RI H8219

Applies to property and casualty insurers writing over $10 million in direct premiums in Rhode Island, prohibiting them from underwriting or investing in new fossil fuel projects starting July 1, 2026, with full phase-out of all fossil fuel underwriting and investments required by January 1, 2035.

Requires covered insurers to file annual reports by July 1, 2028 disclosing fossil fuel investments, financed emissions, underwriting premiums for fossil fuel companies, and progress toward compliance, with CEO/CFO certification of accuracy.

Establishes a structured withdrawal process for insurers seeking to exit Rhode Island markets, requiring one-year advance notice to policyholders, public hearings, director approval, and a minimum three-year phase-out period unless a replacement carrier is approved.

Imposes penalties for noncompliance including administrative fines proportional to market share and net profits, up to 0.01% of profits per day for continuing violations, and potential suspension or revocation of the insurer's certificate of authority.

Directs the Department of Business Regulation to submit biennial reports to the governor and legislature on implementation progress, climate risk actions, and effects on insurance affordability for low-income and underserved communities.