Rhode Island § 27-53.1-7 § 27-53.1-7. Commissioner's discretion.

Rhode Island Statutes

§ 27-53.1-7 — § 27-53.1-7. Commissioner's discretion.

Rhode Island § 27-53.1-7

Title 27Insurance

Ch. 27-53.1Assumption Reinsurance

This text of Rhode Island § 27-53.1-7 (§ 27-53.1-7. Commissioner's discretion.) 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 § 27-53.1-7 (2026).

Text

§ 27-53.1-7. Commissioner's discretion.
If an insurer domiciled in this state or in a jurisdiction having a substantially
            similar law is deemed by the domiciliary commissioner to be in hazardous financial
            condition or an administrative proceeding has been instituted against it for the purpose
            of reorganizing or conserving the insurer, and the transfer of the obligations and/or
            risks on contracts of insurance issued to or owned by residents of this state is in
            their best interest as determined by the Rhode Island commissioner, a transfer and
            novation may be effected notwithstanding the provisions of this chapter. This may
            include a form o

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§ 27-53.1-7. Commissioner's discretion.

If an insurer domiciled in this state or in a jurisdiction having a substantially similar law is deemed by the domiciliary commissioner to be in hazardous financial condition or an administrative proceeding has been instituted against it for the purpose of reorganizing or conserving the insurer, and the transfer of the obligations and/or risks on contracts of insurance issued to or owned by residents of this state is in their best interest as determined by the Rhode Island commissioner, a transfer and novation may be effected notwithstanding the provisions of this chapter. This may include a form of implied consent and adequate notification to the policyholder of the circumstances requiring the transfer as approved by the commissioner.