§ 27-34.3-2. Purpose.
(a) The purpose of this chapter is to protect, subject to certain limitations, the persons specified in § 27-34.3-3(a) against failure in the performance of contractual obligations, under life and health insurance policies and annuity contracts specified in § 27-34.3-3(b), because of the impairment or insolvency of the member insurer that issued the policies or contracts.
(b) To provide this protection, an association of insurers is created to pay benefits and to continue coverages as limited in this chapter, and members of the association are subject to assessment to provide funds to carry out the purpose of this chapter.
(c) In accordance with this purpose, in determining the coverage limits to be applied in § 27-34.3-3 in cases in which there were different statutory limits at the time the insurer was declared impaired and the time the insurer was declared insolvent, the statute with the higher limits shall be applied to the claim.
History of Section.P.L. 1995, ch. 114, § 1; P.L. 2012, ch. 296, § 3; P.L. 2012, ch. 326, § 3.
Structure Rhode Island General Laws
Chapter 27-34.3 - Rhode Island Life and Health Insurance Guaranty Association Act
Section 27-34.3-1. - Short title.
Section 27-34.3-3. - Coverage and limitations.
Section 27-34.3-4. - Construction.
Section 27-34.3-5. - Definitions.
Section 27-34.3-6. - Creation of the association.
Section 27-34.3-7. - Board of directors.
Section 27-34.3-8. - Powers and duties of the association.
Section 27-34.3-9. - Assessments.
Section 27-34.3-10. - Plan of operation.
Section 27-34.3-11. - Duties and powers of the commissioner.
Section 27-34.3-12. - Prevention of insolvencies.
Section 27-34.3-13. - Credits for assessments paid (tax offsets).
Section 27-34.3-14. - Miscellaneous provisions.
Section 27-34.3-15. - Examination of the association — Annual report.
Section 27-34.3-16. - Tax exemptions.
Section 27-34.3-17. - Immunity.
Section 27-34.3-18. - Stay of proceedings — Reopening default judgments.