§ 27-46-3 - Risk retention groups chartered in this state. - Rhode Island Statutes

SECTION 27-46-3

   § 27-46-3  Risk retention groups charteredin this state. – (a) A risk retention group shall be, pursuant to the provisions of this title,chartered and licensed to write only liability insurance pursuant to thischapter and, except as provided in this chapter, must comply with all of thelaws, rules, regulations, and requirements applicable to the insurers charteredand licensed in this state and with § 27-46-4 to the extent thoserequirements are not a limitation on laws, rules, regulations, or requirementsof this state.

   (b) Before it may offer insurance in any state, each riskretention group shall also submit for approval to the insurance commissioner ofthis state a plan of operation or feasibility study. The risk retention groupshall submit an appropriate revision in the event of any subsequent materialchange in any item of the plan of operation or feasibility study, within ten(10) days of any change. The group shall not offer any additional kinds ofliability insurance, in this state or in any other state, until a revision ofthe plan or study is approved by the commissioner.

   (c) At the time of filing its application for a charter, therisk retention group shall provide to the commissioner in summary form thefollowing information: the identity of the initial members of the group, theidentity of those individuals who organized the group or who will provideadministrative services or influence or control the activities of the group,the amount and nature of initial capitalization, the coverage to be afforded,and the states in which the group intends to operate. Upon receipt of thisinformation, the commissioner shall forward the information to the NationalAssociation of Insurance Commissioners. Providing notification to the NationalAssociation of Insurance Commissioners is in addition to and shall not besufficient to satisfy the requirements of § 27-46-4 or any other sectionsof this chapter.