Rhode Island H7859 updates and eliminates outdated insurance law sections.

Rhode Island H7859 provides an update to certain insurance sections of law to update or eliminate outdated sections of the insurance law. The bill repeals and amends various sections related to domestic and foreign insurance companies, insurance holding company systems, and insurance producer licensing. It also creates the Rhode Island commission on hurricane loss projection methodology to provide actuarially sophisticated guidelines for projecting hurricane losses. The bill takes effect upon passage.

Rhode Island H7859 updates and eliminates outdated insurance law sections.

Rhode Island H7859 provides an update to certain insurance sections of law to update or eliminate outdated sections of the insurance law. The bill repeals and amends various sections related to domestic and foreign insurance companies, insurance holding company systems, and insurance producer licensing. It also creates the Rhode Island commission on hurricane loss projection methodology to provide actuarially sophisticated guidelines for projecting hurricane losses. The bill takes effect upon passage.