§ 27-1-22 - Assessments by receiver of mutual company. - Rhode Island Statutes

SECTION 27-1-22

   § 27-1-22  Assessments by receiver ofmutual company. – The receiver of any mutual insurance company shall, under decree of thesuperior court, make and assess, pursuant to the provisions of the charter ofthe company of which he or she shall be a receiver, any further assessments, inaddition to those which may have been made by the company, as may be necessaryfor the payment of the debts of the corporation, with the incidental expense ofassessing and collecting the assessments and the cost and expenses of closingup the business of the corporation, including any reasonable compensation ofthe receiver that may be allowed by the court, and may demand, receive, suefor, and collect the assessments. For the purpose of the assessment andcollection, the receiver shall have all the powers and rights in these respectswhich the corporation possessed by virtue of its charter or otherwise;provided, these provisions shall not apply to policies issued by mutualinsurance companies that do not render the holders of the policies liable toassessment.