The bill proposes amendments to the "Producer Licensing Act" within the General Laws, affecting definitions, fees, and notification requirements for insurance producers. It updates the language in section 27-2.4-2 for inclusivity, replacing gender-specific pronouns with gender-neutral ones and removing the term "Contracted producer report." Section 27-2.4-4 simplifies the fee structure by eliminating the contracted producer report fee and maintaining the license and renewal fees at $55.00. Section 27-2.4-16 revises the notification process for the termination of insurance producers, distinguishing between terminations for cause, which require notification within 30 days, and terminations without cause, which have different requirements.

The bill also addresses confidentiality and immunity issues, granting immunity from civil liability to insurers, representatives, producers, and the insurance commissioner in the absence of actual malice. It ensures the confidentiality of documents and information related to investigations, limiting their use in private civil actions and allowing the insurance commissioner to share information with other agencies under certain conditions. Penalties are specified for unauthorized disclosure and for failure to report or reporting with actual malice. Additionally, the bill amends the definitions in Chapter 27-10 regarding "Claim Adjusters," exempts certain individuals from the chapter's provisions, and increases the maximum annual average assessment for examination expenses. It also clarifies the roles of superintendents of banking and insurance, outlines new procedures for the appointment of insurance producers, and adjusts the audit requirements for third-party administrators. The act will take effect upon passage, with section 1 effective on January 1, 2025.

Statutes affected:
7283  SUB A: 27-13.1-7, 27-20.7-7, 42-14-5
7283: 27-13.1-7, 27-20.7-7, 42-14-5