§ 27-34.3-11 - Duties and powers of the commissioner. - Rhode Island Statutes

SECTION 27-34.3-11

   § 27-34.3-11  Duties and powers of thecommissioner. – In addition to the duties and powers enumerated in this chapter,

   (a) The commissioner shall:

   (1) Upon request of the board of directors, provide theassociation with a statement of the premiums in this and any other appropriatestates for each member insurer;

   (2) When an impairment is declared and the amount of theimpairment is determined, serve a demand upon the impaired insurer to make goodthe impairment within a reasonable time; notice to the impaired insurer shallconstitute notice to its shareholders, if any; the failure of the insurer topromptly comply with a demand shall not excuse the association from theperformance of its powers and duties under this chapter.

   (3) Deleted by P.L. 2009, ch. 158, § 1 and by P.L. 2009,ch. 169, § 1].

   (b) The commissioner may suspend or revoke, after notice andhearing, the certificate of authority to transact insurance in this state ofany member insurer which fails to pay an assessment when due or fails to complywith the plan of operation. As an alternative the commissioner may levy aforfeiture on any member insurer which fails to pay an assessment when due. Theforfeiture shall not exceed five percent (5%) of the unpaid assessment permonth, but no forfeiture shall be less than one hundred dollars ($100) permonth.

   (c) A final action of the board of directors or theassociation may be appealed to the commissioner by any member insurer if theappeal is taken within sixty (60) days of its receipt of notice of the finalaction being appealed. A final action or order of the commissioner shall besubject to judicial review.

   (d) The liquidator, rehabilitator, or conservator of anyimpaired or insolvent insurer may notify all interested persons of the effectof this chapter.