§ 27-25-31. Suspension, revocation, or refusal of license of foreign or alien society.
(a) When the commissioner of insurance upon investigation finds that a foreign or alien society transacting or applying to transact business in this state: (1) has exceeded its powers; (2) has failed to comply with any of the provisions of this chapter; (3) is not fulfilling its contracts in good faith; or (4) is conducting its business fraudulently or in a manner hazardous to its members or creditors or the public; the commissioner shall notify the society of the deficiency or deficiencies and state in writing the reasons for his or her dissatisfaction. The commissioner shall at once issue a written notice to the society requiring that the existing deficiency or deficiencies be corrected. After the notice the society shall have a thirty (30) day period in which to comply with the commissioner’s request for correction, and, if the society fails to comply, the commissioner shall notify the society of the findings of noncompliance and require the society to show cause on a named date why its license should not be suspended, revoked or refused. If on that date the society does not present good and sufficient reason why its authority to do business in this state should not be suspended, revoked, or refused, the commissioner may suspend or refuse the license of the society to do business in this state until satisfactory evidence is furnished to the commissioner that the suspension or refusal should be withdrawn or the commissioner may revoke the authority of the society to do business in this state.
(b) Nothing contained in this section shall be taken or construed as preventing the society from continuing in good faith all contracts made in this state during the time the society was legally authorized to transact business in this state.
History of Section.P.L. 1984, ch. 201, § 2.
Structure Rhode Island General Laws
Chapter 27-25 - Rhode Island Fraternal Code
Section 27-25-1. - Fraternal benefit societies.
Section 27-25-2. - Lodge system.
Section 27-25-3. - Representative form of government.
Section 27-25-4. - Definitions.
Section 27-25-5. - Purposes and powers.
Section 27-25-6. - Qualifications for membership.
Section 27-25-8. - No personal liability.
Section 27-25-10. - Organization.
Section 27-25-11. - Amendments to laws.
Section 27-25-12. - Institutions.
Section 27-25-13. - Reinsurance.
Section 27-25-14. - Consolidations and mergers.
Section 27-25-15. - Conversion of fraternal benefit society into mutual life insurance company.
Section 27-25-17. - Beneficiaries.
Section 27-25-18. - Benefits not attachable.
Section 27-25-19. - The benefit contract.
Section 27-25-21. - Investments.
Section 27-25-23. - Exemptions.
Section 27-25-25. - Valuation.
Section 27-25-27. - Annual license.
Section 27-25-28. - Examination of societies — No adverse publication.
Section 27-25-29. - Foreign or alien society — Admission.
Section 27-25-30. - Injunction — Liquidation — Receivership of domestic society.
Section 27-25-31. - Suspension, revocation, or refusal of license of foreign or alien society.
Section 27-25-32. - Injunction.
Section 27-25-33. - Licensing of insurance producers.
Section 27-25-34. - Unfair methods of competition and unfair and deceptive acts and practices.
Section 27-25-35. - Service of process.
Section 27-25-37. - Penalties.
Section 27-25-38. - Exemption of certain societies.
Section 27-25-39. - Reciprocal fees and charges.
Section 27-25-40. - Payments of commissions to other than agent or insurance producer forbidden.
Section 27-25-41. - Payment of benefits other than insurance benefits.
Section 27-25-42. - Severability.