Repeals ยง 27-11.1-3 to eliminate the ten percent (10%) limitation on Schedule BA assets.
Impact
The elimination of the ten percent cap is intended to empower domestic insurance companies to diversify their investment portfolios and potentially increase their profitability. This change could encourage investments in a broader range of asset classes, potentially enhancing the financial stability and growth prospects of these companies. However, it may also raise concerns about the risks associated with less restricted investments in various sectors, including oil and gas production and timber, which are among the types of assets that could be included under the proposed regulations.
Summary
House Bill 6315 aims to modify regulations concerning the investment capabilities of domestic insurance companies in the state. Specifically, it seeks to repeal Section 27-11.1-3 of the General Laws, which currently imposes a ten percent limitation on the aggregate investments in assets listed in Schedule BA of a domestic insurance company's annual report. By removing this restriction, the bill aims to provide greater flexibility for these companies in how they manage and invest their admitted assets.
Contention
While proponents argue that Bill H6315 allows for more robust investment strategies that can benefit the overall economy, critics may express concerns regarding inadequate oversight and potential conflicts arising from investments that exceed previous limitations. The discussion surrounding the bill highlights the ongoing tension between the need for economic flexibility for businesses and the necessity for regulatory measures that protect consumers and ensure the stability of the insurance market.
Creates business tax credit for, eliminates sale tax on, eliminates income tax on the sale of, and creates a 10 year tax valuation freeze on newly renovated affordable housing.
Repeals the sunset for the small business assistance program and permanently extends the program beyond the scheduled expiration date of December 31, 2024.
Includes the offense of second-degree sexual assault among the offenses to which there shall be no statute of limitations and provides for a ten (10) year statute of limitations for third-degree sexual assault.
Includes the offense of second-degree sexual assault among the offenses to which there shall be no statute of limitations and provides for a ten (10) year statute of limitations for third-degree sexual assault.
Awards all members of the pension system a three and one-half percent (3.5%) annual benefit adjustment applied to the first thirty thousand dollars ($30,000) of a member's retirement allowance.
Requires that the school housing aid ratio shall be increased by ten percent (10%) for projects that ensure Rhode Island based minority business enterprises reach a minimum of twenty percent (20%) of the dollar value of the bid.