Rhode Island General Laws 27-34-6. Creation of the association
There is created a nonprofit unincorporated legal entity to be known as the “Rhode Island Property & Casualty Insurance Guaranty Association,” such entity formerly known as the “Rhode Island insurers’ insolvency fund.” All insurers defined as member insurers in § 27-34-5(12) shall be and remain members of the association as a condition of their authority to transact insurance in this state. The association shall perform its functions under a plan of operation established and approved under § 27-34-9 and shall exercise its powers through a board of directors established under § 27-34-7. For the purposes of administration and assessment, there shall be three (3) separate accounts: (1) the workers’ compensation insurance account; (2) the automobile insurance account; and (3) the account for all other insurance to which this chapter applies.
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 27-34-6
- Account: means any one of the three (3) accounts created by §?27-34-6;
(2) "Affiliate" means a person, who directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with another on December 31 of the year immediately preceding the date the insurer becomes an insolvent insurer;
(3) "Association" means the Rhode Island insurance guaranty association created under §?27-34-6. See Rhode Island General Laws 27-34-5