At its option, a depository institution may elect to purchase insurance for one hundred percent (100%) of any public deposit not covered by federal deposit insurance or secured pursuant to this chapter; provided, that this insurance is provided by an insurer rated “AAA” by standard & poor’s corporation, moody’s investors service, or both. This insurance may be provided in lieu of, but shall not be required in addition to, collateral otherwise required pursuant to this chapter.
R.I. Gen. Laws § 35-10.1-8
Insurance
Known as the Rhode Island Collateralization of Public Deposits Act
The act spans §§ 35-10.1-1 to 35-10.1-9 (11 sections).
P.L. 1991, ch. 44, art. 74, § 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.