230 R.I. Code R. 230-RICR-20-55-2.3

Current through December 3, 2024

Section 230-RICR-20-55-2.3 - Authorization for Entry

A. Before authorizing an Alien Insurance Company through its United States Branch to enter this state and be treated as a Domestic Insurer of this state, the Commissioner shall require the Alien Insurance Company to:

1. Submit to the Commissioner a copy of

a. Its charter and by-laws, if any, currently in force, and such other documents necessary to show the kinds of business which it is empowered to do in its domiciliary jurisdiction, attested to as accurate and complete by the insurance supervisory official in its domiciliary jurisdiction;

b. A full statement, subscribed and affirmed as true under the penalties of perjury by two officers or equivalent responsible representatives in such manner as the Commissioner shall prescribe, of its financial condition as of the close of its latest fiscal year, showing its assets, liabilities, income, disbursements, business transacted and other facts required to be shown in its annual statement, as reported to the insurance supervisory official in its domiciliary jurisdiction; and

c. An English language translation, as necessary, of any of the documents required herein;

2. Submit to an examination of the Alien Insurance Company's affairs at its principal office within the United States; provided however, the Commissioner in his/her discretion may accept a report of the insurance supervisory official of the insurer's domiciliary jurisdiction;

3. Qualify as an insurer licensed to do business in this state in accordance with all applicable statutes and regulations;

4. Establish a trust account, pursuant to the terms of a trust agreement approved by the Commissioner, with a qualified United States financial institution, in a manner and in an amount required under §§ 2.4 and 2.5 of this Part. For purposes of this Part, a qualified United States financial institution shall be defined as in R.I. Gen. Laws § 27-1.1-3;

5. Complete and submit to the Commissioner an application on the form(s) prescribed by the Commissioner; and

6. Satisfy the requirements of all other applicable rules, regulations and statutes and submit any and all information requested by the Commissioner.

B. Any Alien Insurance Company that has satisfied the requirements of § 2.3(A) of this Part shall be granted approval to be treated as a Domestic Insurer of this state in whole or in part and granted a License to transact all of its United States business through its United States Branch.

230 R.I. Code R. 230-RICR-20-55-2.3