{"data":{"id":"us-ri/r.i.-gen.-laws-27-72-4","jurisdiction":"us-ri","citation":"R.I. Gen. Laws § 27-72-4","heading":"License suspension, revocation or refusal to renew.","body":"(a) The commissioner may suspend, revoke, or refuse to renew the license of any licensee if the commissioner finds that:\n(1) There was any material misrepresentation in the application for the license;\n(2) The licensee or any officer, partner, member, or director has been guilty of fraudulent or dishonest practices, is subject to a final administrative action, or is otherwise shown to be untrustworthy or incompetent to act as a licensee;\n(3) The provider demonstrates a pattern of unreasonably withholding payments to policy owners;\n(4) The licensee no longer meets the requirements for initial licensure;\n(5) The licensee or any officer, partner, member, or director has been convicted of a felony, or of any misdemeanor of which criminal fraud is an element; or the licensee has pleaded guilty or nolo contendere with respect to any felony or any misdemeanor of which criminal fraud is an element, regardless whether a judgment of conviction has been entered by the court;\n(6) The provider has entered into any life settlement contract using a form that has not been approved pursuant to this chapter;\n(7) The provider has failed to honor contractual obligations set out in a life settlement contract;\n(8) The provider has assigned, transferred, or pledged a settled policy to a person other than a provider licensed in this state, a purchaser, an accredited investor or qualified institutional buyer as defined respectively in Regulation D, Rule 501, 17 C.F.R. § 230.501, or Rule 144A of the Federal Securities Act of 1933, as amended, 17 C.F.R. § 230.144A, financing entity, special purpose entity, or related provider trust; or\n(9) The licensee or any officer, partner, member, or key management personnel has violated any of the provisions of this chapter.\n(b) Before the commissioner denies a license application or suspends, revokes, or refuses to renew the license of any licensee under this chapter, the commissioner shall conduct a hearing in accordance with this state’s laws governing administrative hearings.","path":["Title 27 Insurance","Chapter 72 Life Settlements Act"],"source_url":"https://webserver.rilegislature.gov/Statutes/TITLE27/27-72/27-72-4.htm","current_through":"site files published 2025-08-13","vintage":"","retrieved_at":"2026-09-05T19:57:45Z","sha256":"d07a004d1414738b1424d4ea6b5d9babc587b39c37764da38f27f25c8f2eab8d","source_id":"us-ri","stale":true,"prev":"us-ri/r.i.-gen.-laws-27-72-3","next":"us-ri/r.i.-gen.-laws-27-72-5"},"notice":"GroundRules: Original legal text. Not legal advice."}