The bill seeks to amend and reenact various sections of the General Laws of Rhode Island, primarily focusing on enhancing information security protocols for domestic insurance companies. It introduces new sections, 27-1-46 and 27-1-47, which require insurers to develop comprehensive written information security programs and notify the commissioner of any cybersecurity events within three business days if certain criteria are met. The bill emphasizes the importance of protecting nonpublic information, establishing incident response plans, and maintaining records of cybersecurity events for at least five years. Additionally, it mandates annual compliance certification and outlines the responsibilities of insurers in managing third-party service provider arrangements.

Moreover, the bill establishes the Interstate Insurance Product Regulation Compact, which aims to create a cooperative framework for regulating insurance products across states. It details the governance structure of the commission responsible for setting uniform standards, including voting procedures and the establishment of advisory committees. The bill also includes provisions for the confidentiality of actuarial opinions, updates to insurance rating practices, and amendments related to health insurance coverage and consumer protections. Overall, the bill aims to enhance regulatory oversight, improve consumer protections, and ensure the effective operation of the insurance industry in Rhode Island.

Statutes affected:
6385: 27-1.1-3, 27-2.5-2, 27-2.6-3, 27-4-27, 27-7.1-13.1, 27-9.3-2, 27-10.3-1, 27-14.3-32, 27-18-25, 27-18.5-2, 27-18.6-2, 27-18.9-5, 42-11-10, 42-11-13, 42-12.2-2, 42-12.3-5.1, 42-14.2-9, 42-14.5-2.1, 42-14.6-3, 42-17.8-2, 42-17.9-4, 42-20-3, 42-28.6-14, 42-30.1-2, 42-35.1-3, 42-37-1, 42-41-9, 5-39.3-15, 5-95-5, 6-1-5, 11-37.1-6, 12-13-1.1, 16-7-22, 23-12.7-3, 28-27-11, 28-45-9, 31-1-23, 31-27-2, 37-2-82, 39-26.1-10, 44-20.1-3, 45-21.2-9
6385  SUB A: 27-1.1-3, 27-2.5-2, 27-2.6-3, 27-4-27, 27-7.1-13.1, 27-9.3-2, 27-10.3-1, 27-14.3-32, 27-18-25, 27-18.5-2, 27-18.6-2, 27-18.9-5, 42-11-10, 42-11-13, 42-12.2-2, 42-12.3-5.1, 42-14.2-9, 42-14.5-2.1, 42-14.6-3, 42-17.8-2, 42-17.9-4, 42-20-3, 42-28.6-14, 42-30.1-2, 42-35.1-3, 42-37-1, 42-41-9, 5-39.3-15, 5-95-5, 6-1-5, 11-37.1-6, 16-7-22, 23-12.7-3, 28-27-11, 28-45-9, 31-1-23, 31-27-2, 37-2-82, 39-26.1-10, 44-20.1-3, 45-21.2-9