The bill proposes the repeal of Section 27-11.1-3 of the General Laws, which pertains to investments by domestic insurance companies. This section previously imposed a limitation that restricted these companies from investing more than ten percent (10%) of their admitted assets in assets reported in Schedule BA of their annual statement. The specific types of investments that were included under this limitation, such as loans on oil and gas production payments, transportation equipment, timber deeds, mineral rights, motor vehicle trust certificates, and other classes of admitted investments, are also removed from the law.

By eliminating this ten percent cap, the bill aims to provide domestic insurance companies with greater flexibility in their investment strategies regarding Schedule BA assets. The act is set to take effect immediately upon passage.

Statutes affected:
6315: 27-11.1-3