Rhode Island § 27-77-9 § 27-77-9. Sanctions.

Rhode Island Statutes

§ 27-77-9 — § 27-77-9. Sanctions.

Rhode Island § 27-77-9

Title 27Insurance

Ch. 27-77Risk Management and Own Risk and Solvency Assessment Act

This text of Rhode Island § 27-77-9 (§ 27-77-9. Sanctions.) 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 § 27-77-9 (2026).

Text

§ 27-77-9. Sanctions.
Any insurer failing, without just cause, to timely file the ORSA summary report as
            required in this chapter shall be required, after notice and hearing, to pay a penalty
            of one thousand dollars ($1,000) for each day's delay, to be recovered by the commissioner
            and the penalty so recovered shall be paid into the general fund. The maximum penalty
            under this section is three hundred sixty-five thousand dollars ($365,000). The commissioner
            may reduce the penalty if the insurer demonstrates to the commissioner that the imposition
            of the penalty would constitute a financial hardship to the insurer.
         

Free access — add to your briefcase to read the full text and ask questions with AI

§ 27-77-9. Sanctions.

Any insurer failing, without just cause, to timely file the ORSA summary report as required in this chapter shall be required, after notice and hearing, to pay a penalty of one thousand dollars ($1,000) for each day's delay, to be recovered by the commissioner and the penalty so recovered shall be paid into the general fund. The maximum penalty under this section is three hundred sixty-five thousand dollars ($365,000). The commissioner may reduce the penalty if the insurer demonstrates to the commissioner that the imposition of the penalty would constitute a financial hardship to the insurer.