§ 27-32-6 - Prerequisites to delivery of contract – Qualification of company. - Rhode Island Statutes

SECTION 27-32-6

   § 27-32-6  Prerequisites to delivery ofcontract – Qualification of company. – No domestic life insurance company, and no other life insurance companyadmitted to transact business in this state, shall be authorized to deliverwithin this state any agreement providing benefits in variable amounts untilthe company has satisfied the insurance commissioner that its condition ormethods of operation in connection with the issuance of those agreements willnot render its operation hazardous to the public or its policyholders in thisstate. In determining the qualification of a company requesting authority todeliver the contracts within this state, the insurance commissioner shallconsider, among other things:

   (1) The history and financial condition of the company;

   (2) The character, responsibility, and general fitness of theofficers and directors of the company; and

   (3) In the case of a company other than a domestic company,whether the regulation provided by the jurisdiction of its incorporationprovides a degree of protection to policyholders and the public which issubstantially equal to that provided by this chapter and the rules andregulations issued pursuant to this chapter.