Rhode Island § 27-1-22 § 27-1-22. Assessments by receiver of mutual company.

Rhode Island Statutes

§ 27-1-22 — § 27-1-22. Assessments by receiver of mutual company.

Rhode Island·Title 27 Insurance·Ch. 27-1 Domestic Insurance Companies

§ 27-1-22. Assessments by receiver of mutual company.
The receiver of any mutual insurance company shall, under decree of the superior court,
            make and assess, pursuant to the provisions of the charter of the company of which
            he or she shall be a receiver, any further assessments, in addition to those that
            may have been made by the company, as may be necessary for the payment of the debts
            of the corporation, with the incidental expense of assessing and collecting the assessments
            and the cost and expenses of closing up the business of the corporation, including
            any reasonable compensation of the receiver that may be allowed by the court, and
         

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§ 27-1-22. Assessments by receiver of mutual company.

The receiver of any mutual insurance company shall, under decree of the superior court, make and assess, pursuant to the provisions of the charter of the company of which he or she shall be a receiver, any further assessments, in addition to those that may have been made by the company, as may be necessary for the payment of the debts of the corporation, with the incidental expense of assessing and collecting the assessments and the cost and expenses of closing up the business of the corporation, including any reasonable compensation of the receiver that may be allowed by the court, and may demand, receive, sue for, and collect the assessments. For the purpose of the assessment and collection, the receiver shall have all the powers and rights in these respects that the corporation possessed by virtue of its charter or otherwise; provided, these provisions shall not apply to policies issued by mutual insurance companies that do not render the holders of the policies liable to assessment.

Rhode Island § 27-1-22 (§ 27-1-22. Assessments by receiver of mutual company.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

G.L. 1896, ch. 181, § 13; C.P.A. 1905, § 1220; G.L. 1909, ch. 219, § 13; G.L. 1923, ch. 255, § 13; G.L. 1938, ch. 150, § 12; P.L. 1953, ch. 3174, § 1; G.L. 1956, § 27-1-22.