INSURANCE REGULATION 58 PROCEDURE FOR SURRENDER AND NON-RENEWAL OF LICENSES BY INSURERS AUTHORIZED TO WRITE INSURANCE IN RHODE ISLAND
230-RICR-20-45-2 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 | 2 | INSURANCE REGULATION 58 PROCEDURE FOR SURRENDER AND NON-RENEWAL OF LICENSES BY INSURERS AUTHORIZED TO WRITE INSURANCE IN RHODE ISLAND |
| Type of Filing | Technical Revision |
| Regulation Status | Inactive |
| Effective | 10/01/2003 to 10/01/2003 |
Regulation Authority:
R.I. Gen. Laws §§ 27-1-1 et seq, 27-2-1 et seq, 27-3-1 et seq, 27-7.1-1 et seq, 27-7.2-1 et seq, 27-13-1 et seq, 27-16-1 et seq, 27-18-1 et seq, 27-19-1 et seq, 27-20-1 et seq, 27-20.1-1 et seq, 27-20
Purpose and Reason:
This Regulation establishes the procedure by which an insurer licensed to write insurance in Rhode Island may surrender or non-renew its existing license and requires submission of a withdrawal plan that will protect the residents of the state. The plan shall be approved by the Commissioner of Insurance prior to becoming effective. The purpose of this Regulation is to limit and prevent, where possible, market disturbances and to preserve the rights of insureds and others affected by the withdrawal of insurers from the Rhode Island insurance market, while permitting insurers to phase out their business in an orderly fashion consistent with their obligations under applicable laws.
