The bill proposes the repeal of Section 27-11.1-3 of the General Laws, which pertains to investments by domestic insurance companies. The current law imposes a limitation that allows domestic insurance companies to invest in assets reported in Schedule BA of their annual statement, provided that these investments do not exceed ten percent (10%) of the company's admitted assets. The specific types of investments that were previously included in this limitation, such as loans on oil and gas production payments, transportation equipment, timber deeds, and mineral rights, will no longer be restricted under the new legal framework.

The new legal language introduced in the bill replaces the previous provisions with a broader allowance for investments in Schedule BA assets without the ten percent cap. This change aims to provide domestic insurance companies with greater flexibility in their investment strategies, potentially allowing for increased investment opportunities. The act is set to take effect immediately upon passage.

Statutes affected:
6315: 27-11.1-3