Rhode Island § 27-5-19 § 27-5-19. Certification that funds equal capital stock — Subsequent additions.

Rhode Island Statutes

§ 27-5-19 — § 27-5-19. Certification that funds equal capital stock — Subsequent additions.

Rhode Island·Title 27 Insurance·Ch. 27-5 Fire Insurance Policies and Reserves

§ 27-5-19. Certification that funds equal capital stock — Subsequent additions.
Whenever any company notifies the insurance commissioner that it has fulfilled the
            requirements already expressed in this chapter, and that its guaranty surplus fund
            and its special reserve fund taken together equal its capital stock, the commissioner
            shall make an examination of the company and make a certificate of the result and
            file the certificate in the commissioner's office. If the commissioner finds that
            the combined funds equal the capital stock of the company, after this the company
            may continue, out of any subsequent profits of its business, to add to those fu

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§ 27-5-19. Certification that funds equal capital stock — Subsequent additions.

Whenever any company notifies the insurance commissioner that it has fulfilled the requirements already expressed in this chapter, and that its guaranty surplus fund and its special reserve fund taken together equal its capital stock, the commissioner shall make an examination of the company and make a certificate of the result and file the certificate in the commissioner's office. If the commissioner finds that the combined funds equal the capital stock of the company, after this the company may continue, out of any subsequent profits of its business, to add to those funds; provided, that whenever any addition is made to the special reserve fund, an equal sum shall be carried to the guaranty surplus fund.

Rhode Island § 27-5-19 (§ 27-5-19. Certification that funds equal capital stock — Subsequent additions.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

P.L. 1907, ch. 1438, § 4; G.L. 1909, ch. 219, § 29; G.L. 1923, ch. 255, § 29; G.L. 1938, ch. 150, § 28; impl. am. P.L. 1953, ch. 3174, § 5; G.L. 1956, § 27-5-19.