§ 27-12-1 - Time of filing – Contents of report. - Rhode Island Statutes

SECTION 27-12-1

   § 27-12-1  Time of filing – Contentsof report. – (a) Every insurance company of any name or kind doing business in this stateshall annually on the first day of January, or within two (2) months after thatdate, file with the insurance commissioner an annual National Association ofInsurance Commissioners statement convention blank, prepared in accordance withthe National Association of Insurance Commissioners annual statementinstructions and accounting practices and procedures manuals, examiners'handbook, securities valuation manual, and any other manuals published by theNational Association of Insurance Commissioners that may be amended, signed andsworn to by its president and secretary, of its exact condition specifying thatthe company is a fire, marine, fire and marine, life, health, accident, orother insurance company; stating the amount of its capital and the manner ofits investment; designating the amount invested in mortgages, in whatcompanies, particularizing each item of investment; the amount of marine risksnot terminated, and the premium paid on those risks; the amount of fire risksnot terminated, and the premium paid on those risks; the amount of liabilities,specifying the amount of outstanding claims, adjusted or unadjusted, due or notdue; and in case the company is incorporated on the mutual principle, thestatement shall set forth, in addition to this information, the amount of risksinsured by the company, the amount of premium on the risks, what portion of ithas been paid in cash, what security has been taken for the remainder, and whatis the largest sum insured in any one risk; and, except in the case of acompany writing less than one million dollars ($1,000,000) of total direct plusassumed written premiums during a calendar year or which has fewer than onethousand (1,000) policyholders or certificate holders at the end of a calendaryear, a statement of actuarial opinion relating to loss and loss adjustmentexpense reserves; and, except in the case of a company having direct premiumswritten of less than one million dollars ($1,000,000) in any calendar year andfewer than one thousand (1,000) policyholders or certificate holders at the endof a calendar year, an audited financial report prepared by an independentcertified public accountant; and the statement required to be made in thissection, so far as applicable, shall be made of each class in companiesauthorized to take risks in classes, and in all cases the returns may be variedby the commissioner to obtain more definite information of the company; andshall pay a filing fee of one hundred dollars ($100).

   (b) Companies may be required to file quarterly statementsupon request by the insurance commissioner, in accordance with the NationalAssociation of Insurance Commissioners' guidelines and procedures, due on orbefore forty-five (45) days after the quarter ending. Annual and quarterlystatements shall be available for inspection by the public.

   (c) The commissioner may assess a late fee of one hundreddollars ($100) per day for each day the insurer is late in filing its annual orquarterly statement, except that the insurer may request and receive areasonable extension of the filing date without penalty.

   (d) Provisions of this chapter shall apply to corporationsorganized under chapters 19, 20, 20.1, 20.2, 20.3, and 41 of this title.

   (e) With respect to individual and group health benefitcontracts, including managed care contracts, written by an insurance company orhealth organization subject to the requirements of this chapter, when theexpected claim payments or incurred costs, claims adjustment expenses, andadministration costs exceed the premiums to be collected for the remainder of acontract period, the insurer or health organization shall recognize a premiumdeficiency reserve by recording an additional liability for the deficiency,with a corresponding charge to operations. The reserve shall be calculated inaccordance with regulations promulgated pursuant to this chapter.

   (f) In addition to the powers which the commissioner hasunder other sections of this title relating to the financial statements ofhealth organizations, the commissioner also has the power to require any healthorganizations subject to this title to file the annual audited financialstatements of its controlling affiliate or person whether or not thecontrolling affiliate or person is licensed or authorized pursuant to thistitle. Additionally, if the controlling affiliate or person is an insurer orhealth organization that prepares statutory financial statements for submissionto its state of domicile, the annual and/or quarterly statutory financialstatements shall be filed with the commissioner. In the event the healthorganization fails to comply with a request of the commissioner pursuant tothis section, the commissioner shall have the power to suspend or revoke thelicense of the health organization and/or to examine the controlling affiliateor person.

   (g) As used in this section, "control" including"controlling" and "affiliate" and "person" have the meanings ascribed to themin § 27-35-1. The term "health organization" has the meaning ascribed toit in § 27-4.7-2.