§ 27-34.3-2 - Purpose.
SECTION 27-34.3-2
§ 27-34.3-2 Purpose. – (a) The purpose of this chapter is to protect, subject to certain limitations,the persons specified in § 27-34.3-3(a) against failure in the performanceof contractual obligations, under life and health insurance policies andannuity contracts specified in § 27-34.3-3(b), because of the impairmentor insolvency of the member insurer that issued the policies or contracts.
(b) To provide this protection, an association of insurers iscreated to pay benefits and to continue coverages as limited in this chapter,and members of the association are subject to assessment to provide funds tocarry out the purpose of this chapter.