§ 27-2-16 - Filing fees – Certificates of compliance. - Rhode Island Statutes

SECTION 27-2-16

   § 27-2-16  Filing fees – Certificatesof compliance. – (a) Every insurance company not incorporated in this state applying foradmission to transact business in the state shall pay to the insurancecommissioner, for the use of the state, for filing a copy of its charter ordeed of settlement, the sum of thirty dollars ($30.00), and for filing astatement preliminary to admission, and for filing each annual statement afteradmission payable prior to April 1 of each year, the sum of one hundred dollars($100).

   (b) A certificate of compliance issued under this chaptershall continue in force as long as the insurer is entitled to it under thischapter and until suspended, revoked, or terminated at the request of theinsurer; subject, to continuance of the certificate by the insurer each year by:

   (1) Payment prior to April 1 of an annual license fee of onehundred dollars ($100); and

   (2) Due filing by the insurer of its annual statement for thepreceding calendar year as required under this section.

   (c) If not continued in this manner by the insurer, itscertificate of compliance shall expire at midnight on June 1 next following thefailure of the insurer to continue it in force.

   (d) The commissioner may, in his or her discretion, reinstatea certificate of compliance which the insurer has inadvertently permitted toexpire, after the insurer has fully cured all its failures which resulted inthe expiration, and upon payment by the insurer of the fee in the amountprovided in subdivision (b)(1). Otherwise, the insurer shall be granted anothercertificate of compliance only after filing an application and meeting allother requirements as for an original certificate of compliance in this state.

   (e) The commissioner may amend a certificate of compliance atany time to accord with changes in the insurer's charter or insuring powers.

   (f) The commissioner may assess a late fee of one hundreddollars ($100) per day for each day the insurer is late in filing its annualstatement, and ten dollars ($10.00) per day for each day the insurer is late inremitting its annual license fee, except that the insurer may request andreceive an extension of the filing date without penalty.