Rhode Island § 27-5-16 § 27-5-16. Resolution to establish surplus and reserve funds — Certification of funds.

Rhode Island Statutes

§ 27-5-16 — § 27-5-16. Resolution to establish surplus and reserve funds — Certification of funds.

Rhode Island § 27-5-16

Title 27Insurance

Ch. 27-5Fire Insurance Policies and Reserves

This text of Rhode Island § 27-5-16 (§ 27-5-16. Resolution to establish surplus and reserve funds — Certification of funds.) 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 § 27-5-16 (2026).

Text

§ 27-5-16. Resolution to establish surplus and reserve funds — Certification of funds.
Any state fire insurance company desiring to create guaranty surplus and special reserve
            funds may do so upon the adoption of a resolution by its board of directors, at a
            regular meeting of its board of directors, to that effect, and filing with the insurance
            commissioner a copy declaring the intention of the company to create those funds and
            to do business under the provisions of this chapter. As soon after the filing of a
            copy of the resolution as is convenient, the insurance commissioner shall make, or
            cause to be made, an examination of the company, and the co

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§ 27-5-16. Resolution to establish surplus and reserve funds — Certification of funds.

Any state fire insurance company desiring to create guaranty surplus and special reserve funds may do so upon the adoption of a resolution by its board of directors, at a regular meeting of its board of directors, to that effect, and filing with the insurance commissioner a copy declaring the intention of the company to create those funds and to do business under the provisions of this chapter. As soon after the filing of a copy of the resolution as is convenient, the insurance commissioner shall make, or cause to be made, an examination of the company, and the commissioner shall make a certificate of the result which shall particularly set forth the amount of surplus funds held by the company at the date of the examination, the whole or any part of which under the provisions of this chapter may be equally divided between and set apart to constitute guaranty surplus and special reserve funds, which certificate shall be recorded in the office of the insurance commissioner.

Legislative History

P.L. 1907, ch. 1438, § 2; G.L. 1909, ch. 219, § 27; G.L. 1923, ch. 255, § 27; G.L. 1938, ch. 150, § 27; impl. am. P.L. 1953, ch. 3174, § 5; G.L. 1956, § 27-5-16.