Rhode Island General Laws 27-34.3-11. Duties and powers of the commissioner
In addition to the duties and powers enumerated in this chapter,
(a) The commissioner shall:
(1) Upon request of the board of directors, provide the association with a statement of the premiums in this and any other appropriate states for each member insurer;
(2) When an impairment is declared and the amount of the impairment is determined, serve a demand upon the impaired insurer to make good the impairment within a reasonable time; notice to the impaired insurer shall constitute notice to its shareholders, if any; the failure of the insurer to promptly comply with a demand shall not excuse the association from the performance of its powers and duties under this chapter; and
(3) [Deleted by P.L. 2009, ch. 158, § 1 and by P.L. 2009, ch. 169, § 1].
(4) Maintain the confidentiality and privileged status of confidential association information provided to the commissioner or department of business regulation.
(b) The commissioner may suspend or revoke, after notice and hearing, the certificate of authority to transact insurance in this state of any member insurer which fails to pay an assessment when due or fails to comply with the plan of operation. As an alternative the commissioner may levy a forfeiture on any member insurer that fails to pay an assessment when due. The forfeiture shall not exceed five percent (5%) of the unpaid assessment per month, but no forfeiture shall be less than one hundred dollars ($100) per month.
(c) A final action of the board of directors or the association may be appealed to the commissioner by any member insurer if the appeal is taken within sixty (60) days of its receipt of notice of the final action being appealed. A final action or order of the commissioner shall be subject to judicial review.
(d) The liquidator, rehabilitator, or conservator of any impaired or insolvent insurer may notify all interested persons of the effect of this chapter.
(e) The commissioner shall not participate in the association’s adjudication of a protest by an insurer pursuant to § 27-34.3-9(i).
History of Section.
P.L. 1995, ch. 114, § 1; P.L. 2004, ch. 39, § 1; P.L. 2004, ch. 44, § 1; P.L. 2009, ch. 158, § 1; P.L. 2009, ch. 169, § 1; P.L. 2012, ch. 296, § 3; P.L. 2012, ch. 326, § 3.
Terms Used In Rhode Island General Laws 27-34.3-11
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- Association: means the Rhode Island life and health insurance guaranty association created under §?27-34. See Rhode Island General Laws 27-34.3-5
- Commissioner: means the commissioner of insurance within the department of business regulation of this state. See Rhode Island General Laws 27-34.3-5
- Impaired insurer: means a member insurer which is not an insolvent insurer, and is placed under an order of rehabilitation or conservation by a court of competent jurisdiction. See Rhode Island General Laws 27-34.3-5
- Insolvent insurer: means a member insurer which after January 1, 1996, is placed under an order of liquidation by a court of competent jurisdiction with a finding of insolvency. See Rhode Island General Laws 27-34.3-5
- Member insurer: means any insurer licensed or that holds a certificate of authority to transact in this state any kind of insurance for which coverage is provided under §?27-34. See Rhode Island General Laws 27-34.3-5
- Premiums: means amounts or considerations (by whatever name called) received on covered policies or contracts less returned premiums, considerations and deposits, and less dividends and experience credits. See Rhode Island General Laws 27-34.3-5
- State: means a state, the District of Columbia, Puerto Rico, or a United States possession, territory, or protectorate. See Rhode Island General Laws 27-34.3-5