Section 27-6.1-9. – Filing, approval and withdrawal of forms and rates.
§ 27-6.1-9. Filing, approval and withdrawal of forms and rates. (a) All policy forms and certificates of insurance to be delivered or issued for delivery in this state and the schedules of premium rates pertaining thereto shall be filed with the commissioner. (b) The commissioner shall review the rates to determine whether the rates are […]
Section 27-6.1-10. – Enforcement and judicial review.
§ 27-6.1-10. Enforcement and judicial review. The commissioner shall have all rights and powers to enforce the provisions of this chapter as provided by § 42-14-16. All proceedings, including judicial review, shall be conducted in accordance with the administrative procedures act, chapter 35 of title 42. Any penalties shall be assessed in accordance with § […]
Section 27-6.1-11. – Regulatory authority.
§ 27-6.1-11. Regulatory authority. The commissioner may, after notice and hearing, promulgate reasonable regulations and orders to carry out and effectuate the provisions of this chapter. History of Section.P.L. 2022, ch. 404, § 7, effective June 30, 2022; P.L. 2022, ch. 405, § 7, effective June 30, 2022.
Section 27-6.1-12. – Severability provisions.
§ 27-6.1-12. Severability provisions. If any provision of this chapter, or the application of the provision to any person or circumstance, is for any reason held to be invalid, the remainder of the chapter and the application of such provision to other persons or circumstances shall not be affected thereby. History of Section.P.L. 2022, ch. […]
Section 27-6.1-1. – Purpose.
§ 27-6.1-1. Purpose. The purpose of this chapter is to: (1) Promote the public welfare by regulating lender-placed insurance on real property. (2) Create a legal framework within which lender-placed insurance on real property may be written in this state. (3) Help maintain the separation between lenders/servicers and insurers/insurance producers. (4) Minimize the possibilities of […]
Section 27-6.1-2. – Scope.
§ 27-6.1-2. Scope. (a) This chapter applies to insurers and insurance producers engaged in any transaction involving lender-placed insurance as defined in this chapter. (b) All lender-placed insurance written in connection with mortgaged real property, including manufactured and mobile homes, is subject to the provisions of this chapter, except: (1) Transactions involving extensions of credit […]
Section 27-6.1-3. – Definitions.
§ 27-6.1-3. Definitions. As used in this chapter: (1) “Affiliate” means a person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the person specified. (2) “Commissioner” shall have the meaning established in § 42-14-5. (3) “Individual lender-placed insurance” means coverage for individual real […]
Section 27-6.1-4. – Term of insurance policy.
§ 27-6.1-4. Term of insurance policy. (a) Lender-placed insurance shall become effective no earlier than the date of lapse of insurance upon mortgaged real property subject to the terms of a mortgage agreement and/or any other state or federal law requiring the same. (b) Individual lender-placed insurance shall terminate on the earliest of the following […]
Section 27-6.1-5. – Calculation of coverage and payment of premiums.
§ 27-6.1-5. Calculation of coverage and payment of premiums. (a) Any lender-placed insurance coverage, and subsequent calculation of premium, should be based upon the replacement cost value of the property as best determined as follows: (1) The dwelling coverage amount set forth in the most recent evidence of insurance coverage provided by the mortgagee (“last […]
Section 27-6.1-6. – Prohibited practices.
§ 27-6.1-6. Prohibited practices. (a) An insurer or insurance producer shall not issue lender-placed insurance on mortgaged property that the insurer or insurance producer or an affiliate of the insurer or insurance producer owns, performs the servicing for, or owns the servicing right to the mortgaged property. (b) An insurer or insurance producer shall not […]