Rhode Island § 27-17-14 § 27-17-14. Cash premium deposit and contingent liability of subscriber.

Rhode Island Statutes

§ 27-17-14 — § 27-17-14. Cash premium deposit and contingent liability of subscriber.

Rhode Island·Title 27 Insurance·Ch. 27-17 Reciprocal Exchanges and Interinsurers

§ 27-17-14. Cash premium deposit and contingent liability of subscriber.
The power of attorney under which any contracts of insurance are exchanged pursuant
            to this chapter shall provide for a cash premium deposit and a contingent liability
            of the subscriber during each annual period of the term of each contract of insurance
            issued to the subscriber to be fixed in the power of attorney, but in an amount not
            less than one nor more than ten (10) times the amount of the annual portion of the
            cash premium deposit stated in the contract, except that exchanges that have a required
            surplus equal to three hundred fifty thousand dollars ($350,000) or to the 

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§ 27-17-14. Cash premium deposit and contingent liability of subscriber.

The power of attorney under which any contracts of insurance are exchanged pursuant to this chapter shall provide for a cash premium deposit and a contingent liability of the subscriber during each annual period of the term of each contract of insurance issued to the subscriber to be fixed in the power of attorney, but in an amount not less than one nor more than ten (10) times the amount of the annual portion of the cash premium deposit stated in the contract, except that exchanges that have a required surplus equal to three hundred fifty thousand dollars ($350,000) or to the minimum capital, if any, required of a stock insurance company transacting the same kind or kinds of business, whichever is greater, may issue policies without contingent liability; provided, that the exchange that shall have issued policies without contingent liability after the acquisition of the surplus may continue to do so only so long as it maintains a surplus in the amount required by this section, and no exchange shall issue any non-assessable policies, except during a time as it shall continue to maintain the surplus.

Rhode Island § 27-17-14 (§ 27-17-14. Cash premium deposit and contingent liability of subscriber.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.