230 R.I. Code R. 230-RICR-20-55-2.7

Current through October 15, 2024
Section 230-RICR-20-55-2.7 - Additional Requirements
A. Every Alien Insurance Company that has been granted a License pursuant to § 2.3 of this Part shall meet the following requirements:
1. At the request of the Commissioner the Alien Insurance Company shall from time to time
a. Provide satisfactory proof, either in the Alien Insurance Company's charter or by a duly certified resolution of its board of directors, or otherwise as the Commissioner may require, that the Alien Insurance Company is not authorized to engage in any insurance business in contravention of the provisions of this Part or applicable laws; and
b. Provide satisfactory proof by a duly certified resolution of its board of directors, or otherwise as the Commissioner may require, that the Alien Insurance Company has not engaged in any insurance business in contravention of the provisions of this Part or applicable laws.
2. No Alien Insurance Company licensed hereunder shall be permitted to do any kind of insurance business, or any combination of kinds of insurance business, in this state, which are not permitted to be done by April 15, 1998 Domestic Insurers licensed in this state unless in the judgment of the Commissioner the doing of such kind or combination of kinds of insurance business will not be prejudicial to the best interests of the people of this state;
3. No Alien Insurance Company shall be licensed hereunder if it does anywhere within the United States any kind of business other than an insurance business, and the business necessarily or properly incidental to an insurance business thereto which it is authorized to do in this state; and
4. An Alien Insurance Company shall keep complete and accurate books and records of its United States Branch business, which books and records shall at all times be open to inspection by person(s) invested by law with the rights of inspection. All such books and records shall be maintained in its principal office within this state.

230 R.I. Code R. 230-RICR-20-55-2.7