§ 7-1-5 - Corporations organized for the business of insurance. - Rhode Island Statutes

SECTION 7-1-5

   § 7-1-5  Corporations organized for thebusiness of insurance. – Notwithstanding any general law to the contrary, any corporation, whetherorganized with capital stock or as a mutual association, that is organized forthe purpose of carrying on within this state the business of insurance, surety,or indemnity, shall be organized pursuant to chapter 1.2 of this title andshall have all the rights and privileges and be subject to provisions ofchapter 1 of title 27, relating to domestic insurance companies; provided,however, the articles of incorporation comply with requirements established byrule or regulation promulgated by the director of the department of businessregulation, and provided, further, that no insurance corporation may commencebusiness until it has satisfied the requirements enumerated in § 27-1-37.Any corporation as defined in this section and, notwithstanding the provisionsof § 27-41-22, any corporation organized, created, or established in anymanner pursuant to chapters 19, 20, 20.1, 20.2, 20.3, and 41 of title 27, shallobtain prior approval from the director of the department of businessregulation for all charter amendments made pursuant to this title. Anycorporation defined in this section created by special act of the generalassembly, may amend its charter pursuant to § 7-1.2-902, subject to priorapproval of the amendment by the director of the department of businessregulation.