Updates and eliminates outdated sections of Rhode Island insurance law.

This bill updates and eliminates outdated sections of Rhode Island insurance law. It repeals certain sections and amends others to modernize and streamline the insurance regulatory framework. The changes include updates to the procedures for appointing receivers, modifying the composition and duties of the Rhode Island Commission on Hurricane Loss Projection Methodology, and adjusting penalties for various insurance violations. The bill aims to ensure that the insurance laws remain current and effective in regulating insurance companies operating within the state.

Updates and eliminates outdated sections of Rhode Island insurance law.

This bill updates and eliminates outdated sections of Rhode Island insurance law. It repeals certain sections and amends others to modernize and streamline the insurance regulatory framework. The changes include updates to the procedures for appointing receivers, modifying the composition and duties of the Rhode Island Commission on Hurricane Loss Projection Methodology, and adjusting penalties for various insurance violations. The bill aims to ensure that the insurance laws remain current and effective in regulating insurance companies operating within the state.