The bill amends Chapter 27-7 of the General Laws regarding liability insurance by introducing a new section, 27-7-1.1, which prohibits "wasting policies." Under this new provision, every insurance policy that insures against liability for property damage or personal injuries, as well as any policy that indemnifies a person for such liability (excluding workers' compensation), must state a policy limit that is fully available for the payment of claims. Additionally, no portion of the policy limit may be used for the payment of fees or costs to defend a claim. This act is set to take effect immediately upon its passage.