Rhode Island General Laws 27-2.6-8. Admitted asset standards
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In determining the financial condition of a title insurer doing business under this chapter, the investment provisions of chapters 11 and 11.1 of this title shall apply, except that an investment in a title plant or plants in an amount equal to the actual cost shall be allowed as an admitted asset for title insurers. The aggregate amount of the investment shall not exceed the lesser of twenty percent (20%) of admitted assets or forty percent (40%) of surplus to policyholders, as shown on the most recent annual statement of the title insurer on file with the commissioner.
History of Section.
P.L. 2010, ch. 58, § 1; P.L. 2010, ch. 66, § 1.
Terms Used In Rhode Island General Laws 27-2.6-8
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Commissioner: means the director of the department of business regulation, or his or her designee or the commissioner, director or superintendent of insurance in any other state. See Rhode Island General Laws 27-2.6-3
- insurer: means a company organized under laws of this state for the purpose of transacting the business of title insurance and any foreign or non-United States title insurer licensed in this state to transact the business of title insurance. See Rhode Island General Laws 27-2.6-3
- Title plant: means a set of records consisting of documents, maps, surveys or entries affecting title to real property or any interest in or encumbrance on the property, which have been filed or recorded in the jurisdiction for which the title plant is established or maintained. See Rhode Island General Laws 27-2.6-3