In August of 2015 amendments to Rhode Island Insurance Regulation 68 were enacted to enhance the process by which eligible books of business can be transferred to an existing shell insurer or newly created entity in Rhode Island and expand the application of the Rhode Island Commutation Plan Statute.
In the pamphlet, we:
- Explain the process created by the Regulation 68 amendments;
- Identify and respond to the objections that were raised in opposition to the Regulation 68 amendments; and
- Describe how this process should be considered by all insurers and reinsurers looking to crystallize their liabilities, honor their obligations, and extract all residual capital from eligible legacy books of business.