R.I. Gen. Laws § 42-34-13
Mortgages insured by the authority under this chapter and participations therein are hereby made legal investments for all public officers and bodies of this state and all municipalities and municipal subdivisions, all insurance companies and associations, and other persons carrying on an insurance business, all banks, bankers, trust companies, savings banks and savings associations, including savings and loan associations, building and loan associations, investment companies and other persons carrying on a banking business, all credit unions, all administrators, guardians, executors, trustees, conservators, and other fiduciaries, pension, profit-sharing and retirement funds and all other persons whatsoever who are now or may hereafter be authorized to invest in obligations of the state, may properly and legally invest funds, including capital, in their control or belonging to them.
R.I. Gen. Laws § 42-34-13