Rhode Island General Laws 27-34-15. Recoupment of assessments
The rates and premiums charged for insurance policies to which this section applies shall include amounts sufficient to recoup a sum equal to the amounts paid to the association by the member insurer less any amounts returned to the member insurer by the association. Rates shall not be deemed excessive because they contain an amount reasonably calculated to recoup assessments paid by the member insurer.
History of Section.
P.L. 1988, ch. 407, § 2; P.L. 2010, ch. 91, § 1; P.L. 2010, ch. 117, § 1.
Terms Used In Rhode Island General Laws 27-34-15
- Member insurer: means any person who:
(i) Writes any kind of insurance to which this chapter applies, under §?27-34-3, including the exchange of reciprocal or interinsurance contracts;
(ii) Is licensed to transact insurance in this state; and
(b) An insurer shall cease to be a member insurer effective on the day following the termination or expiration of its license to transact the kinds of insurance to which this chapter applies, however, the insurer shall remain liable as a member insurer for any and all obligations, including obligations for assessments levied prior to the termination or expiration of the insurer's license and assessment levied after the termination or expiration, which relate to any insurer that became an insolvent insurer prior to the termination or expiration of the insurer's license. See Rhode Island General Laws 27-34-5