Rhode Island § 27-14.1-5 § 27-14.1-5. Prohibited acts during period of supervision.

Rhode Island Statutes

§ 27-14.1-5 — § 27-14.1-5. Prohibited acts during period of supervision.

Rhode Island § 27-14.1-5

Title 27Insurance

Ch. 27-14.1Administrative Supervision

This text of Rhode Island § 27-14.1-5 (§ 27-14.1-5. Prohibited acts during period of supervision.) 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 § 27-14.1-5 (2026).

Text

§ 27-14.1-5. Prohibited acts during period of supervision.
During the period of supervision, the commissioner or the commissioner's designated
            appointee shall serve as the administrative supervisor. The commissioner may provide
            that the insurer may not do any of the following acts during the period of supervision
            without the prior approval of the commissioner or the commissioner's appointed supervisor:
         
(1) Dispose of, convey, or encumber any of its assets or its business in force;
         
(2) Withdraw any of its bank accounts;
         
(3) Lend any of its f

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

§ 27-14.1-5. Prohibited acts during period of supervision.

During the period of supervision, the commissioner or the commissioner's designated appointee shall serve as the administrative supervisor. The commissioner may provide that the insurer may not do any of the following acts during the period of supervision without the prior approval of the commissioner or the commissioner's appointed supervisor:

(1) Dispose of, convey, or encumber any of its assets or its business in force;

(2) Withdraw any of its bank accounts;

(3) Lend any of its funds;

(4) Invest any of its funds;

(5) Transfer any of its property;

(6) Incur any debt, obligation, or liability;

(7) Merge or consolidate with another company;

(8) Approve new premiums or renew any policies;

(9) Enter into any new reinsurance contract or treaty;

(10) Terminate, surrender, forfeit, convert, or lapse any insurance policy, certificate, or contract, except for nonpayment of premiums due;

(11) Release, pay, or refund premium deposits, accrued cash or loan values, unearned premiums, or other reserves on any insurance policy, certificate, or contract;

(12) Make any material change in management; or

(13) Increase salaries and benefits of officers or directors or the preferential payment of bonuses, dividends, or other payments deemed preferential.