(a)  An insurer shall not engage the services of any person, firm, association, or corporation to act as a RB on its behalf unless that person is licensed as required by this chapter.

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Terms Used In Rhode Island General Laws 27-52-6

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Insurer: means any person, firm, association, or corporation duly licensed in this state pursuant to the applicable provisions of the insurance law as an insurer. See Rhode Island General Laws 27-52-2
  • person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6

(b)  An insurer may not employ an individual who is employed by a RB with which it transacts business, unless that RB is under common control with the insurer and subject to the Insurance Holding Company Systems Act, chapter 35 of this title.

(c)  The insurer shall annually obtain a copy of statements of the financial condition of each RB with which it transacts business.

History of Section.
P.L. 1992, ch. 445, § 1.