§ 27-1-9 - Examinations to ascertain market value of securities deposited – Deficiencies. - Rhode Island Statutes

SECTION 27-1-9

   § 27-1-9  Examinations to ascertain marketvalue of securities deposited – Deficiencies. – Whenever it becomes necessary, on application of any company, for the generaltreasurer or any person appointed by the general treasurer to examine andascertain the value and condition of any stocks or other securities depositedwith the general treasurer by any insurance company, the expenses of theexamination shall be borne by the company applying, and the general treasurershall be allowed to charge for his or her time and expense or for the time andexpense of the person the general treasurer shall appoint to make theexamination; the examination shall be made annually by the general treasurer.In case it appears at any time that the stocks or other securities deposited inthis manner amount to less than the sum required for the purposes for which thedeposit has been made, the general treasurer shall notify the company, andunless the deficiency is made up within thirty (30) days, the general treasurershall countermand all of the certificates he or she may have issued and notifythe treasurer, comptroller, or other financial officer of the states to whichthe general treasurer has transmitted his or her certificate, and shall, assoon as possible, publish notice of his or her actions in one newspaperpublished in the city of Providence for three (3) weeks.