Rhode Island § 27-1-15 § 27-1-15. Collection and distribution of assets by receiver — Reinsurance.

Rhode Island Statutes

§ 27-1-15 — § 27-1-15. Collection and distribution of assets by receiver — Reinsurance.

Rhode Island § 27-1-15

Title 27Insurance

Ch. 27-1Domestic Insurance Companies

This text of Rhode Island § 27-1-15 (§ 27-1-15. Collection and distribution of assets by receiver — Reinsurance.) is published on Counsel Stack Legal Research, covering Rhode Island primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

R.I. Gen. Laws § 27-1-15 (2026).

Text

§ 27-1-15. Collection and distribution of assets by receiver — Reinsurance.
The receiver may take evidence and property into the receiver's possession and shall
            collect the debts, dispose of the property, and pay out of the proceeds of the disposition,
            if the proceeds are sufficient, all of the debts of the corporation, first reserving
            to the receiver a reasonable compensation that shall be allowed by the court for the
            receiver's services; provided, the receiver may reinsure, upon the written consent
            of the insurance commissioner and the attorney general, all the policy obligations
            of the corporation in any solvent corporation authorized to do busin

Free access — add to your briefcase to read the full text and ask questions with AI

§ 27-1-15. Collection and distribution of assets by receiver — Reinsurance.

The receiver may take evidence and property into the receiver's possession and shall collect the debts, dispose of the property, and pay out of the proceeds of the disposition, if the proceeds are sufficient, all of the debts of the corporation, first reserving to the receiver a reasonable compensation that shall be allowed by the court for the receiver's services; provided, the receiver may reinsure, upon the written consent of the insurance commissioner and the attorney general, all the policy obligations of the corporation in any solvent corporation authorized to do business in this state, if the assets of the corporation of which he or she is a receiver are sufficient to effect the reinsurance. If the assets are insufficient for that purpose, the receiver, upon the written consent of the insurance commissioner and the attorney general, may reinsure a percentage of each policy obligation of the corporation outstanding to the extent that its assets may be sufficient for that purpose. No contract of reinsurance shall be entered into by the receiver except in pursuance of an order of the court in which the receiver was appointed directing the reinsurance and establishing the general form of the contract for the reinsurance.

Legislative History

G.L. 1896, ch. 181, § 6; G.L. 1909, ch. 219, § 6; G.L. 1923, ch. 255, § 6; P.L. 1928, ch. 1219, § 1; G.L. 1938, ch. 150, § 5; impl. am. P.L. 1953, ch. 3174, § 5; G.L. 1956, § 27-1-15; P.L. 1998, ch. 441, § 18.