Section 27-34.3-1. – Short title.

§ 27-34.3-1. Short title. This chapter shall be known and may be cited as the “Rhode Island Life and Health Insurance Guaranty Association Act.” History of Section.P.L. 1995, ch. 114, § 1.

Section 27-34.3-10. – Plan of operation.

§ 27-34.3-10. Plan of operation. (a)(1) The plan of operation as previously established and approved under this section shall continue to be effective. The association may amend the plan of operation when necessary or suitable to assure the fair, reasonable and equitable administration of the association. Amendments shall become effective upon the commissioner’s written approval. […]

Section 27-34.3-11. – Duties and powers of the commissioner.

§ 27-34.3-11. Duties and powers of the commissioner. In addition to the duties and powers enumerated in this chapter, (a) The commissioner shall: (1) Upon request of the board of directors, provide the association with a statement of the premiums in this and any other appropriate states for each member insurer; (2) When an impairment […]

Section 27-34.3-12. – Prevention of insolvencies.

§ 27-34.3-12. Prevention of insolvencies. To aid in the detection and prevention of insurer insolvencies or impairments: (a) It shall be the duty of the commissioner: (1) To notify the commissioners of all the other states, territories of the United States and the District of Columbia within thirty (30) days following the action taken or […]

Section 27-34.3-13. – Credits for assessments paid (tax offsets).

§ 27-34.3-13. Credits for assessments paid (tax offsets). (a) A member insurer may offset against its premium, franchise or income tax liability (or liabilities) to this state an assessment described in § 27-34.3-9(h) to the extent of ten percent (10%) of the amount of the assessment for each of the five (5) calendar years following […]

Section 27-34.3-14. – Miscellaneous provisions.

§ 27-34.3-14. Miscellaneous provisions. (a) This chapter shall not be construed to reduce the liability for unpaid assessments of the insureds of an impaired or insolvent insurer operating under a plan with assessment liability. (b) Records shall be kept of all meetings of the board of directors to discuss the activities of the association in […]

Section 27-34.3-15. – Examination of the association — Annual report.

§ 27-34.3-15. Examination of the association — Annual report. The association shall be subject to examination and regulation by the commissioner. The board of directors shall submit to the commissioner each year, not later than one hundred twenty (120) days after the association’s fiscal year, a financial report in a form approved by the commissioner […]

Section 27-34.3-16. – Tax exemptions.

§ 27-34.3-16. Tax exemptions. The association shall be exempt from payment of all fees and all taxes levied by this state or any of its subdivisions, except taxes levied on real property. History of Section.P.L. 1995, ch. 114, § 1.

Section 27-34.3-17. – Immunity.

§ 27-34.3-17. Immunity. There shall be no liability on the part of and no cause of action of any nature shall arise against any member insurer or its agents or employees, the association or its agents or employees, members of the board of directors, or the commissioner or the commissioner’s representatives, for any action or […]

Section 27-34.3-18. – Stay of proceedings — Reopening default judgments.

§ 27-34.3-18. Stay of proceedings — Reopening default judgments. All proceedings in which the insolvent insurer is a party in any court in this state shall be stayed one hundred eighty (180) days from the date an order of liquidation, rehabilitation or conservation is final to permit proper legal action by the association on any […]

Section 27-34.3-19. – Prohibited advertisement of insurance guaranty association act in insurance sales — Notice to policy owners.

§ 27-34.3-19. Prohibited advertisement of insurance guaranty association act in insurance sales — Notice to policy owners. (a) No person, including an insurer, agent, producer, or affiliate of an insurer shall make, publish, disseminate, circulate or place before the public, or cause directly or indirectly, to be made, published, disseminated, circulated or placed before the […]

Section 27-34.3-2. – Purpose.

§ 27-34.3-2. Purpose. (a) The purpose of this chapter is to protect, subject to certain limitations, the persons specified in § 27-34.3-3(a) against failure in the performance of contractual obligations, under life and health insurance policies and annuity contracts specified in § 27-34.3-3(b), because of the impairment or insolvency of the member insurer that issued […]

Section 27-34.3-20. – Prospective application.

§ 27-34.3-20. Prospective application. This chapter shall not apply to any insurer that is insolvent or unable to fulfill its contractual obligations prior to January 1, 1996, and any such insurer shall be subject to the provisions under chapter 34.1 of this title. Nothing in this chapter shall be construed to require an insurer to […]

Section 27-34.3-3. – Coverage and limitations.

§ 27-34.3-3. Coverage and limitations. (a) This chapter shall provide coverage for the policies and contracts specified in subsection (b) of this section: (1) To persons who, regardless of where they reside (except for nonresident certificate holders under group policies or contracts), are the beneficiaries, assignees or payees of the persons covered under subsection (2); […]

Section 27-34.3-4. – Construction.

§ 27-34.3-4. Construction. This chapter shall be construed to effect the purpose under § 27-34.3-2. History of Section.P.L. 1995, ch. 141, § 1; P.L. 2004, ch. 39, § 1; P.L. 2004, ch. 44, § 1.

Section 27-34.3-5. – Definitions.

§ 27-34.3-5. Definitions. As used in this chapter: (1) “Account” means either of the two accounts created under § 27-34.3-6. (2) “Association” means the Rhode Island life and health insurance guaranty association created under § 27-34.3-6. (3) “Authorized assessment” or the term “authorized” when used in the context of assessments means a resolution by the […]

Section 27-34.3-6. – Creation of the association.

§ 27-34.3-6. Creation of the association. (a) There is created a nonprofit legal entity to be known as the Rhode Island life and health insurance guaranty association. All member insurers shall be and remain members of the association as a condition of their authority to transact insurance in this state. The association shall perform its […]

Section 27-34.3-7. – Board of directors.

§ 27-34.3-7. Board of directors. (a) The board of directors of the association shall consist of: (1) Not less than five (5) nor more than nine (9) member insurers serving terms as established in the plan of operation; and (2) The commissioner or the commissioner’s designee. Only member insurers shall be eligible to vote. The […]

Section 27-34.3-8. – Powers and duties of the association.

§ 27-34.3-8. Powers and duties of the association. (a) If a member insurer is an impaired insurer, the association may, in its discretion, and subject to any conditions imposed by the association that do not impair the contractual obligations of the impaired insurer, and that are approved by the commissioner: (1) Guarantee, assume or reinsure, […]

Section 27-34.3-9. – Assessments.

§ 27-34.3-9. Assessments. (a) For the purpose of providing the funds necessary to carry out the powers and duties of the association, the board of directors shall assess the member insurers, separately for each account, at such time and for such amounts as the board finds necessary. Assessments shall be due not less than thirty […]