There is created a nonprofit unincorporated legal entity to be known as the “Rhode Island Property & Casualty Insurance Guaranty Association,” such entity formerly known as the “Rhode Island insurers’ insolvency fund.” All insurers defined as member insurers in § 27-34-5 shall be and remain members of the association as a condition of their authority to transact insurance in this state. The association shall perform its functions under a plan of operation established and approved under § 27-34-9 and shall exercise its powers through a board of directors established under § 27-34-7. For the purposes of administration and assessment, there shall be three (3) separate accounts: (1) The workers’ compensation insurance account; (2) The automobile insurance account; and (3) The account for all other insurance to which this chapter applies.
R.I. Gen. Laws § 27-34-6
Creation of the association
Known as the Rhode Island Property & Casualty Insurance Guaranty Association Act
The act spans §§ 27–27 (30 sections).
Applied in 2 court decisions — leading case 811 F. Supp. 54 - Metropolitan Property & Casualty Insurance v. Rhode Island Insurer's Insolvency Fund (1993)
Most recently applied in Kachanis v. United States (February 1994)
P.L. 1988, ch. 407, § 2; P.L. 2010, ch. 91, § 1; P.L. 2010, ch. 117, § 1.
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.