(a)  There is created a nonprofit legal entity to be known as the Rhode Island life and health insurance guaranty association. All member insurers shall be and remain members of the association as a condition of their authority to transact insurance in this state. The association shall perform its functions under the plan of operation established and approved under § 27-34.3-10, or as previously established and approved under § 27-34.1-11 [repealed] and shall exercise its powers through a board of directors established under § 27-34.3-7 or as previously established under § 27-34.1-8 [repealed]. For purposes of administration and assessment, the association shall maintain two (2) accounts:

(1)  The life insurance and annuity account which includes the following subaccounts:

(i)  Life insurance account;

(ii)  Annuity account; which shall include annuity contracts owned by a governmental retirement plan (or its trustee) established under § 401, § 403(b), or § 457 of the Internal Revenue Code, 26 U.S.C. § 401, § 403(b), or § 457, but shall otherwise exclude unallocated annuities; and

(iii)  Unallocated annuity account which shall exclude contracts owned by a governmental retirement benefit plan (or its trustee) established under § 401, § 403(b), or § 457 of the Internal Revenue Code, 26 U.S.C. § 401, § 403(b), or § 457.

(2)  The health insurance account.

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Terms Used In Rhode Island General Laws 27-34.3-6

  • Account: means either of the two accounts created under §?27-34. See Rhode Island General Laws 27-34.3-5
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Association: means the Rhode Island life and health insurance guaranty association created under §?27-34. See Rhode Island General Laws 27-34.3-5
  • Benefit plan: means a specific employee, union, or association of natural persons benefit plan. 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
  • 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

(b)  The association shall come under the immediate supervision of the commissioner and shall be subject to the applicable provisions of the insurance laws of this state. Meetings or records of the association may be open to the public upon majority vote of the board of directors. The commissioner or his or her designee shall have full and complete access to all documents received by, created by, or otherwise obtained by the association and shall be invited to be present at all association meetings. The disclosure of confidential or privileged association information, documents, or records to the commissioner shall not change the confidential or privileged status of the information, documents, or records.

History of Section.
P.L. 1995, ch. 114, § 1; P.L. 2004, ch. 39, § 1; P.L. 2004, ch. 44, § 1; P.L. 2008, ch. 475, § 92; P.L. 2012, ch. 296, § 3; P.L. 2012, ch. 326, § 3.