# R.I. Gen. Laws § 27-72-4: License suspension, revocation or refusal to renew

> Rhode Island · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_RI_T27_C27-72_S27-72-4

## Section

- **Citation:** R.I. Gen. Laws § 27-72-4
- **Heading:** License suspension, revocation or refusal to renew
- **Jurisdiction:** Rhode Island
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** RI Code / Title 27 / Chapter 27-72 / Section 27-72-4

## Text

(a) The commissioner may suspend, revoke, or refuse to renew the license of any licensee if the commissioner finds that:

(1) There was any material misrepresentation in the application for the license;

(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;

(3) The provider demonstrates a pattern of unreasonably withholding payments to policy owners;

(4) The licensee no longer meets the requirements for initial licensure;

(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;

(6) The provider has entered into any life settlement contract using a form that has not been approved pursuant to this chapter;

(7) The provider has failed to honor contractual obligations set out in a life settlement contract;

(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

(9) The licensee or any officer, partner, member, or key management personnel has violated any of the provisions of this chapter.

(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.

## Nearby sections

- [R.I. Gen. Laws § 27-72-1 § 27-72-1. Title.](https://www.frixlaw.com/law-library/statutes/STATE_RI_T27_C27-72_S27-72-1.md)
- [R.I. Gen. Laws § 27-72-2 § 27-72-2. Definitions.](https://www.frixlaw.com/law-library/statutes/STATE_RI_T27_C27-72_S27-72-2.md)
- [R.I. Gen. Laws § 27-72-3 § 27-72-3. Licensing requirements.](https://www.frixlaw.com/law-library/statutes/STATE_RI_T27_C27-72_S27-72-3.md)
- [R.I. Gen. Laws § 27-72-4 § 27-72-4. License suspension, revocation or refusal to renew.](https://www.frixlaw.com/law-library/statutes/STATE_RI_T27_C27-72_S27-72-4.md)
- [R.I. Gen. Laws § 27-72-5 § 27-72-5. Contract requirements.](https://www.frixlaw.com/law-library/statutes/STATE_RI_T27_C27-72_S27-72-5.md)
- [R.I. Gen. Laws § 27-72-6 § 27-72-6. Reporting requirements and privacy.](https://www.frixlaw.com/law-library/statutes/STATE_RI_T27_C27-72_S27-72-6.md)
- [R.I. Gen. Laws § 27-72-7 § 27-72-7. Examination.](https://www.frixlaw.com/law-library/statutes/STATE_RI_T27_C27-72_S27-72-7.md)
- [R.I. Gen. Laws § 27-72-8 § 27-72-8. Advertising.](https://www.frixlaw.com/law-library/statutes/STATE_RI_T27_C27-72_S27-72-8.md)
- [R.I. Gen. Laws § 27-72-9 § 27-72-9. Disclosures to owners.](https://www.frixlaw.com/law-library/statutes/STATE_RI_T27_C27-72_S27-72-9.md)
- [R.I. Gen. Laws § 27-72-10 § 27-72-10. Disclosure to insurer.](https://www.frixlaw.com/law-library/statutes/STATE_RI_T27_C27-72_S27-72-10.md)
- [R.I. Gen. Laws § 27-72-11 § 27-72-11. General rules.](https://www.frixlaw.com/law-library/statutes/STATE_RI_T27_C27-72_S27-72-11.md)
- [R.I. Gen. Laws § 27-72-12 § 27-72-12. Authority to promulgate regulations €” Conflict of laws.](https://www.frixlaw.com/law-library/statutes/STATE_RI_T27_C27-72_S27-72-12.md)
- [R.I. Gen. Laws § 27-72-13 § 27-72-13. Prohibited practices.](https://www.frixlaw.com/law-library/statutes/STATE_RI_T27_C27-72_S27-72-13.md)
- [R.I. Gen. Laws § 27-72-14 § 27-72-14. Fraud prevention and control.](https://www.frixlaw.com/law-library/statutes/STATE_RI_T27_C27-72_S27-72-14.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_RI_T27_C27-72_S27-72-4. Check the current official text before relying on it. Not legal advice.