§ 27-20.2-1. Definitions. As used in this chapter: (1) “Nonprofit optometric service corporation” means any corporation organized pursuant to this chapter for the purpose of establishing, maintaining, and operating a nonprofit optometric service plan; (2) “Nonprofit optometric service plan” means a plan by which specified optometric service is provided to subscribers to the plan by […]
§ 27-20.2-10. Nonprofit optometric service corporation assessment. (a) Notwithstanding any other provisions of law, each domestic nonprofit optometric service corporation shall be charged an assessment to partially support the activities of the division of insurance in the department of business regulation. (b) The minimum assessment charged shall be one thousand dollars ($1,000). History of Section.P.L. […]
§ 27-20.2-11. Rehabilitation, liquidation, or conservation. (a) Any rehabilitation, liquidation, administrative supervision, or conservation of a nonprofit optometric service corporation organized under this chapter shall be conducted under the supervision of the director of business regulation pursuant to chapters 14.1, 14.2, and 14.3 of this title. The director of business regulation may apply for an […]
§ 27-20.2-12. Holding company systems. All of the provisions of chapter 35 of this title apply to corporations organized or licensed pursuant to this chapter. Any approval granted by the director pursuant to chapter 35 of this title do not supersede any other approval under Rhode Island law relative to mergers or other acquisitions of […]
§ 27-20.2-12.1. No derogation of attorney general. No provision of this chapter shall derogate from the common law or statutory authority of the attorney general nor shall any provision be construed as a limitation on the common law or statutory authority of the attorney general, including the authority to investigate at any time charitable assets […]
§ 27-20.2-13. Regulations. The director of business regulation may adopt reasonable rules and regulations for the implementation and administration of the provisions of this chapter. History of Section.P.L. 1993, ch. 180, § 21.
§ 27-20.2-14. Termination of children’s benefits. (a) Every individual or group health insurance contract, plan, or policy delivered, issued for delivery, or renewed in this state which provides medical coverage that includes coverage for physician services in a physician’s office, and every policy which provides major medical or similar comprehensive type coverage, except for supplemental […]
§ 27-20.2-2. Organization. (a) Five (5) or more optometrists duly licensed to practice under the laws of this state who are members of the Rhode Island Optometric Association and who first obtain authorization to do so by the Rhode Island Optometric Association, as evidenced by an affidavit of the president and secretary of the association, […]
§ 27-20.2-3. Contracts. (a) Each nonprofit optometric service corporation may contract with its subscribers for an optometric service under any nonprofit optometric service plan adopted by the corporation. (b) The rates charged by the nonprofit optometric service corporation to its subscribers shall be consistent with the proper conduct of its business and the interests of […]
§ 27-20.2-4. Annual and quarterly statements. (a) Every nonprofit optometric service corporation shall annually, on or before the first day of March in each year, file in the office of the commissioner of insurance a statement, verified by at least two (2) of the principal officers of the corporation, of its condition on the 31st […]
§ 27-20.2-5. Examination of affairs of corporation. It shall be the duty of the director of business regulation to make an examination of the financial condition and methods of doing business of every nonprofit optometric service corporation. The examination shall be performed, and the associated costs shall be borne by the company, in accordance with […]
§ 27-20.2-6. Commission plans for solicitors or insurance producers. No person shall be engaged to solicit subscribers to any nonprofit optometric service plan upon a commission basis or upon any other basis by which the payment of the compensation or expenses of the person shall be conditioned upon the enrollment of subscribers, unless the method […]
§ 27-20.2-7. Investment standards. (a) All nonprofit optometric service corporations shall protect the interests of subscribers by promoting company solvency and financial strength through the application of investment standards that facilitate a reasonable balance of the following objectives: (1) To preserve principal; (2) To assure reasonable diversification as to type of investment, issuer and credit […]
§ 27-20.2-8. Corporation deemed public charitable institution. Every nonprofit optometric service corporation is declared to be, and shall be deemed to be, a charitable institution and an incorporated public charitable institution and shall be subject to the provisions of chapter 6 of title 7, except as otherwise expressly provided in this chapter, and to this […]
§ 27-20.2-9. Adoption of chapter by hospital service corporation. Any nonprofit hospital service corporation organized pursuant to the provisions of chapter 19 of this title, which first obtains authorization to do so by the Rhode Island Optometric Association as evidenced by the affidavit of the president and secretary of the association, may amend its articles […]
