any insured affected by a rate made by it, or to the authorized representa…

Every rating organization and every insurer that makes its own rates shall provide within this state reasonable means where any person aggrieved by the application of its rating system may be heard, in person or by the person’s authorized representative, on the person’s written r…

Every group, association, or other organization of insurers, whether located within or outside of this state, which assists insurers that make their own filings or rating organizations in ratemaking, by the collection and furnishing of loss or expense statistics, or by the submis…

Every advisory organization shall file with the commissioner: (1) A copy of its constitution, its articles of agreement or association or its certificate of incorporation, and its bylaws, rules, and regulations governing its activities; (2) A list of its members; (3) The name and…

If, after a hearing, the commissioner finds that the furnishing of any information or assistance by a rating organization involves any act or practice that is unfair or unreasonable or inconsistent with the provisions of this chapter, the commissioner may issue a written order sp…

No insurer that makes its own filings or any rating organization shall support its filings by statistics, or adopt ratemaking recommendations, furnished to it by an advisory organization that has not complied with §§ 27-6-33 — 27-6-35, or with an order of the commissioner involvi…

Every group, association, or other organization of insurers that engages in joint underwriting or joint reinsurance shall be subject to regulation with respect to it as provided in § 27-6-38, subject, with respect to joint underwriting, to all other provisions of this chapter and…

If, after a hearing, the commissioner finds that any activity or practice of any group, association, or other organization of joint underwriters or insurers is unfair or unreasonable or inconsistent with the provisions of this chapter, the commissioner may issue a written order s…

The commissioner shall, at least once in five (5) years, make or cause to be made an examination of each rating organization licensed in this state as provided in § 27-6-23 and the commissioner may, as often as the commissioner may deem it expedient, make or cause to be made an e…

Rates shall be made in accordance with the following provisions: (1) Manual, minimum, or class rates, rating schedules, or rating plans shall be made and adopted, except in the case of specific inland marine rates, on risks specially rated; (2) Rates shall not be excessive, inade…