Rhode Island General Laws 27-48-5. Disclosure
The producer, prior to the effective date of the policy, shall deliver written notice to the prospective insured disclosing the relationship between the producer and the controlled insurer; except that, if the business is placed through a subproducer who is not a controlling producer, the controlling producer shall retain in his or her records a signed commitment from the subproducer that the subproducer is aware of the relationship between the insurer and the producer and that the subproducer has notified or will notify the insured.
History of Section.
P.L. 1992, ch. 445, § 9.
Terms Used In Rhode Island General Laws 27-48-5
- controlled: has the meaning ascribed in § 27-35-1(c);
(3) "Controlled insurer" means a licensed insurer which is controlled, directly or indirectly, by a producer;
(4) "Controlling producer" means a producer who, directly or indirectly, controls an insurer;
(5) "Director" means the director of the department of business regulation, or his or her designee;
(6) "Licensed insurer" or "insurer" means any person, firm, association, or corporation duly licensed to transact a property or casualty insurance business in this state. See Rhode Island General Laws 27-48-2