2025 -- S 1047 | |
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LC002899 | |
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STATE OF RHODE ISLAND | |
IN GENERAL ASSEMBLY | |
JANUARY SESSION, A.D. 2025 | |
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A N A C T | |
RELATING TO INSURANCE -- INVESTMENTS BY DOMESTIC INSURANCE | |
COMPANIES | |
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Introduced By: Senators Dimitri, and Tikoian | |
Date Introduced: May 09, 2025 | |
Referred To: Senate Finance | |
It is enacted by the General Assembly as follows: | |
1 | SECTION 1. Section 27-11.1-3 of the General Laws in Chapter 27-11.1 entitled |
2 | "Investments by Domestic Insurance Companies" is hereby repealed. |
3 | 27-11.1-3. Maximum investments in investments currently reported in Schedule BA |
4 | of the annual statement blank. |
5 | A domestic insurance company may invest in those assets, which are currently reported in |
6 | Schedule BA of its annual statement; provided, that those investments do not exceed in the |
7 | aggregate ten percent (10%) of the company’s admitted assets. Those investments may include, but |
8 | are not limited to, the following types of investments: |
9 | (1) All loans on or investments in oil and gas production payments; |
10 | (2) All transportation equipment; |
11 | (3) Timber deeds; |
12 | (4) Mineral rights carried as admitted assets; |
13 | (5) Motor vehicle trust certificates; and |
14 | (6) Any other class of admitted investment not clearly includible in other statement |
15 | schedules. |
16 | SECTION 2. This act shall take effect upon passage. |
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LC002899 | |
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EXPLANATION | |
BY THE LEGISLATIVE COUNCIL | |
OF | |
A N A C T | |
RELATING TO INSURANCE -- INVESTMENTS BY DOMESTIC INSURANCE | |
COMPANIES | |
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1 | This act would repeal § 27-11.1-3 to eliminate the ten percent (10%) limitation on Schedule |
2 | BA assets. |
3 | This act would take effect upon passage. |
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