§ 27-2-17 - Reciprocal fees and charges. - Rhode Island Statutes

SECTION 27-2-17

   § 27-2-17  Reciprocal fees and charges.– (a) Whenever, by the laws of any other state of the United States, any fees,charges, taxes, deposits of money or of securities, or other obligations orprohibitions are imposed on insurance companies incorporated or organized underthe laws of this state or on the insurance producers of the insurancecompanies, so long as the laws continue in force, the fees, charges, taxes,deposits, and obligations shall be imposed on the insurance companies doingbusiness in this state which are incorporated or organized under the laws ofthe other state and on their insurance producers.

   (b) Whenever, by the laws of any other state of the UnitedStates, insurance companies incorporated or organized under the laws of thisstate are required to provide a countersignature as a precondition to theissuance, delivery, or making of any contract of insurance in the other state,and whenever the insurance producer of the company is required to pay any feeor commission for placing any insurance coverage in the other state, then thesame requirements for countersignatures and fee or commission shall be imposedupon the insurance companies doing business in this state which areincorporated and organized under the laws of the other states and/or theirinsurance producers.

   (c) Whenever insurance companies that are authorized to dobusiness in this state issue, deliver, or make any contract of insurance on aperson or property in this state, the companies shall place the businessthrough a licensed resident insurance producer or licensed nonresidentinsurance producer as permitted under § 27-2-3 or any other provision ofRhode Island law; provided, if the insurance to be issued in this state is partof an insurance contract written on a risk whose principal place of business islocated in another state, and the insurance contract is placed through aninsurance producer of the domiciliary state of the primary insured, it shall bepermitted only if that state allows the placement of the business by a licensednonresident insurance producer of Rhode Island in similar circumstances.

   (d) The provisions of this section shall not apply toinsurance companies incorporated or organized under the laws of a state orcountry whose laws do not impose retaliatory taxes or other charges or whichgrant, on a reciprocal basis, exemptions from those taxes or other charges toinsurance companies incorporated or organized under the laws of this state.