§ 27-14.5-1. Definitions. As used in this chapter: (1) “Applicant” means a commercial run-off insurer applying under § 27-14.5-4. (2) “Assessment deficit” means the amount that the assessment for the previous year under § 27-14.5-5 is less than, and “assessment surplus” is the amount that the assessment for the previous year exceeds: (i) The run-off […]
§ 27-14.5-2. Jurisdiction, venue, and court orders. (a) The court considering applications brought under this chapter shall have the same jurisdiction as a court under chapter 14.3 of this title. (b) Venue for all court proceedings under this chapter shall lie in the superior court for the county of Providence. (c) The court may issue […]
§ 27-14.5-3. Notice. (a) Wherever in this chapter notice is required, the applicant shall, within ten (10) days of the event triggering the requirement, cause transmittal of the notice: (1) To the insurance regulator in each jurisdiction in which the applicant is doing business; (2) To the national conference of insurance guaranty funds and all […]
§ 27-14.5-4. Commutation plans. (a) Application. Any commercial run-off insurer may apply to the court for an order implementing a commutation plan. (b) Procedure. (1) The applicant shall give notice of the application and proposed commutation plan. (2) All creditors shall be given the opportunity to vote on the plan. (3) All creditors, assumption policyholders, […]
§ 27-14.5-4.1. Insurance business transfer plans. The commissioner shall promulgate rules and regulations establishing standards by which liabilities may be novated to a new or existing domestic insurer pursuant to an Insurance Business Transfer Plan. History of Section.P.L. 2018, ch. 218, § 2; P.L. 2018, ch. 290, § 2.
§ 27-14.5-5. Taxes, fees, assessments, pools, and regulatory and supervision fund. (a) Application fee. Upon application to a court pursuant to § 27-14.5-4, the applicant shall pay a fee to the department in the amount of ten thousand dollars ($10,000). (1) In connection with the departments’ participation in the proceedings undertaken pursuant to § 27-14.5-4, […]
§ 27-14.5-6. Rules and regulations. The commissioner shall promulgate rules and regulations that may be necessary to effectuate the purposes of this chapter including, but not limited to, procedures for transferring commercial liabilities to a new or existing domestic insurer and standards for commutation plans. History of Section.P.L. 2002, ch. 381, § 1; P.L. 2018, […]
