§ 42-62-15. Facility reinsurance pool. (a) To be eligible to offer plans meeting minimum standards, insurers which are for profit entities or self insurers may enter an agreement to form a facility reinsurance pool within which losses are shared among the insurers on an annual basis in proportion to the number of persons insured pursuant to articles I and II of this chapter.
(b) The agreements shall not be effective until approved by the director of the department of business regulation as being in the public interest and in conformance with regulations issued by the department of business regulation.
(c) If, after a sixty (60) day notice to all of these facility reinsurance pool insurers and after a public hearing, the director of the department of business regulation makes a finding that there is a lack of fair competition among the insurers, or that the public interest is not being served by existing agreements, or by a lack of an agreement, the director may require these insurers as a condition of doing business within the state to participate in the facility reinsurance pool established under regulations issued pursuant to this chapter.
History of Section. (P.L. 1974, ch. 50, § 1.)
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