2012 -- S 2388 SUBSTITUTE A

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LC01457/SUB A

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STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2012

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A N A C T

RELATING TO INSURANCE - UNFAIR COMPETITION AND PRACTICES

     Introduced By: Senator Roger Picard

     Date Introduced: February 15, 2012

     Referred To: Senate Corporations

It is enacted by the General Assembly as follows:

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     SECTION 1. Section 27-29-17.5 of the General Laws in Chapter 27-29 entitled "Unfair

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Competition and Practices" is hereby amended to read as follows:

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     27-29-17.5. Insured's right to loss information. [Effective January 1, 2012.] -- (a)

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Upon written request by the first named insured or such insured's authorized agent or broker, the

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insurer shall provide the following loss information, for the period of time coverage has been

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provided by the insurer or for five (5) years whichever is less, within fourteen (14) days of such

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request:

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      (1) Information on closed claims, including date and descriptions of occurrence, and

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payments; and

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      (2) Information on open claims, including date and description of occurrence, and

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amounts of any payments and or loss reserves; and.

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      (3) Information on notice of any occurrences, including date and description of

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occurrence.

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      (b) Nothing in this section shall affect the confidentiality requirements pursuant to

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chapter 5-37.3 and to insurance regulations 99 (privacy of consumer financial information) and

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100 (privacy of consumer health information) as promulgated by the department of business

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regulation.

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      (c) This section shall not apply to life, accident, health, personal automobile,

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homeowner's, dwelling and boat, personal recreational vehicles, personal excess liability,

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personal umbrella, or reinsurance policies, nor shall it apply to loss reserves or notices of

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occurrences for the following policies:.

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      (1) Medical malpractice and medical professional liability insurance;

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      (2) Liability insurance for clinical trials, kidnap and ransom; and

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      (3) Commercial property for highly protected risks as defined in paragraph 27-65-

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1(a)(4)(i); provided, however, for commercial property for highly protected risk policies as herein

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defined, all loss reserves or notices of occurrences shall be required in the event of the non-

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renewal or cancellation of the insured.

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     (d) Notwithstanding any other provision of this section, loss reserve information for

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claims subject to a documented coverage dispute between the insurer and the insured need not be

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provided to the first named insured or such insured’s authorized agent or broker.

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     SECTION 2. This act shall take effect upon passage.

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LC01457/SUB A

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N A C T

RELATING TO INSURANCE - UNFAIR COMPETITION AND PRACTICES

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     This act would provide that loss reserve information for claims subject to a documented

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coverage dispute between an insurer and an insured need not be provided to the first named

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insured or such insured’s authorized agent or broker.

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     This act would take effect upon passage.

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LC01457/SUB A

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