§ 27-4.6-10 - Foreign insurers. - Rhode Island Statutes

SECTION 27-4.6-10

   § 27-4.6-10  Foreign insurers. – (a) Any foreign insurer shall, upon the written request of the commissioner,submit to the commissioner an RBC report as of the end of the calendar yearjust ended the later of:

   (i) The date an RBC report would be required to be filed by adomestic insurer under this chapter; or

   (ii) Fifteen (15) days after the request is received by theforeign insurer.

   (2) Any foreign insurer shall, at the written request of thecommissioner, promptly submit to the commissioner a copy of any RBC plan thatis filed with the insurance commissioner of any other state.

   (b) In the event of a company action level event, regulatoryaction level event or authorized control level event with respect to anyforeign insurer as determined under the RBC statute applicable in the state ofdomicile of the insurer (or, if no RBC statute is in force in that state, underthe provisions of this chapter), if the insurance commissioner of the state ofdomicile of the foreign insurer fails to require the foreign insurer to file anRBC plan in the manner specified under that state's RBC statute (or, if no RBCstatute is in force in that state, under § 27-4.6-3), the commissioner mayrequire the foreign insurer to file an RBC plan with the commissioner. In thatevent, the failure of the foreign insurer to file an RBC plan with thecommissioner shall be grounds to order the insurer to cease and desist fromwriting new insurance business in this state.

   (c) In the event of a mandatory control level event withrespect to any foreign insurer, if no domiciliary receiver has been appointedwith respect to the foreign insurer under the rehabilitation and liquidationstatute applicable in the state of domicile of the foreign insurer, thecommissioner may make application to the Superior Court for Providence Countypermitted under chapter 14.3 of this title with respect to the liquidation ofproperty of foreign insurers found in this state, and the occurrence of themandatory control level event shall be considered adequate grounds for theapplication.