Rhode Island § 27-2.4-23 § 27-2.4-23. Errors and omissions insurance required of resident insurance producers.

Rhode Island Statutes

§ 27-2.4-23 — § 27-2.4-23. Errors and omissions insurance required of resident insurance producers.

Rhode Island § 27-2.4-23

Title 27Insurance

Ch. 27-2.4Producer Licensing Act

This text of Rhode Island § 27-2.4-23 (§ 27-2.4-23. Errors and omissions insurance required of resident insurance producers.) 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 § 27-2.4-23 (2026).

Text

§ 27-2.4-23. Errors and omissions insurance required of resident insurance producers.
(a) All holders of resident insurance producer licenses issued by the insurance division
            of the department of business regulation of the state of Rhode Island shall, as a
            condition for obtaining and retaining such license, carry and maintain errors and
            omissions insurance covering the business activities contemplated, in an amount not
            less than two hundred fifty thousand dollars ($250,000) per claim and five hundred
            thousand dollars ($500,000) annual aggregate limit. Authorized insurance producers
            of a licensed firm may meet the requirements of this section 

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§ 27-2.4-23. Errors and omissions insurance required of resident insurance producers.

(a) All holders of resident insurance producer licenses issued by the insurance division of the department of business regulation of the state of Rhode Island shall, as a condition for obtaining and retaining such license, carry and maintain errors and omissions insurance covering the business activities contemplated, in an amount not less than two hundred fifty thousand dollars ($250,000) per claim and five hundred thousand dollars ($500,000) annual aggregate limit. Authorized insurance producers of a licensed firm may meet the requirements of this section with a policy in the name of the licensed firm insuring each licensee employed by, or associated with, the firm.

(b) Licensees shall maintain records and keep copies of all errors and omissions policies issued under this section.

(c) Failure to carry and maintain errors and omissions insurance may result in the suspension or revocation of the resident insurance producer license.

(d) This section shall not apply to insurance producers that are employed in that capacity directly by insurance companies.

(e) The department of business regulation may grant a written exemption to any producer who shows that the producer is not engaged in the sale, solicitation, or negotiation of insurance. Such exemption shall only be valid while the insurance producer is not engaged in the sale, solicitation, or negotiation of insurance.