§ 27-17-9. Contingent reserve.
In addition to the reserves provided for in §§ 27-17-7 and 27-17-10, there shall also be maintained at all times by the exchange, as assets, a contingent reserve in cash or securities as stated in § 27-17-7 of not less than the amount of minimum capital required of a stock insurance company incorporated under the law of any other state of the United States to do the kind or kinds of insurance which the exchange is authorized to write under § 27-17-1.
History of Section.P.L. 1952, ch. 3003, § 6; G.L. 1956, § 27-17-9.
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.