Rhode Island General Laws 27-46-13. Binding effect of orders issued in U.S. district court
An order issued by any district court of the United States enjoining a risk retention group from soliciting or selling insurance, or operating in any state, or in all states or in any territory or possession of the United States, upon a finding that the group is in hazardous financial or financially impaired condition, shall be enforceable in the courts of the state.
History of Section.
P.L. 1991, ch. 348, § 1.
Terms Used In Rhode Island General Laws 27-46-13
- Insurance: means primary insurance, excess insurance, reinsurance, surplus lines insurance, and any other arrangement for shifting and distributing risk, which is determined to be insurance under the laws of this state. See Rhode Island General Laws 27-46-2
- Risk retention group: means any corporation or other limited liability association:
(i) Whose primary activity consists of assuming and spreading all, or any portion, of the liability exposure of its group members;
(ii) Which is organized for the primary purpose of conducting the activity described under subsection (11)(i);
(iii) Which:
(A) Is chartered and licensed as a liability insurance company and authorized to engage in the business of insurance under the laws of any state; or
(B) Before January 1, 1985, was chartered or licensed and authorized to engage in the business of insurance under the laws of Bermuda or the Cayman Islands and, before that date, had certified to the insurance commissioner of at least one state that it satisfied the capitalization requirements of that state, except that the group shall be considered to be a risk retention group only if it has been engaged in business continuously since that date and only for the purpose of continuing to provide insurance to cover product liability or completed operations liability, as the terms were defined in the Product Liability Risk Retention Act of 1981 before the date of the enactment of the Liability Risk Retention Act of 1986, Rhode Island General Laws 27-46-2
- State: means any state of the United States or the District of Columbia. See Rhode Island General Laws 27-46-2
- United States: include the several states and the territories of the United States. See Rhode Island General Laws 43-3-8