§ 27-25-31 - Suspension, revocation, or refusal of license of foreign or alien society. - Rhode Island Statutes

SECTION 27-25-31

   § 27-25-31  Suspension, revocation, orrefusal of license of foreign or alien society. – (a) When the commissioner of insurance upon investigation finds that a foreignor alien society transacting or applying to transact business in this state:(1) has exceeded its powers; (2) has failed to comply with any of theprovisions of this chapter; (3) is not fulfilling its contracts in good faith;or (4) is conducting its business fraudulently or in a manner hazardous to itsmembers or creditors or the public; the commissioner shall notify the societyof the deficiency or deficiencies and state in writing the reasons for his orher dissatisfaction. The commissioner shall at once issue a written notice tothe society requiring that the existing deficiency or deficiencies becorrected. After the notice the society shall have a thirty (30) day period inwhich to comply with the commissioner's request for correction, and, if thesociety fails to comply, the commissioner shall notify the society of thefindings of noncompliance and require the society to show cause on a named datewhy its license should not be suspended, revoked or refused. If on that datethe society does not present good and sufficient reason why its authority to dobusiness in this state should not be suspended, revoked, or refused, thecommissioner may suspend or refuse the license of the society to do business inthis state until satisfactory evidence is furnished to the commissioner thatthe suspension or refusal should be withdrawn or the commissioner may revokethe authority of the society to do business in this state.

   (b) Nothing contained in this section shall be taken orconstrued as preventing the society from continuing in good faith all contractsmade in this state during the time the society was legally authorized totransact business in this state.