§ 27-14.3-27 — § 27-14.3-27. Duties of agents or insurance producers.

Rhode Island § 27-14.3-27

• Jurisdiction: Rhode Island
• Title 27: Insurance
• Ch. 27-14.3: Insurers’ Rehabilitation and Liquidation Act

Text

§ 27-14.3-27. Duties of agents or insurance producers.

(a) Every person who receives notice in the form prescribed in § 27-14.3-26 that an insurer which the person represents as an agent or insurance producer is the subject of a liquidation order, shall within thirty (30) days of the notice provide to the liquidator in addition to the information he or she may be required to provide pursuant to § 27-14.3-6, the information in the agent's or insurance producer's records related to any policy issued by the insurer through the agent or insurance producer, and, if the agent or insurance producer is a general agent, the information in the general agent's records related to any policy issued by the insurer through an agent or insurance producer under contract to him or her, including the name and address of the subagent or subproducer. A policy shall be deemed issued through an agent or insurance producer if the agent or insurance producer has a property interest in the expiration of the policy, or if the agent or insurance producer has had in his or her possession a copy of the declarations of the policy at any time during the life of the policy, except where the ownership of the expiration of the policy has been transferred to another.

(b) Any agent or insurance producer failing to provide information to the liquidator as required in subsection (a) of this section may be subject to the payment of a penalty of not more than one thousand dollars ($1,000) and may have his or her licenses suspended, after a hearing held by the commissioner.

Legislative History

P.L. 1993, ch. 248, § 1.