Header, the Administration of the Honorable Lincoln C. Almond
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Executive Order 97-07
June 6, 1997


COMMISSION TO STUDY INSURANCE STATUTES

WHEREAS, the insurance industry is one of Rhode Island's leading industries, providing a significant source of employment to the people of Rhode Island; and

WHEREAS, the Director of the Department of Business Regulation is responsible for the regulation and control of insurance activities within the State; and

WHEREAS, the existing insurance regulatory framework; contains incomplete, outdated, confusing and contradictory provisions which present both unnecessary obstacles to insurance companies seeking to do business in Rhode Island and misleading information to consumers of insurance products in this State; and

WHEREAS, the State needs complete, clear and consistent insurance statutes in order co maintain an attractive business environment while at the same time protecting the-rights of consumers.

NOW, THEREFORE, by virtue of the authority vested in me as Governor of the State of Rhode Island and Providence Plantations, I hereby order as follows:

1. A Commission to Study Insurance Statutes is hereby established.

2. The Commission shall review all existing insurance statutes and shall recommend to the Governor changes designed co improve and update Rhode Island's insurance statutory framework.

3. The Commission shall be appointed by and serve at the pleasure of the Governor and shall be comprised of no fewer than seven (7) and no more than fifteen (15) members. The Chairperson of the Commission shall be the Director of the Department of Business Regulation or designee.

4. To assist the Commission in developing strategies and actions plans, the Chairperson of the Commission may organize and appoint any subcommittees deemed necessary or appropriate. Each subcommittee shall consist of no fewer than three (3) and no more than seven (7) members and need not consist solely of Commission members.

5. All State agencies shall cooperate and assist the Commission to the fullest extent possible.

6. The Commission shall issue a report to the Governor no later than December 31, 1998, summarizing its findings, stating its conclusions and recommending any statutory changes co the insurance laws of the State.

This Executive Order shall take effect immediately on the date hereof.


Lincoln Almond
Governor