Rhode Island § 27-46-9 - Risk Retention Act
Full text of Rhode Island Rhode Island General Laws § 27-46-9 — Risk Retention Act, with citation guidance and answers to common questions.
§ 27-46-9. Risk Retention Act
R.I. Gen. Laws § 27-46-9
§ 27-46-9. Restrictions on insurance purchased by purchasing groups.
(a) A purchasing group may not purchase insurance from a risk retention group that is not chartered in a state or from an insurer not admitted in the state in which the purchasing group is located, unless the purchase is effected through a licensed agent or broker or insurance producer acting pursuant to the surplus lines laws and regulations of that state.
(b) A purchasing group which obtains liability insurance from an insurer not admitted in this state or a risk retention group shall inform each of the members of the group which have a risk resident or located in this state that the risk is not protected by an insurance insolvency guaranty fund in this state, and that the risk retention group or the insurer may not be subject to all insurance laws and regulations of this state.
(c) No purchasing group may purchase insurance providing for a deductible or self-insured retention applicable to the group as a whole; coverage may provide for a deductible or self-insured retention applicable to individual members.
(d) Purchases of insurance by purchasing groups are subject to the same standards regarding aggregate limits which are applicable to all purchases of group insurance.
History of Section.
P.L. 1991, ch. 348, § 1.
Frequently Asked Questions About Rhode Island § 27-46-9
What does Rhode Island General Laws § 27-46-9 cover?
Section 27-46-9 ("Risk Retention Act") is part of the Rhode Island General Laws, the codified statutory law of Rhode Island. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Rhode Island § 27-46-9?
A common citation format is "Rhode Island General Laws § 27-46-9" (Rhode Island). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Rhode Island law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Rhode Island official source linked on this page or consult a licensed Rhode Island attorney.
How does Rhode Island § 27-46-9 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Rhode Island can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Rhode Island.