§ 27-34.3-6 - Creation of the association. - Rhode Island Statutes

SECTION 27-34.3-6

   § 27-34.3-6  Creation of the association.– (a) There is created a nonprofit legal entity to be known as the Rhode Islandlife and health insurance guaranty association. All member insurers shall beand remain members of the association as a condition of their authority totransact insurance in this state. The association shall perform its functionsunder the plan of operation established and approved under § 27-34.3-10,or as previously established and approved under § 27-34.1-11[Repealed] and shall exercise its powers through a board of directorsestablished under § 27-34.3-7 or as previously established under §27-34.1-8 [Repealed]. For purposes of administration and assessment,the association shall maintain two (2) accounts:

   (1) The life insurance and annuity account which includes thefollowing subaccounts:

   (i) Life insurance account;

   (ii) Annuity account; which shall include annuity contractsowned by a governmental retirement plan (or its trustee) established undersection 401, 403(b) or 457 of the United States Internal Revenue Code, 26U.S.C. § 401, 403(b) or 457, but shall otherwise exclude unallocatedannuities; and

   (iii) Unallocated annuity account which shall excludecontracts owned by a governmental retirement benefit plan (or its trustee)established under § 401, 403(b) or 457 of the United States InternalRevenue Code, 26 U.S.C. § 401, 403(b) or 457.

   (2) The health insurance account.

   (b) The association shall come under the immediatesupervision of the commissioner and shall be subject to the applicableprovisions of the insurance laws of this state. Meetings or records of theassociation may be open to the public upon majority vote of the board ofdirectors.