§ 27-17-4 - Declaration filed by attorney – Requirements for admission.
SECTION 27-17-4
§ 27-17-4 Declaration filed by attorney– Requirements for admission. – The attorney shall file with the insurance commissioner, referred to in thischapter as the "commissioner", a declaration verified by the oath of theattorney, or when the attorney is a corporation, by the oath of its presidentor oaths of its treasurer and secretary setting forth:
(1) The name of the attorney and the name or designation ofthe exchange under which the contracts are to be issued, which name ordesignation shall not be so similar to any other name or designation previouslyadopted by an attorney or by any insurance organization in this state so as toconfuse or mislead;
(2) The kind or kinds of insurance to be effected orexchanged;
(3) A copy of the form of policy contract or agreement underor by which the insurance is to be effected or exchanged and forms ofapplication for that insurance;
(4) A certified copy of the power of attorney or otherauthorization of the attorney under or by which the attorney is to effect orexchange the insurance contracts;
(5) The location of the office or offices from which thecontracts or agreements are to be issued;
(6) That, except as to the kinds of insurance specificallymentioned in this subdivision, applications have been made for insurance uponat least one hundred (100) separate risks, the liability to the exchange forpremiums due on the risks shall aggregate not less than six hundred thousanddollars ($600,000), represented by executed contracts or bona fide applicationsto become concurrently effective, or, in lieu of this amount, the exchange orinterinsurer is possessed of a surplus of not less than three hundred thousanddollars ($300,000). The minimum amount of surplus established as a requirementfor the writing of other lines of insurance as specified in this section shallbe in addition to that required by the provisions of this subdivision;
(ii) In the case of employers' liability or workers'compensation insurance, applications shall have been made for indemnity upon atleast one hundred (100) separate risks having a total annual premium of notless than two million five hundred thousand dollars ($2,500,000), asrepresented by executed contracts or bona fide applications to becomeconcurrently effective, or, in lieu of this amount, the exchange orinterinsurer is possessed of a surplus of not less than one hundred thousanddollars ($100,000);
(iii) In the case of automobile insurance, applications shallhave been made for insurance for at least two hundred (200) separate risks, orfor insurance the premiums due the exchange on the risks shall aggregate notless than two hundred thousand dollars ($200,000) represented by executedcontracts or bona fide applications to become concurrently effective on any orall classes of automobile insurance effected by the subscribers through theattorney, or, in lieu of this amount, the exchange or interinsurer is possessedof a surplus of not less than one hundred thousand dollars ($100,000);
(iv) The surplus as provided in this subdivision shall not beacceptable unless invested in securities of the United States of America, thestate of Rhode Island, or any other state of the United States or politicalsubdivision of the state;
(7) That there shall be maintained at the exchange, availablefor the payment of losses, assets conforming to the requirements of§§ 27-17-7 – 27-17-12;
(8) A financial statement under oath in the form prescribedby the commissioner;
(9) An instrument authorizing the service of process asprovided for in this chapter; and
(10) A certificate from the proper official of the statewhere the principal office is maintained, that the subscribers and the attorneyhave complied with all provisions of law and are authorized in that state totransact the classes of business which are sought to be transacted in thisstate.