§ 27-5-1. Standard fire insurance policy. The printed form of a policy of fire insurance, as set forth in § 27-5-3, shall be known and designated as the “standard fire insurance policy of the state of Rhode Island.” The printed form of a policy of fire insurance, as set forth in § 27-5-3, shall be […]
§ 27-5-10. Penalty for nonconforming policy — Validity. Any insurance company or insurance producer who shall make, issue, or deliver a policy of fire insurance in willful violation of §§ 27-5-1 — 27-5-9, or any part of those sections, shall forfeit for each offense not less than fifty dollars ($50.00) nor more than two hundred […]
§ 27-5-11. Enforcement of standard policy requirements. The director of business regulation shall enforce the provisions of §§ 27-5-1 — 27-5-10. History of Section.P.L. 1935, ch. 2250, § 73; G.L. 1938, ch. 154, § 4; G.L. 1938, ch. 154, § 3; P.L. 1945, ch. 1623, § 1; G.L. 1956, § 27-5-11.
§ 27-5-12. Declination of premium notes by mutual companies — Provision as to liability. Every mutual fire insurance company organized under the laws of this state may decline to take premium notes in partial payment for insurance; provided, there is inserted in the body of the policy issued a provision making the assured, his or […]
§ 27-5-13. Mutual membership not acquired by reinsurance. Any mutual company of this or any other state ceding reinsurance to a similar company shall not, unless the contract of reinsurance provides, become a member of the company accepting the reinsurance, or be entitled to any dividend or expiration return of premium or of unabsorbed premium […]
§ 27-5-14. Reinsurance by mutual insurers — Agreements with policyholders. (a) Whenever any mutual company of this or any other state shall reinsure in a similar company the whole or any portion of a risk covered by its policy or policies of insurance, it may do so either: (1) By existing methods of reinsurance; or […]
§ 27-5-15. Power to create guaranty surplus and special reserve funds. Any insurance company organized under the laws of this state authorized to transact a fire insurance business may create the funds provided for in §§ 27-5-16 — 27-5-31, to be known and designated as the guaranty surplus fund and the special reserve fund, and […]
§ 27-5-16. Resolution to establish surplus and reserve funds — Certification of funds. Any state fire insurance company desiring to create guaranty surplus and special reserve funds may do so upon the adoption of a resolution by its board of directors, at a regular meeting of its board of directors, to that effect, and filing […]
§ 27-5-17. Restrictions on dividends — Payments into surplus and reserve funds. After the date of filing the resolution referred to in § 27-5-16 with the insurance commissioner, the company shall not make or declare or pay in any form any dividend upon its capital stock exceeding eight percent (8%) per annum and six percent […]
§ 27-5-18. Computation of profits. (a) In estimating the profit of any company for the purpose of making a division between its guaranty surplus fund and its special reserve fund, until those funds shall together amount to a sum equal to the capital stock of the company, there shall be deducted from the gross assets […]
§ 27-5-19. Certification that funds equal capital stock — Subsequent additions. Whenever any company notifies the insurance commissioner that it has fulfilled the requirements already expressed in this chapter, and that its guaranty surplus fund and its special reserve fund taken together equal its capital stock, the commissioner shall make an examination of the company […]
§ 27-5-2. Compliance with standard policy required. Except as provided in § 27-5-9.1 and § 27-65-1(e), no policy or contract of fire insurance shall be made, issued, or delivered by any insurer or by any insurance producer or representative of an insurance producer on any property in this state, unless it shall conform, as to […]
§ 27-5-2.1. Repealed.
§ 27-5-20. Investment of guaranty surplus fund — Liability to payment of losses. The guaranty surplus fund shall be held and be invested by a state fire insurance company in the same manner as its capital stock and surplus accumulation may be held and be invested, and shall be liable and applicable in the same […]
§ 27-5-21. Deposit of special reserve fund. The special reserve fund shall be invested according to existing laws relating to investments of capital by fire insurance companies, and shall be deposited as the fund shall accumulate and be invested, with the insurance commissioner of the state, who shall permit the company depositing the fund to […]
§ 27-5-22. Application of special reserve fund to protection of policyholders. Whenever the claims upon a fire insurance company shall exceed the amount of its capital stock and of the guaranty surplus fund provided for by this chapter, the company shall notify the insurance commissioner of the fact, who shall then make or cause to […]
§ 27-5-23. Annual statement of amounts of funds. A fire insurance company shall, in its annual statement to the insurance commissioner, set forth the amount of its special reserve fund and of its guaranty surplus fund. History of Section.P.L. 1907, ch. 1438, § 8; G.L. 1909, ch. 219, § 33; G.L. 1923, ch. 255, § […]
§ 27-5-24. Maintenance of surplus fund equal to reserve fund. If, in consequence of the payment of losses by fires, or of the expenses of the business, or of the interest or dividends payable under the provisions of this chapter to stockholders, or from any cause, the guaranty surplus fund shall be reduced in amount […]
§ 27-5-25. Use of special reserve fund to replace capital stock. If any amount greater than a sum equal to one half (½) of its capital stock shall have been deposited with the commissioner by a fire insurance company under the provisions of this chapter, the commissioner shall retain of those securities an amount equal […]
§ 27-5-26. Physical assets for protection of policyholders. The policy registers, insurance maps, books of record, and other books in use by a fire insurance company in its business, and its policy and other blanks, office furniture, fixtures, and supplies, are not to be considered as assets, but shall be held by the company for […]
