§ 31-33-9. Self-insurers. (a) Any person in whose name more than twenty-five (25) vehicles are registered in this state may qualify as a self-insurer by obtaining a certificate of self-insurance issued by the department of business regulation as provided in subsection (b) of this section.
(b) The department of business regulation may, in its discretion, upon the application of such a person, issue a certificate of self-insurance when it is satisfied that the person is possessed, and will continue to be possessed of, the ability to pay judgment obtained against the person. The certificate may be issued authorizing a person to act as a self-insurer for either property damage or bodily injury, or both.
(c) Upon not less than five (5) days' notice and a hearing pursuant to notice, the department of business regulation may upon reasonable grounds cancel a certificate of self-insurance. Failure to pay any judgment within thirty (30) days after the judgment shall have become final shall constitute a reasonable ground for the cancellation of a certificate of self-insurance.
(d) Entities applying to, or previously authorized to, permissibly self-insure are subject to the jurisdiction of the department of business regulation. The department of business regulation is authorized to promulgate and enforce rules and regulations that may be necessary to carry out the provisions of this section including, but not limited to:
(1) Obtaining and reviewing financial statements and related information necessary to ascertain the applicant's ability to self-insure.
(2) Apportioning the cost of review to the applicant in a manner similar to that utilized to charge insurance companies for review and analysis of their financial statements.
(3) Imposing and enforcing upon entities authorized to permissibly self-insure any and all claims handling and settlement practices required of insurers in the settlement of claims.
History of Section. (P.L. 1952, ch. 3002, § 34; G.L. 1956, § 31-31-8; P.L. 1962, ch. 204, § 2; G.L. 1956, § 31-33-9; P.L. 2014, ch. 29, § 1; P.L. 2014, ch. 36, § 1.)
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.