Rhode Island § 27-2-24 § 27-2-24. Revocation or suspension of license of foreign company.

Rhode Island Statutes

§ 27-2-24 — § 27-2-24. Revocation or suspension of license of foreign company.

Rhode Island·Title 27 Insurance·Ch. 27-2 Foreign Insurance Companies

§ 27-2-24. Revocation or suspension of license of foreign company.
Whenever it appears to the insurance commissioner from the statements, or from an
            examination of the affairs, of any life, fire, marine, fire and marine, casualty,
            or other insurance company not incorporated under the authority of this state, that
            the company is insolvent, or is in an unsound financial condition, or that its business
            policies are unsound or improper, or that its condition or management is such as to
            render its further transaction of business hazardous to the public or its policyholders,
            or that the amount of its funds, net cash, or contingent assets is deficient, or 

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

§ 27-2-24. Revocation or suspension of license of foreign company.

Whenever it appears to the insurance commissioner from the statements, or from an examination of the affairs, of any life, fire, marine, fire and marine, casualty, or other insurance company not incorporated under the authority of this state, that the company is insolvent, or is in an unsound financial condition, or that its business policies are unsound or improper, or that its condition or management is such as to render its further transaction of business hazardous to the public or its policyholders, or that the amount of its funds, net cash, or contingent assets is deficient, or that its capital is impaired, or that it is conducting its business fraudulently or refuses or neglects to comply with the laws of the state relating to insurance companies, it shall be the duty of the insurance commissioner, after notice and hearing, to revoke the license issued to the company and the licenses issued to all of its insurance producers, or the commissioner may revoke those licenses or suspend them for a period not exceeding their unexpired terms.

Rhode Island § 27-2-24 (§ 27-2-24. Revocation or suspension of license of foreign company.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.