Title 27, Title 27 Title 27

No company shall transact any business of insurance in this state until it has obtained from the insurance commissioner of this state a license stating that it has complied with the laws of this state and specifying the kinds of business it is authorized to transact. The insuranc…

A company aggrieved by the refusal of the insurance commissioner to issue or renew a license may within ten (10) days from the date of the refusal file a petition in superior court for the county of Providence for a review of the action, which shall be heard and determined in the…

No insurance company not incorporated under the authority of this state shall directly or indirectly issue policies, take risks, or transact business in this state until it has first appointed, in writing, the insurance commissioner of this state to be the true and lawful attorne…

(a) Whenever lawful process against a foreign insurance company shall be served upon the insurance commissioner, the commissioner shall forward a copy of the process served on the commissioner, to the person appointed by the insurance company to accept service of process on behal…

If any foreign insurance company, of any name, kind, or description, authorized to do business in this state shall provide in its charter or bylaws, or in the policies or contracts of insurance issued by it, that no action shall be brought against the company in any court of comp…

(a) Every insurance company not incorporated in this state applying for admission to transact business in the state shall pay to the insurance commissioner, for the use of the state, for filing a copy of its charter or deed of settlement, the sum of thirty dollars ($30.00), and f…

(a) Whenever, by the laws of any other state of the United States, any fees, charges, taxes, deposits of money or of securities, or other obligations or prohibitions are imposed on insurance companies incorporated or organized under the laws of this state or on the insurance prod…

Every life insurance company doing business in this state, and whose premium income received from the inhabitants of this state in any one year shall exceed twenty-five thousand dollars ($25,000), shall equip and maintain an office in this state, satisfactory to the insurance com…

The insurance commissioner may inquire of any life, fire, marine, or fire and marine, or other insurance company, of any name or kind, doing business in this state, or of its secretary, in relation to its financial condition and management, and the inquiry shall be promptly answe…

The general provisions of law relating to the duties, obligations, prohibitions, or penalties that appertain to insurance companies not incorporated under the authority of this state, and defining the powers and duties of the insurance commissioner in reference to those companies…

If any insurance company, cooperative or otherwise, makes insurance without complying with the provisions of this chapter, the contract shall be valid, but every person acting within this state as an insurance producer of the company within the meaning of chapter 2.4 of this titl…

The insurance commissioner shall report to the attorney general any violation of the provisions of this chapter that shall come to the commissioner’s knowledge. The attorney general shall institute the proper legal proceedings, in the name of the state, against any person violati…

No license or certificate of authority to transact any kind of insurance business in this state shall be issued, renewed, or continued in effect to any domestic, foreign, or alien insurance company or other insurance entity that is owned or financially controlled in whole or in p…

(a) No foreign insurance company licensed to do or doing business in this state shall make any distinction or discrimination as to the premiums or rates charged for policies of casualty, fire, home owners, accident and health, or marine insurance, nor shall any company make or pe…

Whenever it appears to the insurance commissioner from the statements, or from an examination of the affairs, of any life, fire, marine, fire and marine, casualty, or other insurance company not incorporated under the authority of this state, that the company is insolvent, or is …

The insurance commissioner shall give written notice to the company specifying the date on which any revocation or suspension shall be effective, the term of any suspension, and the ground for the revocation or suspension; provided, that if the ground for revocation or suspension…

Any insurance company or its insurance producers shall not make any contracts or issue any policies of insurance in the state after its revocation or suspension is effective or until its license is restored by the insurance commissioner.

A company aggrieved by a revocation or suspension of its license may, within thirty (30) days from the effective date of the revocation or suspension, file a petition in the superior court for the county of Providence for a review of that action of the insurance commissioner. The…

The department of business regulation may participate in proceedings under § 44-17-1(d) to implement guidelines, directives, criteria, and may promulgate additional resulting rules and regulations pursuant to chapter 35 of title 42 as are necessary to implement § 44-17-1(d).

(a) Commensurate with the size and complexity of an insurer, the nature and scope of an insurer’s activities, including its use of third-party service providers, and the sensitivity of the nonpublic information used by the insurer or in the insurer’s possession, custody, or contr…

(a) Any commission received by a Rhode Island licensed resident insurance producer may be shared with another licensed resident insurance producer, or with a licensed nonresident insurance producer; provided, that if the nonresident insurance producer resides in, or is a licensed…

(a) Each insurer shall notify the commissioner as promptly as possible but in no event later than three (3) business days from a determination that a cybersecurity event has occurred when the insurer reasonably believes that the nonpublic information involved affects two hundred …

Any company, officer, or insurance producer violating any of the provisions of § 27-2-3 shall be punished by a fine of not less than one hundred dollars ($100) nor more than five hundred dollars ($500) for each offense.

