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

Rhode Island Statutes

§ 27-77-9 — § 27-77-9. Sanctions.

Rhode Island·Title 27 Insurance·Ch. 27-77 Risk Management and Own Risk and Solvency Assessment Act

§ 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.
         

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§ 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.

Rhode Island § 27-77-9 (§ 27-77-9. Sanctions.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.