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Current as of January 01, 2022 | Updated by FindLaw Staff
(a) This chapter applies to any insurer authorized in this state which either assumes or transfers the obligations and/or risks on contracts of insurance pursuant to an assumption reinsurance agreement.
(b) This chapter does not apply to:
(1) Any reinsurance agreement or transaction in which the ceding insurer continues to remain directly liable for its insurance obligations and/or risks under the contracts of insurance subject to the reinsurance agreement;
(2) The substitution of one insurer for another upon the expiration of insurance coverage pursuant to statutory or contractual requirements and the issuance of a new contract of insurance by another insurer;
(3) The transfer of contracts of insurance pursuant to mergers or consolidations of two (2) or more insurers to the extent that those transactions are regulated by statute;
(4) Any insurer subject to a judicial order of liquidation or rehabilitation;
(5) Any reinsurance agreement or transaction to which a state insurance guaranty association is a party, provided that policyholders do not lose any rights or claims afforded under their original policies pursuant to chapters 34, 34.1 and 34.3 of this title;
(6) The transfer of liabilities from one insurer to another under a single group policy upon the request of the group policyholder; or
(7) The transfer of liabilities from one insurer to another under chapter 14.5 of this title.
Cite this article: FindLaw.com - Rhode Island General Laws Title 27. Insurance § 27-53.1-2. Scope - last updated January 01, 2022 | https://codes.findlaw.com/ri/title-27-insurance/ri-gen-laws-sect-27-53-1-2/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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