Section 27-4.2-4. – Written agreements.
§ 27-4.2-4. Written agreements. (a) No reinsurance agreement or amendment to any agreement may be used to reduce any liability or to establish any asset in any financial statement filed with the insurance division of the department of business regulation, unless the agreement, amendment, or a binding letter of intent has been duly executed by […]
Section 27-4.2-5. – Repealed.
§ 27-4.2-5. Repealed.
Section 27-4.2-6. – Rules and regulations.
§ 27-4.2-6. Rules and regulations. The insurance commissioner shall have the authority to promulgate rules and regulations necessary to carry out the purposes of this chapter. History of Section.P.L. 1995, ch. 111, § 2.
Section 27-4.2-7. – Existing agreements.
§ 27-4.2-7. Existing agreements. Insurers subject to this act shall reduce to zero by December 31, 1997, any reserve credits or assets established with respect to reinsurance agreements entered into prior to the effective date of this act which, under the provisions of this act would not be entitled to recognition of the reserve credits […]
Section 27-4.2-3. – Accounting requirements.
§ 27-4.2-3. Accounting requirements. (a) No insurer subject to this chapter shall, for reinsurance ceded, reduce any liability or establish any asset in any financial statement filed with the department if, by the terms of the reinsurance agreement, in substance or effect, any of the following conditions exist: (1) Renewal expense allowances provided or to […]
Section 27-4.2-1. – Preamble.
§ 27-4.2-1. Preamble. (a) The Rhode Island department of business regulation, the insurance division, recognizes that licensed insurers routinely enter into reinsurance agreements that yield legitimate relief to the ceding insurer from strain to surplus. (b) It is improper for a licensed insurer, in the capacity of ceding insurer, to enter into reinsurance agreements for […]
Section 27-4.2-2. – Applicability.
§ 27-4.2-2. Applicability. This chapter shall apply to all domestic life and accident and health insurers and to all other licensed life and accident and health insurers that are not subject to a substantially similar regulation in their domiciliary state. This chapter shall also similarly apply to licensed property and casualty insurers with respect to […]