Rhode Island General Laws 27-34-15. Recoupment of assessments
The rates and premiums charged for insurance policies to which this section applies shall include amounts sufficient to recoup a sum equal to the amounts paid to the association by the member insurer less any amounts returned to the member insurer by the association. Rates shall not be deemed excessive because they contain an amount reasonably calculated to recoup assessments paid by the member insurer.
History of Section.
P.L. 1988, ch. 407, § 2; P.L. 2010, ch. 91, § 1; P.L. 2010, ch. 117, § 1.
Terms Used In Rhode Island General Laws 27-34-15
- Association: means the Rhode Island insurance guaranty association created under §?27-34-6. See Rhode Island General Laws 27-34-5
- Member insurer: means any person who:
(A) Writes any kind of insurance to which this chapter applies, under §?27-34-3, including the exchange of reciprocal or interinsurance contracts;
(B) Is licensed to transact insurance in this state; and
(C) Is not otherwise excepted from membership by statute or regulation. See Rhode Island General Laws 27-34-5