§ 27-34-6 — § 27-34-6. Creation of the association.

§ 27-34-6. Creation of the association.

There is created a nonprofit unincorporated legal entity to be known as the "Rhode Island Property & Casualty Insurance Guaranty Association,â€� such entity formerly known as the "Rhode Island insurers' insolvency fund.â€� All insurers defined as member insurers in § 27-34-5 shall be and remain members of the association as a condition of their authority to transact insurance in this state. The association shall perform its functions under a plan of operation established and approved under § 27-34-9 and shall exercise its powers through a board of directors established under § 27-34-7. For the purposes of administration and assessment, there shall be three (3) separate accounts: (1) The workers' compensation insurance account; (2) The automobile insurance account; and (3) The account for all other insurance to which this chapter applies.

Legislative History

P.L. 1988, ch. 407, § 2; P.L. 2010, ch. 91, § 1; P.L. 2010, ch. 117, § 1.