§ 27-17-6. Certificate of authority to do business.
If it shall appear upon examination by the commissioner that an exchange or interinsurer has complied with all of the requirements of this chapter and that the persons holding positions of executive and managerial authority are of good repute and will conduct the affairs of the exchange with safety to the public and its policyholders, the commissioner shall issue a certificate stating that the exchange or interinsurer has complied with all of the requirements of this chapter which shall authorize the exchange or interinsurer to transact the kind of business specifically provided in the certificate. The certificate shall expire on the first day of April of the following year, and shall be renewed every year as of the first day of April of that year. The commissioner may, after a hearing, revoke or suspend any certificate of authority issued pursuant to this section, in the case of violation of any of the provisions of this chapter, after reasonable notice of the hearing has been given to the attorney in fact in writing, which notice shall be sufficiently adequate to allow the attorney in fact to appear and show cause why the action should not be taken.
History of Section.P.L. 1952, ch. 3003, § 5; G.L. 1956, § 27-17-6.
Structure Rhode Island General Laws
Chapter 27-17 - Reciprocal Exchanges and Interinsurers
Section 27-17-1. - Admission of foreign exchanges and interinsurers.
Section 27-17-2. - Power of subscribers to exchange reciprocal and interinsurance contracts.
Section 27-17-3. - Execution by attorney — Office in state.
Section 27-17-4. - Declaration filed by attorney — Requirements for admission.
Section 27-17-5. - Service of process.
Section 27-17-6. - Certificate of authority to do business.
Section 27-17-7. - Reinsurance reserve.
Section 27-17-8. - “Net premium deposits” defined.
Section 27-17-9. - Contingent reserve.
Section 27-17-10. - Claim or loss reserve.
Section 27-17-11. - Advance of funds for reserves — Maintenance.
Section 27-17-12. - Deficiencies in reserves.
Section 27-17-13. - Certificate of deposit by foreign exchange or interinsurer.
Section 27-17-14. - Cash premium deposit and contingent liability of subscriber.
Section 27-17-15. - Reports and examination of affairs of exchanges.
Section 27-17-16. - Penalty for doing business without compliance.
Section 27-17-17. - Permits to solicit powers of attorney and applications.
Section 27-17-18. - Insertion of provisions in standard policies.
Section 27-17-19. - Fees and taxes.
Section 27-17-20. - Applicability of insurance producers’ laws.
Section 27-17-21. - Applicability of rating laws.
Section 27-17-22. - Maximum liability on policy.
Section 27-17-23. - Exchange of workers’ compensation insurance.
Section 27-17-24. - Retaliatory laws.
Section 27-17-25. - Hearings on rules and decisions of commissioner.
Section 27-17-26. - Judicial review of orders and decisions of commissioner.