Bill > S2775

This bill updates various sections of Rhode Island insurance law by repealing outdated provisions and amending others to reflect current practices and regulatory authority. Specifically, it removes sections related to the forfeiture of charters for unsafe practices, the appointment and powers of receivers for insolvent insurance companies, and penalties for unlawful business by foreign insurance companies. It also amends sections concerning reciprocal fees and charges for foreign insurance companies, the penalties for non-compliance, and the revocation or suspension of licenses, consolidating enforcement actions under a general penalty statute (§ 42-14-16). Additionally, the bill updates provisions related to portable electronics insurance, information reporting for fire losses, reciprocal exchanges, fraternal codes, unfair competition, and insurance holding company systems, often by referencing the broader penalty statute or clarifying existing regulations. Finally, it makes a technical correction to the Uniform Insurers Liquidation Act regarding the director's role as a receiver.