Bill > H7859

This bill aims to modernize Rhode Island's insurance laws by repealing or updating outdated provisions. Specifically, it removes sections related to the forfeiture of charters and receivership for domestic insurance companies, as well as provisions concerning foreign insurance companies, reciprocal privileges for insurance producers, and penalties for unlawful business. The bill also amends sections to update references to other laws, change penalty structures from fixed fines to penalties determined by the Insurance Commissioner under a specific section (§ 42-14-16), and clarifies rules for insurance holding company systems, including new requirements for deposits or bonds when an insurer is in a hazardous financial condition and provisions for the ownership and access to records held by affiliates. Additionally, it updates language regarding the suspension or revocation of licenses and enforcement of fire loss reporting. The bill will take effect upon its passage.

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