§ 27-59-4 - Deposits of security – Amounts. - Rhode Island Statutes

SECTION 27-59-4

   § 27-59-4  Deposits of security –Amounts. – (a) Every alien insurance company authorized to transact business in this stateshall at all times maintain a deposit with the general treasurer of the stateof Rhode Island in cash or in securities in which insurance companies areauthorized to invest, a sum equal to the greater of total United Statesliabilities or one million dollars ($1,000,000). The securities shall beapproved, and the amount of the deposit shall be determined, by thecommissioner. The commissioner, in the commissioner's discretion, may permitthe withdrawal of interest earnings.

   (b) In lieu of the deposits provided in this section, analien insurance company may file with the commissioner a bond of equal amountexecuted by a licensed United States surety company so conditioned for theprotection of Rhode Island creditors and policyholders.

   (c) An alien insurance company shall not be granted acertificate of authority to transact business in this state, or renewal of thecertificate, until the deposit is made, and the commissioner may revoke thecertificate of authority of an alien insurance company which fails to make thedeposit in a reasonable period of time.