Rhode Island General Laws 27-6.1-1. Purpose
Current as of: 2023 | Check for updates
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The purpose of this chapter is to:
(1) Promote the public welfare by regulating lender-placed insurance on real property.
(2) Create a legal framework within which lender-placed insurance on real property may be written in this state.
(3) Help maintain the separation between lenders/servicers and insurers/insurance producers.
(4) Minimize the possibilities of unfair competitive practices in the sale, placement, solicitation, and negotiation of 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 27-6.1-1
- 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
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.