Rhode Island § 27-12-3 § 27-12-3. Examination of reports — Requiring additional statements.

Rhode Island Statutes

§ 27-12-3 — § 27-12-3. Examination of reports — Requiring additional statements.

Rhode Island § 27-12-3

Title 27Insurance

Ch. 27-12Annual Reports of Insurance Companies

This text of Rhode Island § 27-12-3 (§ 27-12-3. Examination of reports — Requiring additional statements.) 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 § 27-12-3 (2026).

Text

§ 27-12-3. Examination of reports — Requiring additional statements.
(a) The insurance commissioner shall annually examine the statements and returns required
            to be made by the companies and insurance producers, and if, in the commissioner's
            opinion, any return is obscure, defective, or unsatisfactory the commissioner shall
            immediately require answers under oath, from the insurance producer or company by
            whom that obscure, defective, or unsatisfactory return has been made, to any interrogatories
            as the commissioner may deem necessary or proper to be answered in order to explain
            that return, and exhibit a full and accurate view of the business

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§ 27-12-3. Examination of reports — Requiring additional statements.

(a) The insurance commissioner shall annually examine the statements and returns required to be made by the companies and insurance producers, and if, in the commissioner's opinion, any return is obscure, defective, or unsatisfactory the commissioner shall immediately require answers under oath, from the insurance producer or company by whom that obscure, defective, or unsatisfactory return has been made, to any interrogatories as the commissioner may deem necessary or proper to be answered in order to explain that return, and exhibit a full and accurate view of the business and resources of the company represented by the insurance producer.

(b) In the event that the insurance commissioner for any reason does not examine the statements and returns required to be made by insurance companies as stated in subsection (a), the examination shall be deemed to have been made for all purposes upon the following conditions:

(1) The examination has not been conducted for a period of two (2) consecutive calendar years;

(2) The company has filed its financial statements for each of the two (2) years which financial statements have been examined by an independent certified public accountant and shall have been prepared in accordance with generally accepted accounting principles applicable to insurance companies for complete financial statements, including balance sheets and related statements of income, changes in surplus, and changes in financial position for each of the previous three (3) years;

(3) The chief executive officer or the chief financial officer of the company shall affirm that the filed financial statements are complete and accurate; and

(4) The insurance commissioner shall not reject any filing within sixty (60) days of the date of the filing as being incomplete, inaccurate, or requiring further information in order to provide a full and accurate review of the business and resources of the company.

Legislative History

G.L. 1896, ch. 182, § 19; G.L. 1909, ch. 220, § 19; G.L. 1923, ch. 256, § 19; G.L. 1938, ch. 151, § 19; impl. am. P.L. 1953, ch. 3174, § 5; G.L. 1956, § 27-12-3; P.L. 1988, ch. 70 § 1.