§ 27-8-5 - Nonassessable insurance by mutual companies. - Rhode-island Statutes

State Codes and Statutes

Statutes > Rhode-island > Title-27 > Chapter-27-8 > 27-8-5

SECTION 27-8-5

§ 27-8-5 Nonassessable insurance by mutualcompanies. – A mutual company incorporated by this or any other state may also issuepolicies insuring property and risks in this state without the contingentmutual liability of the policyholders for assessment; provided, that it shallhave at all times net assets over all liabilities of not less than one hundredthousand dollars ($100,000) and, if incorporated by this state, shall maintaina deposit with the general treasurer for the benefit and protection of all ofits policyholders of at least one hundred thousand dollars ($100,000), or, ifincorporated by any other state, it shall maintain that deposit in its homestate, which deposit in each case shall be in cash or securities that are legalinvestments by that company in its home state.

State Codes and Statutes

Statutes > Rhode-island > Title-27 > Chapter-27-8 > 27-8-5

SECTION 27-8-5

§ 27-8-5 Nonassessable insurance by mutualcompanies. – A mutual company incorporated by this or any other state may also issuepolicies insuring property and risks in this state without the contingentmutual liability of the policyholders for assessment; provided, that it shallhave at all times net assets over all liabilities of not less than one hundredthousand dollars ($100,000) and, if incorporated by this state, shall maintaina deposit with the general treasurer for the benefit and protection of all ofits policyholders of at least one hundred thousand dollars ($100,000), or, ifincorporated by any other state, it shall maintain that deposit in its homestate, which deposit in each case shall be in cash or securities that are legalinvestments by that company in its home state.

State Codes and Statutes

Back To Homepage

State Codes and Statutes

Statutes > Rhode-island > Title-27 > Chapter-27-8 > 27-8-5

SECTION 27-8-5

§ 27-8-5 Nonassessable insurance by mutualcompanies. – A mutual company incorporated by this or any other state may also issuepolicies insuring property and risks in this state without the contingentmutual liability of the policyholders for assessment; provided, that it shallhave at all times net assets over all liabilities of not less than one hundredthousand dollars ($100,000) and, if incorporated by this state, shall maintaina deposit with the general treasurer for the benefit and protection of all ofits policyholders of at least one hundred thousand dollars ($100,000), or, ifincorporated by any other state, it shall maintain that deposit in its homestate, which deposit in each case shall be in cash or securities that are legalinvestments by that company in its home state.