Rhode Island Code of Regulations
Title 230 - Department of Business Regulation
Chapter 20 - Insurance
Subchapter 05 - Personal Lines - Automobile and Homeowners Insurance
Part 11 - Basic Property Insurance Inspection and Placement Program (230-RICR-20-05-11)
Section 230-RICR-20-05-11.10 - Authority to Issue Policies on Behalf of Members

Universal Citation: 230 RI Code of Rules 20 05 11.10

Current through September 18, 2024

A. The Association shall be authorized:

1. To issue policies or certificates of insurance in the name of the Association for risks found insurable by the Association under this Program;

2. To provide for the investigation and adjustment of claims, defense of policyholders, payment of losses and all such other functions as are usual in servicing the insured under such policies; and

3. To otherwise incur expenses consistent with the goals of this Program and the interests of the Association, its members, and its insureds.

4. Each insurer irrevocably designates the Association as its agent in carrying out such functions.

B. Each insurer shall be a direct insurer under each policy or certificate of insurance issued by the Association during any calendar year to the extent of its participation for that year as determined in accordance with § 11.9 of this Part. Liability of each insurer shall be several, each for itself, and not joint, and no insurer shall be liable under any such policy or certificate for the liability of any other insurer thereunder, except as provided in Article VII of the Articles of Agreement in case of the insolvency of an insurer.

C. The Governing Committee shall from time to time designate in writing one or more persons to act as attorney-in-fact for all companies to execute policies on behalf of the insurers. No policy or certificate of insurance shall be affected or invalidated by any change of the attorney-in-fact who, at the time such policy or certificate of insurance was issued, shall have duly acted pursuant to the powers in him or her then vested. Any policy or certificate of insurance issued pursuant to this Part may be executed on behalf of the insurers by any attorney-in-fact appointed hereunder, and each insurer agrees to be bound thereby to the extent of its participation in the writings of the Association, as determined under § 11.9 of this Part.

Disclaimer: These regulations may not be the most recent version. Rhode Island may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.