§ 27-1-15 - Collection and distribution of assets by receiver – Reinsurance. - Rhode Island Statutes

SECTION 27-1-15

   § 27-1-15  Collection and distribution ofassets by receiver – Reinsurance. – The receiver may take evidence and property into his or her possession andshall collect the debts, dispose of the property, and pay out of the proceedsof the disposition, if the proceeds are sufficient, all of the debts of thecorporation, first reserving to himself or herself a reasonable compensationthat shall be allowed by the court for his or her services; provided, thereceiver may reinsure, upon the written consent of the insurance commissionerand the attorney general, all the policy obligations of the corporation in anysolvent corporation authorized to do business in this state, if the assets ofthe corporation of which he or she is a receiver are sufficient to effect thereinsurance. If the assets are insufficient for that purpose, the receiver,upon the written consent of the insurance commissioner and the attorneygeneral, may reinsure a percentage of each policy obligation of the corporationoutstanding to the extent that its assets may be sufficient for that purpose.No contract of reinsurance shall be entered into by the receiver except inpursuance of an order of the court in which the receiver was appointeddirecting the reinsurance and establishing the general form of the contract forthe reinsurance.