Rhode Island § 27-72-4 § 27-72-4. License suspension, revocation or refusal to renew.

Rhode Island Statutes

§ 27-72-4 — § 27-72-4. License suspension, revocation or refusal to renew.

Rhode Island § 27-72-4

Title 27Insurance

Ch. 27-72Life Settlements Act

This text of Rhode Island § 27-72-4 (§ 27-72-4. License suspension, revocation or refusal to renew.) 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 § 27-72-4 (2026).

Text

§ 27-72-4. License suspension, revocation or refusal to renew.
(a) The commissioner may suspend, revoke, or refuse to renew the license of any licensee
            if the commissioner finds that:
         
(1) There was any material misrepresentation in the application for the license;
         
(2) The licensee or any officer, partner, member, or director has been guilty of fraudulent
            or dishonest practices, is subject to a final administrative action, or is otherwise
            shown to be untrustworthy or incompetent to act as a licensee;
         
(3) The provider demonstrates a pa

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§ 27-72-4. License suspension, revocation or refusal to renew.

(a) The commissioner may suspend, revoke, or refuse to renew the license of any licensee if the commissioner finds that:

(1) There was any material misrepresentation in the application for the license;

(2) The licensee or any officer, partner, member, or director has been guilty of fraudulent or dishonest practices, is subject to a final administrative action, or is otherwise shown to be untrustworthy or incompetent to act as a licensee;

(3) The provider demonstrates a pattern of unreasonably withholding payments to policy owners;

(4) The licensee no longer meets the requirements for initial licensure;

(5) The licensee or any officer, partner, member, or director has been convicted of a felony, or of any misdemeanor of which criminal fraud is an element; or the licensee has pleaded guilty or nolo contendere with respect to any felony or any misdemeanor of which criminal fraud is an element, regardless whether a judgment of conviction has been entered by the court;

(6) The provider has entered into any life settlement contract using a form that has not been approved pursuant to this chapter;

(7) The provider has failed to honor contractual obligations set out in a life settlement contract;

(8) The provider has assigned, transferred, or pledged a settled policy to a person other than a provider licensed in this state, a purchaser, an accredited investor or qualified institutional buyer as defined respectively in Regulation D, Rule 501, 17 C.F.R. § 230.501, or Rule 144A of the Federal Securities Act of 1933, as amended, 17 C.F.R. § 230.144A, financing entity, special purpose entity, or related provider trust; or

(9) The licensee or any officer, partner, member, or key management personnel has violated any of the provisions of this chapter.

(b) Before the commissioner denies a license application or suspends, revokes, or refuses to renew the license of any licensee under this chapter, the commissioner shall conduct a hearing in accordance with this state's laws governing administrative hearings.

Legislative History

P.L. 2009, ch. 195, § 1; P.L. 2009, ch. 262, § 1; P.L. 2021, ch. 400, § 24, effective July 13, 2021; P.L. 2021, ch. 401, § 24, effective July 13, 2021; P.L. 2023, ch. 395, art. 1, § 24, effective December 31, 2023.