Chapter 391

2008 -- S 2403

Enacted 07/08/08

A N A C T

RELATING TO INSURANCE -- FIRE AND MARINE INSURANCE RATING

Introduced By: Senator Leo R. Blais

Date Introduced: February 12, 2008

It is enacted by the General Assembly as follows:

     SECTION 1. Chapter 27-6 of the General Laws entitled "Fire and Marine Insurance

Rating" is hereby amended by adding thereto the following section:

27-6-8.2. Premium reduction for fire code safety prevention. – Every schedule of

rates, rating plan, or rating system for commercial property insurance filed with the commissioner

shall provide for a reduction of, or credit in premium for insureds that install and maintain fire

prevention and suppression equipment and/or other equipment that has been demonstrated to

minimize or lessens an insured loss from fire including, but not limited to, sprinkler system,

alarms, and any other equipment required or recommended by the state of Rhode Island for fire

safety and/or prevention. Insurers shall also provide for a reduction of, or credit in premium for

the use of building materials and/or building techniques that have been demonstrated to minimize

or lessen an insured loss from fire. Any reduction of, or credit in premium required by this section

must be actuarially supported and information sufficient to document such support must be

included in the filing to the department.

     SECTION 2. This act shall take effect on January 1, 2009.

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LC01773

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