Surety Bond Blog » RI

Rhode Island Surplus Line Broker Bond

Eric Weisbrot — Wed, 25 Jan 2012 19:43:52 +0000

Surplus line brokers are affected by revised surety law in Rhode Island. The new law is named SB 758/HB 5953 and modifies the surety bond requirements for surplus line brokers so that it pertains only to resident surplus line brokers.

Rhode Island Mortgage Originator Bond Update

Eric Weisbrot — Tue, 06 Dec 2011 18:41:11 +0000

Mortgage loan originators in Rhode Island no longer need to worry about a net worth requirement thanks to a new law that was enacted in August. The new law is named SB 307 and terminates the minimum net worth requirement that was required of mortgage loan originators; now only the surety bond is required.

Rhode Island Discount Medical Plan Organization Bond

Eric Weisbrot — Mon, 19 Jul 2010 20:19:26 +0000

Discount medical plan organizations operating in the State of Rhode Island must follow a new law titled HB 7606. The new law requires discount medical plan organizations to register and acquire a $100,000 surety bond. HB 7606 allows the Health Insurance Commissioner to utilize the surety bond at their discretion to secure the financial interest of the company’s members which includes reimbursement to consumers if the company’s registration is withdrawn. A state licensed insurance company must write the surety bond. Alternative types of security also would be authorized in place of the bond.