§ 27-33-1 - Purposes. - Rhode Island Statutes

SECTION 27-33-1

   § 27-33-1  Purposes. – The purposes of this chapter are: (1) to make basic property insuranceavailable to qualified applicants who have been unable to secure the insurancein the normal market, and (2) to create a fund to discharge the obligations ofthe state to the secretary of the Department of Housing and Urban Development,referred to in this chapter as "the secretary", under 12 U.S.C. §1749bbb-9, referred to in this chapter as "the Act," as and when thoseobligations shall occur, in order that insurers writing property insurance inthis state may not for lack of a fund be rendered ineligible for reinsurance asprovided under the Act.