R.I. Gen. Laws § 36-13-5: Annuity and insurance contracts.

Notwithstanding any other provision of law to the contrary, those persons designated to administer the deferred compensation program are hereby authorized to make payments for the purchase of government securities, mutual funds, fixed or variable life insurance, or annuity contracts under the deferred compensation program. The payments shall not be construed to be a prohibited use of the general assets of the state, county, city, or other political subdivision.