Licensing Requirements: Surplus lines brokers are required to be licensed under Rhode Island law. R.I. Gen. Laws § 27-3-38; R.I Ins. Reg. 11 § 4. Rhode Island residents must hold a property
Does the state impose a fiduciary obligation on producers with respect to the handling of client funds (e.g. funds, monies, premiums and return premiums)? Yes. Any premium collected by the
May producers both charge a fee and collect a commission in connection with transactions and services provided to a particular client? An insurance producer who receives a commission from a
Before the purchase of insurance, an insurance provider must (1) obtain the customer’s documented acknowledgment that the compensation will be received by the producer and (2) provide a description of
What entities are covered? “Any state agency or person* that owns, maintains or licenses computerized data that includes personal information.” (§11-49.2-3(a)) A “[p]erson” includes “any individual, partnership association, corporation or
