Rhode Island General Laws 27-6.1-7. Non-circumvention
Current as of: 2023 | Check for updates
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Nothing in this chapter shall be construed to allow an insurance producer or an insurer solely underwriting lender-placed insurance to circumvent the requirements set forth within this chapter. This chapter shall apply to all insurers and insurance producers involved in lender-placed insurance.
History of Section.
P.L. 2022, ch. 404, § 7, effective June 30, 2022; P.L. 2022, ch. 405, § 7, effective June 30, 2022.
Terms Used In Rhode Island General Laws 27-6.1-7
- Insurance producer: means a person or entity (or its affiliates) required to be licensed under the laws of this state to sell, solicit, or negotiate insurance. See Rhode Island General Laws 27-6.1-3
- Insurer: means an insurance company, association, or exchange authorized to issue lender-placed insurance in this state (or its affiliates). See Rhode Island General Laws 27-6.1-3
- Lender-placed insurance: means insurance obtained by a lender or servicer when a mortgagor does not maintain valid and/or sufficient insurance upon mortgaged real property as required by the terms of the mortgage agreement. See Rhode Island General Laws 27-6.1-3