Rhode Island § 27-1.1-0.5 § 27-1.1-0.5. Purpose.

Rhode Island Statutes

§ 27-1.1-0.5 — § 27-1.1-0.5. Purpose.

Rhode Island § 27-1.1-0.5

Title 27Insurance

Ch. 27-1.1Credit for Reinsurance Act

This text of Rhode Island § 27-1.1-0.5 (§ 27-1.1-0.5. Purpose.) 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 § 27-1.1-0.5 (2026).

Text

§ 27-1.1-0.5. Purpose.
The purpose of this chapter is to protect the interest of insureds, claimants, ceding
            insurers, assuming insurers and the public generally. The legislature hereby declares
            its intent is to ensure adequate regulation of insurers and reinsurers and adequate
            protection for those to whom they owe obligations. In furtherance of that state interest,
            the legislature hereby provides a mandate that upon the insolvency of a non-U.S. insurer
            or reinsurer that provides security to fund its U.S. obligations in accordance with
            this chapter, the assets representing the security shall be maintained in the United
            States and claims 

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§ 27-1.1-0.5. Purpose.

The purpose of this chapter is to protect the interest of insureds, claimants, ceding insurers, assuming insurers and the public generally. The legislature hereby declares its intent is to ensure adequate regulation of insurers and reinsurers and adequate protection for those to whom they owe obligations. In furtherance of that state interest, the legislature hereby provides a mandate that upon the insolvency of a non-U.S. insurer or reinsurer that provides security to fund its U.S. obligations in accordance with this chapter, the assets representing the security shall be maintained in the United States and claims shall be filed with and valued by the state insurance commissioner with regulatory oversight, and the assets shall be distributed, in accordance with the insurance laws of the state in which the trust is domiciled that are applicable to the liquidation of domestic U.S. insurance companies. The legislature declares that the matters contained in this chapter are fundamental to the business of insurance in accordance with 15 U.S.C. §§ 1011-1012.