§ 27-6.1-1. Purpose.
The purpose of this chapter is to:
(1) Promote the public welfare by regulating lender-placed insurance on real property.
(2) Create a legal framework within which lender-placed insurance on real property may be written in this state.
(3) Help maintain the separation between lenders/servicers and insurers/insurance producers.
(4) Minimize the possibilities of unfair competitive practices in the sale, placement, solicitation, and negotiation of lender-placed insurance.
History of Section.P.L. 2022, ch. 404, § 7, effective June 30, 2022; P.L. 2022, ch. 405, § 7, effective June 30, 2022.
Structure Rhode Island General Laws
Chapter 27-6.1 - Lender-Placed Insurance
Section 27-6.1-3. - Definitions.
Section 27-6.1-4. - Term of insurance policy.
Section 27-6.1-5. - Calculation of coverage and payment of premiums.
Section 27-6.1-6. - Prohibited practices.
Section 27-6.1-7. - Non-circumvention.
Section 27-6.1-8. - Evidence of coverage.
Section 27-6.1-9. - Filing, approval and withdrawal of forms and rates.
Section 27-6.1-10. - Enforcement and judicial review.