Section 27-43-12. – Limitations on dividends.
§ 27-43-12. Limitations on dividends. (a) An “extraordinary dividend or distribution” is defined as cash or other property, whose fair market value together with other dividends or distributions made within the preceding twelve (12) months exceeds the lesser of: (1) ten percent (10%) of the captive insurance company’s surplus as of the preceding December 31st; […]
Section 27-43-13. – Captive insurance regulatory and supervision fund.
§ 27-43-13. Captive insurance regulatory and supervision fund. (a)(1) There is created a fund to be known as the captive insurance regulatory and supervision fund for the purpose of providing the financial means for the commissioner to administrate this chapter and for reasonable expenses incurred in promoting the captive insurance industry in Rhode Island. An […]
Section 27-43-2. – Incorporation of captive insurance companies in this state.
§ 27-43-2. Incorporation of captive insurance companies in this state. (a) A subsidiary captive insurance company shall be incorporated as a stock insurance company with its capital divided into shares and held by the stockholders. (b) An association captive insurance company or an industrial insured captive insurance company may be: (1) Incorporated as a stock […]
Section 27-43-3. – Licensing — Authority.
§ 27-43-3. Licensing — Authority. (a) Any captive insurance company, when permitted by its articles of association or charter, may apply to the commissioner for a license to do any and all insurance; provided, that: (1) No subsidiary captive insurance company may insure any risks other than those of its parent and affiliated companies; (2) […]
Section 27-43-4. – Minimum capital.
§ 27-43-4. Minimum capital. (a) No subsidiary captive insurance company, association captive insurance company incorporated as a stock insurance company, or industrial insured captive insurance company incorporated as a stock insurance company shall be issued a license unless it possesses and after this maintains unimpaired paid in capital of: (1) In the case of a […]
Section 27-43-5. – Minimum surplus.
§ 27-43-5. Minimum surplus. (a)(1) No captive insurance company shall be issued a license unless it shall possess and after this maintain free surplus of: (i) In the case of a subsidiary captive insurance company, not less than one hundred fifty thousand dollars ($150,000); (ii) In the case of an association captive insurance company incorporated […]
Section 27-43-6. – Reports, statements, examinations, and investigations.
§ 27-43-6. Reports, statements, examinations, and investigations. (a) Captive insurance companies shall annually file a statement of condition as provided in § 27-12-1; provided, that the commissioner may by regulation modify the required filing and content of the statements of captive insurance companies. Captive insurance companies are also subject to the further provisions of chapter […]
Section 27-43-7. – Reinsurance.
§ 27-43-7. Reinsurance. (a) Any captive insurance company may provide reinsurance on risks ceded by any other insurer, provided, that the captive insurance company and the insurer comply with the requirements established by regulations promulgated pursuant to this chapter. (b) Any captive insurance company may reinsure its risks and take credit for reserves on risk […]
Section 27-43-8. – Exemption from chapter 34 of this title.
§ 27-43-8. Exemption from chapter 34 of this title. No captive insurance company shall be required to join or to contribute financially to any plan, pool, association, or guaranty or insolvency fund in this state including, but not limited to, the fund established by chapter 34 of this title, nor shall any captive insurance company, […]
Section 27-43-9. – Tax on premiums collected.
§ 27-43-9. Tax on premiums collected. (a) Each captive insurance company shall pay to the division of taxation, on or before the first day of March of each year, a tax at the rate of two tenths of one percent (0.2%) on the first twenty million dollars ($20,000,000), and fifteen one hundredths of one percent […]