Executive Order 95-21
August 22, 1995
WHEREAS, the creation of jobs and investment in the State of Rhode Island through business expansion and recruitment is of the highest importance; and
WHEREAS, the financial services industry, which includes insurance, banking, and diverse investment services and related activity, has been identified as a major target for greater development because it supports creation of a wide range of good jobs and new investment with minimal environmental impact; and
WHEREAS, Rhode Island has demonstrated itself to be a competitive location for several highly successful firms in the financial services industry and has modernized key aspects of its insurance laws in recent years.
NOW, THEREFORE, I, LINCOLN ALMOND, by virtue of the authority vested in me as Governor of the State of Rhode Island, hereby order as follows:
I. That the Rhode Island Insurance Development Task Force be established to develop a legislative and regulatory agenda to establish Rhode Island as a highly competitive state in which to domicile companies in one or more segments of the insurance industry; and
II. The members of this Task Force shall consist of the Director of Economic Development, who will provide staff support to this Task Force in the course of its work, the Director of Taxation, the Director of Business Regulation, six representatives from the private sector with expertise in the insurance industry; namely, Kenneth Nails of AMICA Mutual Insurance Company, Shivan Subramaniam of Allendale Mutual Insurance Company, Roger Messier of Butler & Messier, Inc., Charles Kwoiek of AIPSO, Peter Mezei of Lefkowitz, Garfinkel, Champi & DeRienzo, John Partridge, Esquire of Partridge, Snow & Hahn, Frank Ray, Esquire of Peabcdy & Arnold, who will serve as chair, and a representative from the General Assembly, Senator William Irons.
III. The Task Force shall evaluate present Rhode Island insurance law and regulations as they may affect decisions by insurance companies to domicile or locate facilities in Rhode Island and shall:
A. Identify any existing advantages in comparison to other states for the recruitment of new insurance company investment in Rhode Island; and
B. Identify specific insurance industry segments which may be especially likely to expand or reorganize in ways which would lead to new facility formation; and
C. Identify the specific legal and regulatory barriers to insurance industry expansion in Rhode Island which can be corrected through legislative or regulatory action; and
D. Develop specific legislation, in consultation with industry experts, regulators, leadership in the General Assembly, and economic developers, designed to position Rhode Island as the most competitive United States location for one or more target segments of the insurance industry; and
E. Report its findings, recommendations, and legislative and regulatory proposals to the Governor, the Economic Policy Council, and to the Rhode Island Insurance Commission not later than November 30, 1995 for review and introduction at the next session of the General Assembly.
This Executive Order shall take effect immediately upon the date hereof.