§ 45-47-3 - Placement of proceeds in escrow account.
SECTION 45-47-3
§ 45-47-3 Placement of proceeds in escrowaccount. – Upon certification by the designated taxing jurisdiction official that a lienhas arisen, or upon the failure of the insured to obtain a certificate withinthirty (30) days of the filing of the insured's proof of loss, the lossproceeds of the policy equal to the amount of the lien or the entire lossproceeds of the policy, if the insured has not submitted the certificatepursuant to § 45-47-2, shall be placed in an interest-bearing escrowaccount, and the taxing jurisdiction and the insured shall be so notified.Provided, that if the insured demonstrates that he or she has requested bycertified mail a certificate, and the designated taxing jurisdiction officialhas not provided the certificate within fifteen (15) days of the request, allproceeds shall, if otherwise appropriate, be released to the insured, as soonas practicable.