It is enacted by the General Assembly as follows:

SECTION 1. Section 27-7.1-24 of the General Laws in Chapter 27-7.1 entitled "Workers' Compensation Insurance" is hereby amended to read as follows:

27-7.1-24. Transition -- Insurers and an advisory organization are not required to immediately refile rates previously approved. For three (3) five (5) years after July 7, 1998, any member or subscriber of an advisory organization is authorized to continue to use all rates and deviations filed or approved for its use until the insurer makes its own filing to change its rates, either by making an independent filing and adopting an advisory organization's approved prospective loss costs, or modifications thereof. No advisory organization shall file, and the department of business regulation shall not accept a filing by an advisory organization, as to proposed changes in rates previously approved unless such filing shall include relevant data through July 7, 2003.

SECTION 2. This act shall take effect upon passage.