Corporate Governance
230-RICR-20-45-11 INACTIVE RULE
| Title | 230 | Department of Business Regulation (includes the Office of the Health Insurance Commissioner) |
| Chapter | 20 | Insurance |
| Subchapter | 45 | Financial Standards and Corporate Operations |
| Part | 11 | Corporate Governance |
| Type of Filing | Direct Final Adoption |
| Regulation Status | Inactive |
| Effective | 01/01/2017 to 01/01/2017 |
Regulation Authority:
R.I. Gen. Laws § 27-1.2-4
Purpose and Reason:
Pursuant to the provisions of R.I. Gen. Laws § 27-1.2-4, and in accordance with the Administrative Procedures Act R.I. Gen. Laws §§ 42-35, and specifically R.I. Gen. Laws § 42-35-2.11 of the amended Administrative Procedures Act, the Department of Business Regulation (DBR) hereby proposes to adopt 161-RICR-200-45-10 - Corporate Governance Annual Disclosure. DBR believes that this proposed action is noncontroversial and anticipates that no objection will be received to this proposed adoption given that it is the National Association of Insurance Commissioners (NAIC) model which is designed to implement R.I. Gen. Laws §§ 27-1.2. R.I. Gen. Laws §§ 27-1.2 was enacted in the last legislative session and goes into effect on January 1, 2017. There were no objections to the adoption of R.I. Gen. Laws §§ 27-1.2 during the legislative adoption process. The provisions of the NAIC model have been fully vetted and all interested parties have been given the opportunity to comment upon its provisions. Pursuant to the requirements of R.I. Gen. Laws §§ 42-35-2.6 and 42-35-2.7, DBR has made the following determinations. DBR has considered alternative approaches to the proposed regulation and has determined that there is no alternative approach among the alternatives considered that would be as effective and less burdensome. DBR has determined that the proposed amendment is necessary to properly implement the provisions of R.I. Gen. Laws §§ 27-1.2
