§ 27-53.1-7 - Commissioner's discretion. - Rhode Island Statutes

SECTION 27-53.1-7

   § 27-53.1-7  Commissioner's discretion.– If an insurer domiciled in this state or in a jurisdiction having asubstantially similar law is deemed by the domiciliary commissioner to be inhazardous financial condition or an administrative proceeding has beeninstituted against it for the purpose of reorganizing or conserving theinsurer, and the transfer of the obligations and/or risks on contracts ofinsurance issued to or owned by residents of this state is in their bestinterest as determined by the Rhode Island commissioner, a transfer andnovation may be effected notwithstanding the provisions of this chapter. Thismay include a form of implied consent and adequate notification to thepolicyholder of the circumstances requiring the transfer as approved by thecommissioner.