The bill proposes the repeal of Section 27-11.1-3 of the General Laws, which currently imposes a limitation that restricts domestic insurance companies from investing more than ten percent (10%) of their admitted assets in assets reported in Schedule BA of their annual statement. The repeal aims to eliminate this investment cap, thereby allowing domestic insurance companies greater flexibility in their investment strategies.

Additionally, the bill introduces new legal language that establishes a framework for maximum investments in assets currently reported in Schedule BA. This change signifies a shift in regulatory oversight, potentially encouraging domestic insurance companies to diversify their investment portfolios without the previous restrictions. The act is set to take effect immediately upon passage.

Statutes affected:
6315: 27-11.1-3