§ 7-1-5. Corporations organized for the business of insurance.
Notwithstanding any general law to the contrary, any corporation, whether organized with capital stock or as a mutual association, that is organized for the purpose of carrying on within this state the business of insurance, surety, or indemnity, shall be organized pursuant to chapter 1.2 of this title and shall have all the rights and privileges and be subject to provisions of chapter 1 of title 27, relating to domestic insurance companies; provided, however, the articles of incorporation comply with requirements established by rule or regulation promulgated by the director of the department of business regulation, and provided, further, that no insurance corporation may commence business until it has satisfied the requirements enumerated in § 27-1-37. Any corporation as defined in this section and, notwithstanding the provisions of § 27-41-22, any corporation organized, created, or established in any manner pursuant to chapters 19, 20, 20.1, 20.2, 20.3, and 41 of title 27, shall obtain prior approval from the director of the department of business regulation for all charter amendments made pursuant to this title. Any corporation defined in this section created by special act of the general assembly, may amend its charter pursuant to § 7-1.2-902, subject to prior approval of the amendment by the director of the department of business regulation.
History of Section.P.L. 1988, ch. 48, § 2; P.L. 1999, ch. 147, § 1; P.L. 2005, ch. 36, § 2; P.L. 2005, ch. 72, § 2.
Structure Rhode Island General Laws
Title 7 - Corporations, Associations and Partnerships
Chapter 7-1 - Corporations — General Provisions
Section 7-1-1 - — 7-1-4. [Repealed.]
Section 7-1-5. - Corporations organized for the business of insurance.
Section 7-1-5.1. - [Repealed.]
Section 7-1-5.2. - Mutual insurance associations — Applicability of chapter.
Section 7-1-6. - Time allowed for organization of corporations created by legislative act.
Section 7-1-7. - Fees payable by corporations created by legislative act.
Section 7-1-7.1. - Filings to be originals.
Section 7-1-8 - — 7-1-12. [Repealed.]
Section 7-1-13. - Legislative control of future charters.
Section 7-1-14. - Continuation for special purposes of statutes otherwise repealed.
Section 7-1-15, 7-1-16. - [Repealed.]
Section 7-1-17. - Receipt of property for charitable purposes in excess of authorized holdings.
Section 7-1-18 - — 7-1-20. [Repealed.]
Section 7-1-21. - Agreements as to disposition of stock or insurance on death of stockholder.