FYI this magic item limits the need for clerics in your party. It's properties are +1 Intelligence and -1 Constitiution. If your characters are receiving hit point bonuses for high constitution, when you put on the ring and then take it off it will heal your characters. I discovered it by accident before I identified the ring. It reduces the characters max hit points without reducing current hit points. So when you take off the ring it adds the lost Constitution bonus hit points to your current hit points. Voila, instant healing. Plus, since you can access inventory while the game is paused, you can heal in the middle of the battle. The only risk of death to a character is when they become paralyzed confused or otherwise removed from your control.

I think that's supposed to be fixed in the Official Patch, but until then it should work.