No insurance company not incorporated under the authority of this state shall make any contract of insurance with any person in this state unless the capital stock of the company is at least equal to one million dollars ($1,000,000) and the gross paid in and contributed surplus o…

No insurance company, association, or society incorporated by or organized under the laws of any other state or government shall make within this state any contract of insurance unless it has deposited securities created by the laws of the United States, or by or under laws of th…

(a) The insurance commissioner may require any insurance company, association, or society incorporated by or organized under the laws of any other state or government that seeks to make within this state any contract of insurance to make a special deposit as a condition to licens…

Every insurance company not incorporated under the authority of this state shall, before making any contract of insurance with any person in this state, deposit with the insurance commissioner a copy of the charter of the company.

Every company, before making any contract of insurance, shall deposit with the insurance commissioner a statement, signed and sworn to by the president and secretary of the company, specifying that the company is a fire, marine, or fire and marine, life, health, accident, or othe…

Every life insurance company, health insurance company, livestock, or other insurance company, cooperative, or assessment, shall before making any contract of insurance, deposit with the insurance commissioner a statement signed and sworn to by the president and secretary of the …

(a) The insurance commissioner may issue a surplus line broker’s license to any person authorizing the licensee to procure, subject to the restrictions provided in this section, policies of insurance, except life and health and accident, except as allowed under § 27-3-38.3, from …

(a) Each insured in this state who procures or continues or renews insurance with an insurer not licensed to do an insurance business in this state on properties, risks, or exposures located or to be performed in whole or in part in this state, other than insurance procured throu…

As used in this chapter: (1) “Admitted insurer” means an insurer licensed to do an insurance business in this state. (2) “Capital” as used in the financial requirements of § 27-3-40, means funds paid in for stock or other evidence of ownership. (3) “Commissioner” means the insura…

The provisions of this chapter do not apply to life and health and accident, as noted in § 27-3-38(a), and surplus lines brokers may not place insurance in those lines in the surplus market. An exception is hereby made to this prohibition for the procurement of disability insuran…

(a) Surplus lines insurance may be placed by a surplus lines broker if each insurer is authorized to write the type of insurance in its domiciliary jurisdiction. (b) A surplus lines licensee shall not place coverage with a nonadmitted insurer, unless, at the time of placement, th…

No person licensed to act as a surplus line broker in the state shall place any risk with any unauthorized insurer unless that insurer has previously, in writing, appointed that broker as an agent for the acceptance of service of process, or unless the unauthorized insurer shall …

No license or renewal of a license to act as a surplus line broker shall be issued under §§ 27-3-38 and 27-3-39 [repealed] until there has been paid to the insurance commissioner, for the use of the state, a fee of fifty dollars ($50.00).

(a) “Annuities” means all agreements to make periodic payments for a certain period or where the making or continuance of all or some of a series of the payments, or the amount of any payment, depends on the continuance of human life, except payments made in connection with a lif…

No life insurance company organized or doing business within this state shall make any distinction or discrimination as to the premiums or rates charged for policies upon the lives of persons insured, except any distinction or discrimination that shall apply to all persons of the…

(a) No life insurance company organized or doing business within this state shall: (1) Deny the application of an individual seeking coverage for any life insurance policy pursuant to this chapter solely on the basis that the applicant has a prescription to carry or possess an op…

No misstatement made in procuring a policy of life insurance shall be deemed material or render the policy void unless this matter represented shall have actually contributed to the contingency or event on which the policy is to become due and payable. Whether this matter represe…

If a policy of insurance is effected by any person on that person’s own life or on another life in favor of a person other than himself or herself, or, except in cases of transfer with intent to defraud creditors, if a policy of life insurance is assigned or in any way made payab…

Any policy of life or endowment insurance or any annuity contract may provide that the proceeds of or payments under it shall not be subject to transfer, anticipation, or commutation or encumbrance by any beneficiary other than the insured or the purchaser of the annuity, and sha…

No life insurance company and no officer or insurance producer of the company shall make, issue, or deliver any policy or contract of insurance containing any condition, stipulation, or agreement depriving the courts of the state of jurisdiction of actions against it, nor limitin…

(a) “Published monthly average” means: (1) Moody’s corporate bond yield average — monthly average corporates, as published by Moody’s Investors Service, Inc. or any successor; or (2) In the event that the Moody’s corporate bond yield average — monthly average corporates is no lon…

Policies issued by companies doing business in this state may provide for not more than one year preliminary term insurance; provided, that if the premium charged for term insurance under a limited payment life preliminary term policy providing for the payment of all premiums on …

Sections 27-4-1 and 27-4-4 shall not affect any contracts existing on April 24, 1931.