It is enacted by the General Assembly as follows:

SECTION 1. Section 27-32-7 of the General Laws in Chapter 27-32 entitled "Pension Profit and Annuity Plans" is hereby amended to read as follows:

27-32-7. Regulation of issuance and sale of agreements -- Rules and regulations. -- Notwithstanding any other provisions of law, the insurance commissioner shall have sole authority to regulate the issuance and sale of the agreements and to issue such reasonable rules and regulations as may be necessary to carry out the purposes and provisions of this chapter. {ADD Provided further the insurance commissioner shall license any person selling annuities . ADD}

SECTION 2. This act shall take effect upon passage.