§ 27-34-1. Short title. This chapter shall be known and may be cited as the “Rhode Island Property & Casualty Insurance Guaranty Association Act.” History of Section.P.L. 1988, ch. 407, § 2; P.L. 2010, ch. 91, § 1; P.L. 2010, ch. 117, § 1.
§ 27-34-10. Duties and powers of the commissioner. (a) The commissioner shall: (1) Notify the association of the existence of an insolvent insurer not later than three (3) days after he or she receives notice of the determination of the insolvency. The association shall be entitled to a copy of a complaint seeking an order […]
§ 27-34-10.5. Coordination among guaranty associations. (a) The association may join one or more organizations of other state associations of similar purposes, to further the purposes and administer the powers and duties of the association. The association may designate one or more of these organizations to act as a liaison for the association and, to […]
§ 27-34-11. Effect of paid claims. (a) Any person recovering under this chapter shall be deemed to have assigned any rights under the policy to the association to the extent of his or her recovery from the association. Every insured or claimant seeking the protection of this chapter shall cooperate with the association to the […]
§ 27-34-11.5. Net worth exclusion. (a) For purposes of this section “high net worth insured” shall mean any insured, excluding state and local governments, whose net worth exceeds fifty million dollars ($50,000,000) on December 31 of the year prior to the year in which the insurer becomes an insolvent insurer; provided that an insured’s net […]
§ 27-34-12. Exhaustion of other coverage. (a)(1) Any person having a claim against an insurer, shall be required first to exhaust all coverage provided by any other policy, including the right to a defense under the other policy, if the claim under the other policy arises from the same facts, injury or loss that gave […]
§ 27-34-12.5. Prevention of insolvencies. To aid in the detection and prevention of insurer insolvencies: (1) The board of directors may, upon a majority vote, make recommendations to the commissioner on matters generally related to improving or enhancing regulation for solvency. (2) At the conclusion of any domestic insurer insolvency in which the association was […]
§ 27-34-13. Repealed. History of Section.P.L. 1988, ch. 407, § 2; Repealed by P.L. 2010, ch. 91, § 2, effective June 19, 2010, and by P.L. 2010, ch. 117, § 2, effective June 22, 2010.
§ 27-34-14. Tax exemption. The association shall be exempt from the payment of all fees and all taxes levied by this state or any of its subdivisions, except taxes levied on real or personal property. History of Section.P.L. 1988, ch. 407, § 2; P.L. 2010, ch. 91, § 1; P.L. 2010, ch. 117, § 1.
§ 27-34-15. Recoupment of assessments. The rates and premiums charged for insurance policies to which this section applies shall include amounts sufficient to recoup a sum equal to the amounts paid to the association by the member insurer less any amounts returned to the member insurer by the association. Rates shall not be deemed excessive […]
§ 27-34-16. Immunity. There shall be no liability on the part of, and no cause of action of any nature shall arise against, any member insurer, the association, or its agents or employees, the board of directors, or any persons serving as an alternate or substitute representative of any director, or the commissioner or his […]
§ 27-34-17. Stay of proceedings. All proceedings in which the insolvent insurer is a party or is obligated to defend a party in any court in this state shall, subject to waiver by the association in specific cases involving covered claims, be stayed for six (6) months and such additional time as may be determined […]
§ 27-34-18. Repealed. History of Section.P.L. 1988, ch. 407, § 2; Repealed by P.L. 2010, ch. 91, § 2, effective June 19, 2010, and by P.L. 2010, ch. 117, § 2, effective June 22, 2010.
§ 27-34-19. Prohibition against advertising of membership in association. No person shall make, publish, or circulate, or cause to be made, published, or circulated, any statement that uses the existence of the association for the purposes of sale, solicitation, or inducement to purchase any form of insurance within the scope of this chapter. History of […]
§ 27-34-2. Purpose. The purpose of this chapter is to provide a mechanism for the payment of covered claims under certain insurance policies to avoid excessive delay in payment and to the extent provided in this chapter, minimize financial loss to claimants or policyholders because of the insolvency of an insurer, and to provide an […]
§ 27-34-3. Scope. This chapter shall apply to all kinds of direct insurance, but shall not be applicable to the following: (1) Life, annuity, health, or disability insurance; (2) Mortgage guaranty, financial guaranty or other forms of insurance offering protection against investment risks. For purposes of this section “financial guaranty insurance” include any insurance under […]
§ 27-34-4. Construction. This chapter shall be liberally construed to effect the purpose under § 27-34-2 which will constitute an aid and guide to interpretation. History of Section.P.L. 1988, ch. 407, § 2.
§ 27-34-5. Definitions. As used in this chapter: (1) “Account” means any one of the three (3) accounts created by § 27-34-6; (2) “Affiliate” means a person, who directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with another on December 31 of the year immediately preceding […]
§ 27-34-6. Creation of the association. There is created a nonprofit unincorporated legal entity to be known as the “Rhode Island Property & Casualty Insurance Guaranty Association,” such entity formerly known as the “Rhode Island insurers’ insolvency fund.” All insurers defined as member insurers in § 27-34-5(12) shall be and remain members of the association […]
§ 27-34-7. Board of directors. (a) The board of directors of the association shall consist of not less than five (5) nor more than eleven (11) persons serving terms as established in the plan of operation. The members of the board shall be selected by member insurers subject to the approval of the commissioner. Vacancies […]
