RI H7859

Repeals 11 sections of Chapter 27-1 (Domestic Insurance Companies) covering charter forfeiture procedures, receiver powers, asset collection/distribution, and penalties for failing to deliver records to receivers

Repeals 3 sections of Chapter 27-2 (Foreign Insurance Companies) related to reciprocal privileges of nonresident insurance producers, penalties for unlawful business ($100-$500 fines), and violation reporting requirements

Eliminates the Rhode Island Commission on Hurricane Loss Projection Methodology, an 8-member expert panel created to evaluate actuarial methods for projecting hurricane losses in residential property insurance rate filings

Consolidates enforcement penalties across multiple insurance chapters by replacing specific fine amounts and criminal penalties with references to § 42-14-16, the commissioner's general penalty authority

Adds new protections for insurers in holding company systems facing hazardous financial conditions, including requirements for deposits or bonds, data segregation provisions, and affiliate jurisdiction over receivership proceedings