AN ACT RELATING TO INSURANCE -- INVESTMENTS BY DOMESTIC INSURANCE COMPANIES

SB 1047 repeals a 10% limit on certain investments held by domestic insurance companies in Rhode Island. It removes the restriction that previously capped investments in specific asset types - like oil/gas production payments, transportation equipment, timber deeds, mineral rights, and motor vehicle trust certificates - at 10% of a company's admitted assets. This change allows insurers to allocate a larger portion of their investment portfolios to these assets without the previous percentage constraint. The bill directly affects Rhode Island-based insurance companies that report these investments on their annual financial statements. The repeal took effect immediately upon the governor signing the bill on June 18, 2025.