Rhode Island § 27-1.1-10 § 27-1.1-10. Payment by assuming company.

Rhode Island Statutes

§ 27-1.1-10 — § 27-1.1-10. Payment by assuming company.

Rhode Island § 27-1.1-10

Title 27Insurance

Ch. 27-1.1Credit for Reinsurance Act

This text of Rhode Island § 27-1.1-10 (§ 27-1.1-10. Payment by assuming company.) 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 § 27-1.1-10 (2026).

Text

§ 27-1.1-10. Payment by assuming company.
(a) No credit shall be allowed for reinsurance unless the reinsurance agreement provides
            that payments by the assuming company shall be made directly to the ceding company
            or to its liquidator, receiver, or statutory successor, except where the contract
            specifically provides direct payment of the reinsurance to the insured or a claimant
            on behalf of the insured in the event of the insolvency of the ceding company, or
            where the assuming company, with the consent of the direct insured or insureds, has
            assumed the policy obligations of the ceding company to the payees under the policies
            and i

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§ 27-1.1-10. Payment by assuming company.

(a) No credit shall be allowed for reinsurance unless the reinsurance agreement provides that payments by the assuming company shall be made directly to the ceding company or to its liquidator, receiver, or statutory successor, except where the contract specifically provides direct payment of the reinsurance to the insured or a claimant on behalf of the insured in the event of the insolvency of the ceding company, or where the assuming company, with the consent of the direct insured or insureds, has assumed the policy obligations of the ceding company to the payees under the policies and in substitution for the obligations of the ceding company to the payees.

(b) Except as provided in this section, no assuming company may pay or settle, or agree to pay or settle, any policy claim, or any portion of a claim, directly to or with a policyholder of any ceding company if an order of rehabilitation or liquidation has been entered against the ceding company.