State Codes and Statutes
Statutes > Rhode-island > Title-28 > Chapter-28-47 > 28-47-5SECTION 28-47-5
§ 28-47-5 Termination of group. – If for any reason, the status of a group self-insurer under this chapter isterminated, the surety bond on deposit, trust fund, or other security referredto in § 28-47-2 shall remain in the custody of the director for a periodof at least twenty-six (26) months. At the expiration of any time or anyfurther period that the director may deem proper and warranted, he or she mayaccept in lieu of the bond, and for the additional purpose of securing thatfurther and future contingent liability as may arise from prior injuries toworkers and be incurred by reason of any change in the condition of thoseworkers warranting the workers' compensation court making subsequent awards forpayment of additional compensation, a policy of insurance furnished by thegroup self-insurer, its successors or assigns, or others carrying on orliquidating that self-insurance group. That policy shall be in a form approvedby the director and issued by any insurance company licensed to issue thisclass of insurance in this state. It shall only be issued for a single completepremium payment in advance by the group self-insurer. It shall be given in anamount to be determined by the director and when issued shall not be subject tocancellation for any cause during the continuance of the liability secured andso covered.
