§ 27-1-37. Minimum capital and surplus requirement — Charters.
(a) No domestic insurance corporation shall commence business and write, issue, or effect any policy of insurance unless the capital stock of the company is at least equal to one million dollars ($1,000,000) and the gross paid in and contributed surplus of the company is at least equal to two million dollars ($2,000,000), or, if a mutual company, its net assets over all liabilities amount to not less than three million dollars ($3,000,000), or, if a mono line business company, has a combined capital and surplus of two million dollars ($2,000,000), and until it has secured from the commissioner of insurance a certificate in compliance with the provisions of its charter and this section. “Commence business” as used in this section means the date of issuance of a certificate in compliance by the insurance commissioner.
(b) The provisions of this section relating to capital and surplus requirements shall also apply to all charters for domestic insurance companies which have not commenced business prior to June 18, 1991. The provisions of this section relating to capital and surplus requirements shall also apply to domestic insurance companies which have undergone a change in control subsequent to August 1, 1995, except that the commissioner of insurance may require lesser capital and surplus, but in no event less than one million dollars ($1,000,000) as he or she deems appropriate for the protection of all policyholders and the general public, based upon his or her review of the transaction resulting in the change in control of the insurer. “Control” as used in this section shall be defined in accordance with § 27-35-1(c).
History of Section.P.L. 1974, ch. 144, § 1; P.L. 1977, ch. 186, § 1: P.L. 1978, ch. 349, § 1; P.L. 1991, ch. 348, § 5; P.L. 1996, ch. 188, § 1; P.L. 2001, ch. 122, § 1.
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.