Rhode Island § 27-66-7.1 § 27-66-7.1. Certain financial incentives prohibited.

Rhode Island Statutes

§ 27-66-7.1 — § 27-66-7.1. Certain financial incentives prohibited.

Rhode Island § 27-66-7.1

Title 27Insurance

Ch. 27-66The Health Insurance Conversions Act

This text of Rhode Island § 27-66-7.1 (§ 27-66-7.1. Certain financial incentives prohibited.) 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 § 27-66-7.1 (2026).

Text

§ 27-66-7.1. Certain financial incentives prohibited.
It being generally contrary to the public interest to lose local control of a nonprofit
            health insurer providing the majority of private health insurance coverage within
            the state, and such payments as are herein forbidden providing inducements to do so
            for personal gain, no officer, director, or senior management employee of a nonprofit
            hospital and/or medical service corporation or of any subsidiary of such corporation
            shall solicit, accept, receive, or maintain claim of right to any financial incentive,
            including any pecuniary reward, based in whole or in part on the contingency of, or
       

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§ 27-66-7.1. Certain financial incentives prohibited.

It being generally contrary to the public interest to lose local control of a nonprofit health insurer providing the majority of private health insurance coverage within the state, and such payments as are herein forbidden providing inducements to do so for personal gain, no officer, director, or senior management employee of a nonprofit hospital and/or medical service corporation or of any subsidiary of such corporation shall solicit, accept, receive, or maintain claim of right to any financial incentive, including any pecuniary reward, based in whole or in part on the contingency of, or as a result of, the completion of a conversion. For purposes of this section, "pecuniary awardâ€� includes, but is not limited to, bonuses, cash payouts, deferred payments, stock options, and enhanced retirement packages. Nothing in this section shall be deemed to prohibit the employment of such an officer, director, or employee by a successor corporation or entity following the completion of a conversion, nor to prohibit reasonable severance payments where no conversion is involved.