RI S2775

Repeals 11 sections of Chapter 27-1 (Domestic Insurance Companies) related to charter forfeiture, receivership procedures, and court processes for insolvent insurers, consolidating these provisions elsewhere in insurance law

Repeals 3 sections of Chapter 27-2 (Foreign Insurance Companies) addressing reciprocal privileges for 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 panel created to evaluate actuarial methods for projecting hurricane losses in residential property insurance rate filings

Updates penalty provisions across multiple insurance chapters to replace specific criminal penalties and fines with references to the commissioner's general penalty authority under § 42-14-16

Adds new protections for insurers in holding company systems facing hazardous financial conditions, including requirements for deposits or bonds, data ownership provisions ensuring insurer control of records held by affiliates, and jurisdiction provisions for receivership proceedings