§ 27-47-2 - Duty to notify.
SECTION 27-47-2
§ 27-47-2 Duty to notify. – (a) Whenever a chief executive officer of an insurer knows or has reason toknow that an insurer is impaired, he or she shall notify the commissioner, inwriting, of the impairment as soon as reasonably possible, but in no eventlater than fifteen (15) days after the chief executive officer knows or hasreason to know of the impairment, and shall also notify, in writing, all of theboard of directors or trustees of the insurer within the same time period.
(b) Any officer, director, or trustee of an insurer shallnotify the person serving as chief executive officer of the impairment of theinsurer in the event the officer, director, or trustee knows or has reason toknow that the insurer is impaired.