§ 27-4.7-11 - Foreign health organizations. - Rhode Island Statutes

SECTION 27-4.7-11

   § 27-4.7-11  Foreign health organizations.– (a) A foreign health organization shall, upon the written request of thecommissioner, submit to the commissioner an RBC report as of the end of thecalendar year just ended the later of:

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

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

   (2) A foreign health organization shall, at the writtenrequest of the commissioner, promptly submit to the commissioner a copy of anyRBC plan that is 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 a foreignhealth organization as determined under the RBC statute applicable in the stateof domicile of the health organization (or, if no RBC statute is in force inthat state, under the provisions of this chapter), if the insurancecommissioner of the state of domicile of the foreign health organization failsto require the foreign health organization to file an RBC plan in the mannerspecified under that state's RBC statute (or, if no RBC statute is in force inthat state, under § 27-4.7-4), the commissioner may require the foreignhealth organization to file an RBC plan with the commissioner. In that event,the failure of the foreign health organization to file an RBC plan with thecommissioner is grounds to order the health organization to cease and desistfrom writing new insurance business in this state.

   (c) In the event of a mandatory control level event withrespect to a foreign health organization, if no domiciliary receiver has beenappointed with respect to the foreign health organization under therehabilitation and liquidation statute applicable in the state of domicile ofthe foreign health organization, the commissioner may make application to thesuperior court of the county of Providence permitted under chapter 14.3 of thistitle with respect to the liquidation of property of foreign healthorganizations found in this state, and the occurrence of the mandatory controllevel event shall be considered adequate grounds for the application.