Unauthorized Insurance Business

SECTION 27-16-10

§ 27-16-10. Security or certificate required before defensive pleadings.

Before any unauthorized foreign or alien insurer shall file or cause to be filed any pleading in any action, suit, or proceeding instituted against it, the unauthorized insurer shall deposit with the clerk of the court in which the action, suit, or proceeding is pending, cash or securities, or file with the clerk a bond with good and sufficient sureties, to be approved by the court, in an amount to be fixed by the court sufficient to secure the payment of any final judgment which may be rendered in the action, or procure a certificate of authority to transact the business of insurance in this state.

History of Section.
(P.L. 1956, ch. 3725, § 3; G.L. 1956, § 27-16-10.)