Rhode Island General Laws 27-2.6-9. Reserves
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In determining the financial condition of a title insurer doing business under this chapter, the Rhode Island general laws requiring the establishment of reserves sufficient to cover all known and unknown liabilities including allocated and unallocated loss adjustment expense, shall apply, except that a title insurer shall establish and maintain additional reserves in accordance with regulations promulgated by the insurance commissioner.
History of Section.
P.L. 2010, ch. 58, § 1; P.L. 2010, ch. 66, § 1.
Terms Used In Rhode Island General Laws 27-2.6-9
- 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
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.