Section 230-RICR-20-45-2.1 - Purpose, Scope and AuthorityA. Purpose and Scope. This Regulation establishes the procedure by which an insurer licensed to write insurance in Rhode Island may surrender or non-renew its existing license and requires submission of a withdrawal plan that will protect the residents of the state. The plan shall be approved by the Commissioner of Insurance prior to becoming effective.B. The purpose of this Regulation is to limit and prevent, where possible, market disturbances and to preserve the rights of insureds and others affected by the withdrawal of insurers from the Rhode Island insurance market, while permitting insurers to phase out their business in an orderly fashion consistent with their obligations under applicable laws.C. Authority. This Regulation is promulgated in accordance with the authority granted to the Director of the Department of Business Regulation R.I. Gen. Laws §§ 27-1-1 et seq., 27-2-1 et seq., 27-3-1 et seq., 27-7.1-1 et seq., 27-7.2-1 et seq., 27-13-1 et seq., 27-16-1 et seq., 27-18-1 et seq., 27-19-1 et seq., 27-20-1 et seq., 27-20.1-1 et seq., 27-20.2-1 et seq., 27-20.3-1 et seq., 27-20.4-1 et seq., 27-29-1 et seq., 27-41-1 et seq., and 27-46-1 et seq., 42-14-1 et seq., and 42-62-1 et seq.230 R.I. Code R. 230-RICR-20-45-2.1