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-20-05-11.2 - Purpose
Universal Citation: 230 RI Code of Rules 20 05 11.2
Current through September 18, 2024
A. The purpose of this Regulation is to implement the Basic Property Insurance Inspection and Placement Program (hereinafter "this Program") as follows:
1.
To make Basic Property Insurance available to qualified applicants who have
been unable to secure such insurance in the normal market, subject to the
conditions hereinafter stated.
2.
To mandate the participation of all domestic Insurers and all Insurers licensed
to write those classes of insurance listed in R.I. Gen. Laws §§
27-8-1 and
27-8-3 in the State of Rhode
Island and to equitably apportion and distribute the writings, expenses,
profits, if any, and losses of this Program among Insurers licensed to write
Basic Property Insurance, as defined herein, in this State.
3. To encourage the improvement of properties
located in urban areas and to further orderly community development.
4. To make public the purposes and procedures
of this Program.
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