Rhode Island General Laws
Chapter 27-14.3 - Insurers’ Rehabilitation and Liquidation Act
Section 27-14.3-21. - Grounds for liquidation.

§ 27-14.3-21. Grounds for liquidation.
The commissioner may petition the superior court for the county of Providence for an order directing him or her to liquidate a domestic insurer or an alien insurer domiciled in this state on the basis:
(1) Of any ground for an order of rehabilitation as specified in § 27-14.3-16, whether or not there has been a prior order directing the rehabilitation of the insurer;
(2) That the insurer is insolvent; or
(3) That the insurer is in a condition that would make the further transaction of business hazardous, financially or otherwise, to its policyholders, its creditors, or the public.
History of Section.P.L. 1993, ch. 248, § 1.

Structure Rhode Island General Laws

Rhode Island General Laws

Title 27 - Insurance

Chapter 27-14.3 - Insurers’ Rehabilitation and Liquidation Act

Section 27-14.3-1. - Short title — Construction — Purpose.

Section 27-14.3-2. - Applicability.

Section 27-14.3-3. - Definitions.

Section 27-14.3-4. - Jurisdiction and venue.

Section 27-14.3-5. - Injunctions and orders.

Section 27-14.3-6. - Cooperation of officers, owners, and employees.

Section 27-14.3-7. - Repealed.

Section 27-14.3-8. - Condition on release from delinquency proceedings.

Section 27-14.3-9. - Immunity and indemnification of the receiver and employees.

Section 27-14.3-10. - Court’s seizure order.

Section 27-14.3-11. - Commencement of formal delinquency proceeding.

Section 27-14.3-12. - Return of summons and summary hearing.

Section 27-14.3-13. - Proceedings for expedited trial — Continuances, discovery, and evidence.

Section 27-14.3-14. - Decision and appeals.

Section 27-14.3-15. - Confidentiality of hearings.

Section 27-14.3-16. - Grounds for rehabilitation.

Section 27-14.3-17. - Rehabilitation order.

Section 27-14.3-18. - Powers and duties of rehabilitator.

Section 27-14.3-19. - Actions by and against rehabilitator.

Section 27-14.3-20. - Termination of rehabilitation.

Section 27-14.3-21. - Grounds for liquidation.

Section 27-14.3-22. - Liquidation orders.

Section 27-14.3-22.1. - Grounds for rehabilitation or liquidation of a domestic company that is a covered financial company under Dodd-Frank Wall Street Reform and Consumer Protection Act.

Section 27-14.3-23. - Continuance of coverage.

Section 27-14.3-24. - Dissolution of insurer.

Section 27-14.3-25. - Powers of liquidator.

Section 27-14.3-26. - Notice to creditors and others.

Section 27-14.3-27. - Duties of agents or insurance producers.

Section 27-14.3-28. - Actions by and against liquidator.

Section 27-14.3-29. - Collection and list of assets.

Section 27-14.3-30. - Fraudulent transfers prior to petition.

Section 27-14.3-31. - Fraudulent transfer after petition.

Section 27-14.3-32. - Voidable preferences and liens.

Section 27-14.3-33. - Claims of holders of void or voidable rights.

Section 27-14.3-34. - Setoffs.

Section 27-14.3-35. - Assessments.

Section 27-14.3-36. - Reinsurer’s liability.

Section 27-14.3-37. - Recovery of premiums owed.

Section 27-14.3-38. - Domiciliary liquidator’s proposal to distribute assets.

Section 27-14.3-39. - Filing of claims.

Section 27-14.3-40. - Proof of claim.

Section 27-14.3-41. - Special claims.

Section 27-14.3-42. - Special provisions for third party claims.

Section 27-14.3-43. - Disputed claims.

Section 27-14.3-44. - Claims of surety.

Section 27-14.3-45. - Secured creditor’s claims.

Section 27-14.3-46. - Priority of distribution.

Section 27-14.3-46.1. - Insurer assessments.

Section 27-14.3-47. - Liquidator’s recommendations to the court.

Section 27-14.3-48. - Distribution of assets.

Section 27-14.3-49. - Unclaimed and withheld funds.

Section 27-14.3-50. - Termination of proceedings.

Section 27-14.3-51. - Reopening liquidation.

Section 27-14.3-52. - Disposition of records during and after termination of liquidation.

Section 27-14.3-53. - External audit of receiver’s books.

Section 27-14.3-54. - Conservation of property of foreign or alien insurers found in this state.

Section 27-14.3-55. - Liquidation of property of foreign or alien insurers found in this state.

Section 27-14.3-56. - Domiciliary liquidators in other states.

Section 27-14.3-57. - Ancillary formal proceedings.

Section 27-14.3-58. - Ancillary summary proceedings.

Section 27-14.3-59. - Claims of nonresidents against insurers domiciled in this state.

Section 27-14.3-60. - Claims of residents against insurers domiciled in reciprocal states.

Section 27-14.3-61. - Attachment, garnishment and levy of execution.

Section 27-14.3-62. - Interstate priorities.

Section 27-14.3-63. - Subordination of claims for noncooperation.

Section 27-14.3-64. - Severability.

Section 27-14.3-65. - Rules and regulations.