§ 27-1-1. Site of principal office and records.
(a) Every insurance company organized after May 3, 1956, under the laws of this state
shall have its principal office and maintain all of its records, or duplicates of
those records, in this state; provided, that the director of business regulation may,
after a public hearing, allow any insurance company, upon application, to locate its
principal office and maintain certain original records outside of this state if it
is determined that it is not inconsistent with the public interest of the people of
the state of Rhode Island. In determining what is not inconsistent with the public
interest of the people of the state of Rhode Island, the director shall make findings
of fact, reduced to writing and filed with the secretary of state, which findings
shall include, but are not limited to the following:
(1) The number of full-time employees currently located within the state, and the number
of full-time employees anticipated to be located within the state if the petition
is granted;
(2) That no detriment nor prejudice will inure to any current or anticipated future policyholders
of the company by granting the application;
(3) That the granting of the application is not inimical to the ability of policyholders
to file claims with and against the company, and, in furtherance of this finding,
may require that the company maintain a toll-free number for registering claims, and
may require a claims office to be located within the state, staffed by a person authorized
to issue payment on behalf of the company on approved claims; and
(4) That a review of the financial records of the company and the records relied upon
by the director in making the determination have satisfied the director that the company
is able to meet its obligations to current policyholders. In the event that there
is any risk associated with granting the application the director may deny the application
or may, in furtherance of the application, require the posting of bonds and/or securities
with the general treasurer, in an amount to be determined by the director, sufficient
to protect the interest of the policyholders within the state.
(b) The director is authorized to promulgate regulations as provided for by the Administrative
Procedures Act, chapter 35 of title 42, not inconsistent with this section, in furtherance of the authority granted in this
section.