§ 27-14.4-20 - Priority of distribution. - Rhode Island Statutes

SECTION 27-14.4-20

   § 27-14.4-20  Priority of distribution.– The priorities of distribution in a liquidation proceeding shall be in thefollowing order:

   (1) The cost and expenses of administration, including theclaims handling the expenses of the Rhode Island insurers' insolvency fund andof any similar organization in any other state.

   (2) Wages actually owing to employees for services renderedwithin three (3) months prior to the date of the filing of the delinquencypetition, not exceeding three hundred dollars ($300) to each employee.

   (3) Federal, state, and local taxes.

   (4) Claims by policyholders, beneficiaries, and insuredarising from and within the coverage of and not in excess of the applicablelimits of insurance policies and insurance contracts issued by the company, andliability claims against the insured which claims are within the coverage of,and not in excess of, the applicable limits of insurance policies and insurancecontracts issued by the company, and claims of the Rhode Island insurers'insolvency fund and any similar organization in another state.

   (5) All other claims.