Bill > S0600

This bill makes several technical corrections to Rhode Island insurance law, focusing on three key areas: defining cybersecurity insurance, modifying provisions related to the Rhode Island Property and Casualty Insurance Guaranty Association, and making technical amendments to the voluntary restructuring of solvent insurers. Specifically, the bill introduces a definition for "cybersecurity insurance" as coverage for first and third-party losses related to data privacy breaches, cyber attacks, and similar digital security risks. It expands the definitions and coverage of the state's insurance guaranty association, including clarifying what constitutes a "covered claim" and adding provisions for claims involving cybersecurity insurance. The bill also increases the association's claim payment limits, with a new $1 million limit for first-party property loss claims and a $500,000 limit for cybersecurity insurance claims. Additionally, the bill makes technical changes to definitions and procedures related to insurance regulation, such as updating references to the commissioner and clarifying terms like "novation" and "assumed claims transaction". The bill is set to take effect on January 1, 2026, providing insurers and regulatory bodies time to prepare for the new provisions.

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