The general assembly finds and declares that:

(1)  Rhode Island has a proud history of health insurance companies including health insurance corporations, health maintenance organizations, nonprofit hospital service corporations, and nonprofit medical service corporations doing business in this state;

(2)  Nationally and regionally, insurance corporations, health maintenance organizations, hospital service corporations, and medical service corporations, are being consolidated or are departing from some state insurance markets. Rhode Island is one of twelve (12) states with three (3) or fewer health insurers active in the group insurance market;

(3)  One reason cited for the departure of health insurers from the state of Rhode Island is the size of our population. States with larger populations offer a greater opportunity for competition and profit; and

(4)  A regional approach to health insurance that joins Rhode Island’s health insurance market with those of the other New England states may expand the opportunities for regional insurers to offer insurance in Rhode Island.