§ 27-5-27. Making up of impairments of capital. If, at any time after a special reserve fund has been accumulated by any company, the directors of the company shall present evidence satisfactory to the insurance commissioner that the capital of the company has become impaired, the commissioner shall order the directors to call upon the […]
§ 27-5-28. Maximum single risk insured. No company doing business under §§ 27-5-15 — 27-5-31 shall insure any larger amount upon any single risk than is permitted by law to a company possessing the same amount of capital irrespective of the fund provided for in this chapter. History of Section.P.L. 1907, ch. 1438, § 9; […]
§ 27-5-29. Statement on policy as to surplus and reserve funds. Every policy issued by a company which has constituted and set apart a guaranty surplus and special reserve fund under §§ 27-5-15 — 27-5-31, or any prior law of this state, shall have printed on the policy by the company a statement that the […]
§ 27-5-3. Form of standard policy. The form of the standard fire insurance policy of the state of Rhode Island, with permission to substitute for the word “company” or “companies” a more accurate descriptive term for the type of insurer, shall be as follows: No Space for insertion of name of company or companies issuing […]
§ 27-5-3.1. Exclusion — Nuclear damage. Insurers issuing the standard fire insurance policy of the state of Rhode Island pursuant to § 27-5-3 are authorized to affix to the policy or include in it a written statement that the policy does not cover loss or damage caused by nuclear reaction or nuclear radiation or radioactive […]
§ 27-5-3.2. Property insurance. (a) No lending institution, as defined in § 19-9-1, doing business in this state, its affiliates or subsidiaries, or a bank holding company, as defined in 12 U.S.C. § 1841, its affiliates or subsidiaries, shall, as a condition of the mortgage or as a term of the mortgage deed, require that […]
§ 27-5-3.3. Resident agent — Banks. All banks and lending institutions doing business in this state, whether acting under state or federal authority, which include, but are not limited to: (1) a bank, savings bank, or trust company, as defined in this title, its affiliates or subsidiaries, (2) a bank holding company, as defined in […]
§ 27-5-3.4. Cancellation or nonrenewal of standard fire insurance policy. (a) A company issuing any policy of insurance which is subject to cancellation or nonrenewal by the company shall effect cancellation or nonrenewal by serving the notice of it provided by the policy. That notice shall be delivered in hand to the named insured, or […]
§ 27-5-3.5. Earthquake coverage endorsement for property insurance. Notwithstanding any general or special law to the contrary, all insurance companies authorized to provide condominium unit owner’s, tenant’s, or homeowner’s insurance on owner-occupied, one to four (4) unit dwellings in this state shall, in connection with that insurance, make available to any insured purchasing a policy, […]
§ 27-5-3.6. Notice concerning flood insurance. Upon issuance and each renewal of insurance policies covering standard fire insurance as defined in §§ 27-5-3 and 27-5-9.1, insurers shall provide written notice advising the policy holder that the insurance policy may not cover damages resulting from the flood, that flood insurance may be available through the Federal […]
§ 27-5-3.7. Repealed. History of Section.P.L. 2007, ch. 169, § 1; P.L. 2007, ch. 262, § 1; P.L. 2008, ch. 475, §§ 5, 76; P.L. 2009, ch. 15, § 1; P.L. 2009, ch. 42, § 1; Repealed by P.L. 2012, ch. 64, § 1, effective May 14, 2012; P.L. 2012, ch. 83, § 1, effective […]
§ 27-5-3.8. Rhode Island commission on hurricane loss projection methodology. (a) Legislative findings and intent. (1) Reliable projections of hurricane losses are necessary in order to assure that rates for residential property insurance meet the statutory requirement that rates be neither excessive nor inadequate. (2) The general assembly recognizes the need for expert evaluation of […]
§ 27-5-3.9. Vacant property. No residential property insurance policy shall exclude coverage for vandalism or malicious mischief unless the dwelling has been vacant for more than sixty (60) consecutive days immediately before the loss. History of Section.P.L. 2018, ch. 78, § 1; P.L. 2018, ch. 100, § 1.
§ 27-5-30. Funds established under prior law. The action of any company organized under the laws of this state authorized to do a fire insurance business in constituting and setting apart guaranty surplus and special reserve funds under the provisions of §§ 26 to 33 of chapter 181 of the General Laws of 1896, or […]
§ 27-5-31. Termination of surplus and reserve fund method — Return of special reserve fund. Any company which has established a guaranty surplus fund and special reserve fund may, at a regular meeting of its board of directors, or at a special meeting called for that purpose, adopt a resolution declaring its desire and intention […]
§ 27-5-4. Items shown at head of policy. There shall be printed at the head of a fire insurance policy the name of the insurer or insurers issuing the policy, the location of the home office of the insurer or insurers, and a statement whether the insurer or insurers are stock or mutual corporations; and […]
§ 27-5-5. Inclusion of regulations of mutual insurer. If the policy is issued by a mutual insurer having special regulations with respect to the payment by the policyholder of assessments, those regulations shall be printed upon the policy, and any mutual insurer may print upon the policy any regulations that may be appropriate to or […]
§ 27-5-6. Binders and temporary insurance. Binders or other contracts for temporary insurance may be made, orally or in writing, for a period which shall not exceed thirty (30) days, and shall be deemed to include all of the terms of the standard fire insurance policy and all applicable endorsements, approved by the director of […]
§ 27-5-6.1. Notice concerning single interest hazard insurance. No bank or lending institution doing business in this state, whether acting under state or federal authority, which includes, but is not limited to: (1) a bank, savings bank, or trust company, as defined in title 19, its affiliates or subsidiaries, (2) a bank holding company, as […]
§ 27-5-6.2. Escrow accounts for insurance premiums. All banks and lending institutions doing business in this state, whether acting under state or federal authority, which include, but are not limited to: (1) a bank, savings bank, or trust company, as defined in title 19, its affiliates or subsidiaries, (2) a bank holding company, as defined […]
