R.I. Gen. Laws § 27-6.1-1: Purpose.

The purpose of this chapter is to:

(1) Promote the public welfare by regulating lender-placed insurance on real property.

(2) Create a legal framework within which lender-placed insurance on real property may be written in this state.

(3) Help maintain the separation between lenders/servicers and insurers/insurance producers.

(4) Minimize the possibilities of unfair competitive practices in the sale, placement, solicitation, and negotiation of lender-placed insurance.