The bill proposes the repeal of Section 27-11.1-3 of the General Laws, which currently imposes a limitation on domestic insurance companies, restricting them from investing more than ten percent (10%) of their admitted assets in assets reported in Schedule BA of their annual statement. The section outlines specific types of investments that fall under this limitation, including loans on oil and gas production payments, transportation equipment, timber deeds, mineral rights, motor vehicle trust certificates, and other admitted investments not categorized elsewhere.

By repealing this ten percent cap, the bill aims to eliminate the restriction on investments in Schedule BA assets, thereby providing domestic insurance companies with greater flexibility in their investment strategies. The act is set to take effect immediately upon passage.

Statutes affected:
1047: 27-11.1-3