§ 27-1-1. Site of principal office and records.
(a) Every insurance company organized after May 3, 1956, under the laws of this state shall have its principal office and maintain all of its records, or duplicates of those records, in this state; provided, that the director of business regulation may, after a public hearing, allow any insurance company, upon application, to locate its principal office and maintain certain original records outside of this state if it is determined that it is not inconsistent with the public interest of the people of the state of Rhode Island. In determining what is not inconsistent with the public interest of the people of the state of Rhode Island, the director shall make findings of fact, reduced to writing and filed with the secretary of state, which findings shall include, but are not limited to the following:
(1) The number of full time employees currently located within the state, and the number of full time employees anticipated to be located within the state if the petition is granted;
(2) That no detriment nor prejudice will inure to any current or anticipated future policyholders of the company by granting the application;
(3) That the granting of the application is not inimical to the ability of policyholders to file claims with and against the company, and, in furtherance of this finding, may require that the company maintain a toll free number for registering claims, and may require a claims office to be located within the state, staffed by a person authorized to issue payment on behalf of the company on approved claims; and
(4) That a review of the financial records of the company and the records relied upon by the director in making the determination have satisfied the director that the company is able to meet its obligations to current policyholders. In the event that there is any risk associated with the granting the application the director may deny the application or may, in furtherance of the application, require the posting of bonds and/or securities with the general treasurer, in an amount to be determined by the director, sufficient to protect the interest of the policyholders within the state.
(b) The director is authorized to promulgate regulations as provided for by the Administrative Procedures Act, chapter 35 of title 42, not inconsistent with this section, in furtherance of the authority granted in this section.
History of Section.G.L. 1938, ch. 150, § 41; P.L. 1956, ch. 3793, § 1; G.L. 1956, § 27-1-1; P.L. 1966, ch. 254, § 1; P.L. 1976, ch. 280, § 1; P.L. 1999, ch. 253, § 1; P.L. 2002, ch. 292, § 5.
Structure Rhode Island General Laws
Chapter 27-1 - Domestic Insurance Companies
Section 27-1-1. - Site of principal office and records.
Section 27-1-1.1. - Telephone number — Toll free or collect.
Section 27-1-2. - Special stockholders’ meetings — Notice — Quorum.
Section 27-1-2.1. - Corporate governance standards.
Section 27-1-3. - Stock assessments to meet deficits.
Section 27-1-4. - Power of companies to comply with tax and license laws not held invalid.
Section 27-1-5. - Deposits with general treasurer to comply with laws of other states.
Section 27-1-6. - Holding of deposits — Income — Replacement.
Section 27-1-7. - Certificate of deposits.
Section 27-1-8. - Return of deposit on termination of business.
Section 27-1-9. - Examinations to ascertain market value of securities deposited — Deficiencies.
Section 27-1-10. - State not liable for deposits.
Section 27-1-11. - Visitation and examination of insurance companies.
Section 27-1-12. - Summons of witnesses — Obstruction or refusal to testify.
Section 27-1-13. - Citation for forfeiture of charter for unsafe practices.
Section 27-1-14. - Decree of forfeiture — Receiver.
Section 27-1-15. - Collection and distribution of assets by receiver — Reinsurance.
Section 27-1-16. - Powers of receiver — Removal and control by court.
Section 27-1-16.1. - Sale by receiver of charter and licenses.
Section 27-1-16.2. - Court approved settlements.
Section 27-1-17. - Stay of executions and process against company.
Section 27-1-18. - Limited injunction without receivership.
Section 27-1-19. - Declaration of forfeiture.
Section 27-1-20. - Temporary injunction.
Section 27-1-21. - Failure to deliver property or records to receiver.
Section 27-1-22. - Assessments by receiver of mutual company.
Section 27-1-24. - Meetings to approve reorganization plan — Filing of approved plan.
Section 27-1-25. - Decree approving reorganization plan — Binding effect.
Section 27-1-26. - Principles for classification of creditors and stockholders.
Section 27-1-27. - Severability.
Section 27-1-29. - Reports of directors, officers, and principal shareholders.
Section 27-1-30. - Liability of directors, officers, and shareholders.
Section 27-1-31. - Prohibited sales of securities.
Section 27-1-32. - Exempted sales of dealers.
Section 27-1-33. - Exempted arbitrage transactions.
Section 27-1-34. - Definitions.
Section 27-1-35. - Companies not subject to securities regulations.
Section 27-1-36. - Regulations of “insider trading”.
Section 27-1-37. - Minimum capital and surplus requirement — Charters.
Section 27-1-38. - Acquisition of minority interests in subsidiary insurers.
Section 27-1-39. - Discrimination in rates prohibited.
Section 27-1-40. - Conversion to stock form of organization.
Section 27-1-40.1. - Mutual insurance holding companies.
Section 27-1-42. - Maximum amount of single risk.
Section 27-1-43. - Applicability.