Section 27-5-27. – Making up of impairments of capital.
§ 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 […]
Section 27-5-28. – Maximum single risk insured.
§ 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; […]
Section 27-5-29. – Statement on policy as to surplus and reserve funds.
§ 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 […]
Section 27-5-30. – Funds established under prior law.
§ 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 […]
Section 27-5-31. – Termination of surplus and reserve fund method — Return of special reserve fund.
§ 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 […]
Section 27-5-26. – Physical assets for protection of policyholders.
§ 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 […]
Section 27-5-17. – Restrictions on dividends — Payments into surplus and reserve funds.
§ 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 […]
Section 27-5-18. – Computation of profits.
§ 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 […]
Section 27-5-19. – Certification that funds equal capital stock — Subsequent additions.
§ 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 […]
Section 27-5-20. – Investment of guaranty surplus fund — Liability to payment of losses.
§ 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 […]