§ 27-53.1-2 - Scope. - Rhode Island Statutes

SECTION 27-53.1-2

   § 27-53.1-2  Scope. – (a) This chapter applies to any insurer authorized in this state which eitherassumes or transfers the obligations and/or risks on contracts of insurancepursuant to an assumption reinsurance agreement.

   (b) This chapter does not apply to:

   (1) Any reinsurance agreement or transaction in which theceding insurer continues to remain directly liable for its insuranceobligations and/or risks under the contracts of insurance subject to thereinsurance agreement;

   (2) The substitution of one insurer for another upon theexpiration of insurance coverage pursuant to statutory or contractualrequirements and the issuance of a new contract of insurance by another insurer;

   (3) The transfer of contracts of insurance pursuant tomergers or consolidations of two (2) or more insurers to the extent that thosetransactions are regulated by statute;

   (4) Any insurer subject to a judicial order of liquidation orrehabilitation;

   (5) Any reinsurance agreement or transaction to which a stateinsurance guaranty association is a party, provided that policyholders do notlose any rights or claims afforded under their original policies pursuant tochapters 34, 34.1 and 34.3 of this title;

   (6) The transfer of liabilities from one insurer to anotherunder a single group policy upon the request of the group policyholder; or

   (7) The transfer of liabilities from one insurer to anotherunder chapter 14.5 of this title.