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·Title 27 Insurance·Ch. 27-72 Life Settlements Act

§ 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.

Rhode Island § 27-72-4 (§ 27-72-4. License suspension, revocation or refusal to renew.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

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.