House Speaker K. Joseph Shekarchi on May 1 said two major employers are seeking regulatory relief on investments, as the General Assembly heads into the homestretch of this year’s legislative session.
A year ago, Citizens Bank made a similar late-session request that lawmakers ultimately approved to change how banks are taxed. They approved the request to ensure the company kept its headquarters in the state.
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Shekarchi says Amica Mutual Insurance Co. and commercial property insurer FM are now asking state leaders to lift Rhode Island’s 10% cap on the percentage of assets the companies can have in certain investments “to level the playing field” with Massachusetts, which has no such cap. Such investments could bring higher yields but also greater risks.
Shekarchi said he’s willing to try to work with the companies.
Lawmakers are wrestling with proposals to increase taxes and cut spending to curb a budget deficit now estimated to be $300 million.
