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-20-05-11.21 - Termination of the Program

This Program shall not be terminated without a two-thirds vote of the majority of the entire membership and the written consent of the Commissioner, and only after repeal of R.I. Gen. Laws § 27-33-1 et seq. by the Rhode Island General Assembly. Any obligations insured by the Association shall not be impaired by the expiration of this Program and the Association shall be continued for the purpose of performing its obligations to administer this Program. Any vote to terminate this Program shall specify an effective date on which the Association shall cease writing policies, but the Association shall continue in existence for as long as the Governing Committee shall determine necessary in order to settle claims, carry out its obligations to policyholders and wind up its affairs. The termination of the existence of the Association shall not relieve the Members of their obligations to the Association or among themselves, but such obligations shall continue until the affairs of the Association are finally wound up and all funds are distributed and assessments paid.