Rhode Island General Laws
Chapter 27-1 - Domestic Insurance Companies
Section 27-1-13. - Citation for forfeiture of charter for unsafe practices.

§ 27-1-13. Citation for forfeiture of charter for unsafe practices.
The superior court, upon complaint in writing from the insurance commissioner under oath setting forth that, in the commissioner’s opinion, any insurance company has forfeited its charter at law, or is managing its concerns in a manner that the public or those having funds in its custody are in danger of being defrauded, or the continued operation of its business would be hazardous to the public or its policyholders, or has become insolvent, shall issue a citation to the company, directed to and to be served on the president, secretary, or treasurer of the company by leaving an attested copy at the office or usual place of business of the company, commanding the president, secretary, or treasurer personally to appear before the court on a day and in a place to be mentioned in the citation, then and there under oath to show cause, if they have any, why the company should not be enjoined from further exercising the powers and franchises conferred by its charter and why the charter should not be forfeited.
History of Section.G.L. 1896, ch. 181, § 4; C.P.A. 1905, § 1220; G.L. 1909, ch. 219, § 4; G.L. 1923, ch. 255, § 4; G.L. 1938, ch. 150, § 3; impl. am. P.L. 1953, ch. 3174, § 5; G.L. 1956, § 27-1-13; P.L. 1991, ch. 348, § 5.

Structure Rhode Island General Laws

Rhode Island General Laws

Title 27 - Insurance

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 27-1-23. - Plan for reorganization of company in receivership — Application for submission of plan to creditors and stockholders.

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 27-1-28. - Proxies, consents, and authorizations in respect to any equity security issued by a domestic insurer.

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 27-1-41. - Repealed.

Section 27-1-42. - Maximum amount of single risk.

Section 27-1-43. - Applicability.

Section 27-1-44. - Prohibition on the pledging of stock.

Section 27-1-45. - Determination of premium tax rate.