2017 Rhode Island General Laws
Title 27 - Insurance
Chapter 27-72 - Life Settlements Act
Section 27-72-4 - License suspension, revocation or refusal to renew.
§ 27-72-4. License suspension, revocation or refusal to renew.
(a) The commissioner may suspend, revoke or refuse to renew the license of any licensee if the commissioner finds that:
(1) There was any material misrepresentation in the application for the license;
(2) The licensee or any officer, partner, member or director has been guilty of fraudulent or dishonest practices, is subject to a final administrative action or is otherwise shown to be untrustworthy or incompetent to act as a licensee;
(3) The provider demonstrates a pattern of unreasonably withholding payments to policy owners;
(4) The licensee no longer meets the requirements for initial licensure;
(5) The licensee or any officer, partner, member or director has been convicted of a felony, or of any misdemeanor of which criminal fraud is an element; or the licensee has pleaded guilty or nolocontendere with respect to any felony or any misdemeanor of which criminal fraud or moral turpitude is an element, regardless whether a judgment of conviction has been entered by the court;
(6) The provider has entered into any life settlement contract using a form that has been approved pursuant to this chapter;
(7) The provider has failed to honor contractual obligations set out in a life settlement contract;
(8) The provider has assigned, transferred or pledged a settled policy to a person other than a provider licensed in this state, a purchaser, an accredited investor or qualified institutional buyer as defined respectively in Regulation D, Rule 501 or Rule 144A of the Federal Securities Act of 1933, as amended, financing entity, special purpose entity, or related provider trust; or
(9) The licensee or any officer, partner, member or key management personnel has violated any of the provisions of this chapter.
(b) Before the commissioner denies a license application or suspends, revokes or refuses to renew the license of any licensee under this chapter, the commissioner shall conduct a hearing in accordance with this state's laws governing administrative hearings.
History of Section.
(P.L. 2009, ch. 195, § 1; P.L. 2009, ch. 262, § 1.)
