§ 27-41-13.1 - Initial net worth and capital requirements. - Rhode Island Statutes

SECTION 27-41-13.1

   § 27-41-13.1  Initial net worth and capitalrequirements. – (a) Before the director issues a certificate of authority in accordance with§ 27-41-4 of this act, an applicant seeking to establish or operate ahealth maintenance organization shall have the greater of:

   (1) The amount of capital required for a health organizationunder chapter 4.7 of this title;

   (2) An initial net worth of three million dollars($3,000,000); or

   (3) At the commissioner's discretion, an amount greater thanrequired under subparagraph (1) or (2), as indicated by a business plan and aprojected risk-based capital calculation after the first full year of operationbased on the most current National Association of Insurance CommissionersHealth Annual Statements Bank.