Rhode Island S2775 updates insurance law by repealing and amending sections to modernize regulations.

Rhode Island S2775 updates certain sections of the insurance law to eliminate outdated provisions and modernize regulations. The bill repeals sections related to domestic insurance companies and foreign insurance companies, and amends sections concerning penalties, insurance producer licensing, and the Rhode Island commission on hurricane loss projection methodology. The updated law aims to ensure compliance with current standards and improve the accuracy of hurricane loss projections in residential property insurance rate filings. This act takes effect upon passage.

Rhode Island S2775 updates insurance law by repealing and amending sections to modernize regulations.

Rhode Island S2775 updates certain sections of the insurance law to eliminate outdated provisions and modernize regulations. The bill repeals sections related to domestic insurance companies and foreign insurance companies, and amends sections concerning penalties, insurance producer licensing, and the Rhode Island commission on hurricane loss projection methodology. The updated law aims to ensure compliance with current standards and improve the accuracy of hurricane loss projections in residential property insurance rate filings. This act takes effect upon passage.