Executive Order 97-07
June 6, 1997
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WHEREAS, the existing insurance regulatory framework; contains incomplete, outdated, confusing and contradictory provisions which present both unnecessary obstacles to insurance companies seeking to do business in Rhode Island and misleading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.
This Executive Order shall take effect immediately on the date hereof.