Rhode Island § 27-1-3 § 27-1-3. Stock assessments to meet deficits.

Rhode Island Statutes

§ 27-1-3 — § 27-1-3. Stock assessments to meet deficits.

Rhode Island § 27-1-3

Title 27Insurance

Ch. 27-1Domestic Insurance Companies

This text of Rhode Island § 27-1-3 (§ 27-1-3. Stock assessments to meet deficits.) 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 § 27-1-3 (2026).

Text

§ 27-1-3. Stock assessments to meet deficits.
Whenever the capital stock of any insurance company is diminished by reason of losses
            or from any other cause, the stockholders of the company, at any legal meeting called
            for the purpose, may, after making due allowance from the assets of the company of
            the amount as may be required to reinsure its outstanding risks, assess on the several
            stockholders a further sum as may be necessary to fill up the capital stock to its
            original amount in proportion to the amount of stock owned by each, and the stock
            of every stockholder shall be pledged and liable for the assessment. In case any stockholder
           

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

§ 27-1-3. Stock assessments to meet deficits.

Whenever the capital stock of any insurance company is diminished by reason of losses or from any other cause, the stockholders of the company, at any legal meeting called for the purpose, may, after making due allowance from the assets of the company of the amount as may be required to reinsure its outstanding risks, assess on the several stockholders a further sum as may be necessary to fill up the capital stock to its original amount in proportion to the amount of stock owned by each, and the stock of every stockholder shall be pledged and liable for the assessment. In case any stockholder refuses to pay the assessment, the stock standing in the name of the delinquent stockholder may be sold at public auction after thirty (30) days' notice, in a manner as may be provided in the bylaws of the company.