§ 27-34-6 - Creation of the fund. - Rhode Island Statutes

SECTION 27-34-6

   § 27-34-6  Creation of the fund. – There is created a nonprofit unincorporated legal entity to be known as the"Rhode Island insurers' insolvency fund." All insurers defined as memberinsurers shall be and remain members of the fund as a condition of theirauthority to transact insurance in this state. The fund shall perform itsfunctions under a plan of operation established and approved under §27-34-9 and shall exercise its powers through a board of directors establishedunder § 27-34-7. For the purposes of administration and assessment, thefund shall be divided into three (3) separate accounts: (1) the workers'compensation insurance account; (2) the automobile insurance account; and (3)the account for all other insurance to which this chapter applies.