Rhode Island § 27-53.1-6 § 27-53.1-6. Effect of consent.

Rhode Island Statutes

§ 27-53.1-6 — § 27-53.1-6. Effect of consent.

Rhode Island § 27-53.1-6

Title 27Insurance

Ch. 27-53.1Assumption Reinsurance

This text of Rhode Island § 27-53.1-6 (§ 27-53.1-6. Effect of consent.) 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 § 27-53.1-6 (2026).

Text

§ 27-53.1-6. Effect of consent.
If a policyholder consents to the transfer pursuant to § 27-53.1-5, or if the transfer is effected under § 27-53.1-7, there shall be a novation of the contract of insurance subject to the assumption
            reinsurance agreement with the result that the transferring insurer shall be relieved
            of all insurance obligations or risks, or both, transferred under the assumption reinsurance
            agreement, and the assuming insurer shall become directly and solely liable to the
            policyholder for those insurance obligations or risks or both.
         

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§ 27-53.1-6. Effect of consent.

If a policyholder consents to the transfer pursuant to § 27-53.1-5, or if the transfer is effected under § 27-53.1-7, there shall be a novation of the contract of insurance subject to the assumption reinsurance agreement with the result that the transferring insurer shall be relieved of all insurance obligations or risks, or both, transferred under the assumption reinsurance agreement, and the assuming insurer shall become directly and solely liable to the policyholder for those insurance obligations or risks or both.