R.I. Gen. Laws § 27-25-44
Fraternal benefit society assessment
Redline — November 1, 2021 → current.View current text →
Current — November 1, 2022
As of November 1, 2021
(1) Notwithstanding any other provisions of law, each domestic fraternal benefit society shall be charged an assessment to partially support the activities of the division of insurance in the department of business regulation.
(1) Notwithstanding any other provisions of law, each domestic fraternal benefit society shall be charged an assessment to partially support the activities of the division of insurance in the department of business regulation.
(2) Each society’s assessment shall be determined in accordance with the following ratio: (1) by dividing the society’s total direct premiums, including annuities, less policyholder dividends by total direct premiums, including annuities, less policyholder dividends of all domestic insurance companies plus the total direct premiums of domestic companies licensed or regulated pursuant to chapters 19, 20, 20.1, 20.2, 20.3, 25, and 41 of this title, and chapter 62 of title 42, and then by (2) multiplying the resulting ratio times two hundred thousand dollars ($200,000).
(2) Each society’s assessment shall be determined in accordance with the following ratio: (1) by dividing the society’s total direct premiums, including annuities, less policyholder dividends by total direct premiums, including annuities, less policyholder dividends of all domestic insurance companies plus the total direct premiums of domestic companies licensed or regulated pursuant to chapters 19, 20, 20.1, 20.2, 20.3, 25, and 41 of this title, and chapter 62 of title 42, and then by (2) multiplying the resulting ratio times two hundred thousand dollars ($200,000).
(3) The minimum assessment charged shall be the greater of the sum determined by subsection (b) of this section or one thousand dollars ($1,000).
(3) The minimum assessment charged shall be the greater of the sum determined by subsection (b) of this section or one thousand dollars ($1,000).
(4) Provide loss mitigation or loss control;
(5) Reduce claim costs or claim settlement costs;
(6) Provide education about liability risks or risk of loss to persons or property;
(7) Monitor or assess risk, identify sources of risk, or develop strategies for eliminating or reducing risk;
(8) Enhance health;
(9) Enhance financial wellness through items such as education or financial planning services;
(10) Provide post-loss services;
(11) Incent behavioral changes to improve the health or reduce the risk of death or disability of a customer (defined for purposes of this subsection as policyholder, potential policyholder, certificate holder, potential certificate holder, insured, potential insured, or applicant); or
(12) Assist in the administration of the employee or retiree benefit insurance coverage.
Official source: Rhode Island General Assembly. Reproduced from public-domain Rhode Island statutes; confirm against the official source for the current text. Not legal advice.