INSURANCE REGULATION 30 STANDARDS FOR FOREIGN INSURANCE COMPANY LICENSING

Regulation Authority:

R.I. Gen. Laws § 42-14-17.

Purpose and Reason:

The purpose of this Regulation is to set standards to assist the Insurance Commissioner in determining whether a foreign insurance company is eligible to be considered for a license to transact insurance business within the State of Rhode Island as provided for in R.I. Gen. Laws § 27-2-1 et seq. It is in the public interest to set standards whereby foreign insurance companies will be considered for licensure within the State of Rhode Island. The Insurance Commissioner deems it in the public interest to set standards for consideration of those foreign insurance companies which will serve the best interest of the citizens of the State of Rhode Island. The following standards must be met by any foreign Life and Health or Property and Casualty insurance company seeking to be licensed to transact insurance business within the State of Rhode Island. Other types of companies (e.g. Health Maintenance Organizations, Title Insurers, Fraternal Societies, Captives, Risk Retention Groups, Surplus Lines Insurers, Reciprocal Exchanges and Authorized or Accredited Reinsurers) should contact the Chief Insurance Examiner of the Rhode Island Department of Business Regulation, Division of Insurance (“Department”) for specific instructions when applying.