Chapter 198
2012 -- S 2388 SUBSTITUTE A
Enacted 06/11/12
A N A C T
RELATING TO
INSURANCE - UNFAIR COMPETITION AND PRACTICES
Introduced By: Senator Roger Picard
Date Introduced: February 15, 2012
It is enacted by the General
Assembly as follows:
SECTION 1. Section 27-29-17.5 of the General Laws in Chapter
27-29 entitled "Unfair
Competition and
Practices" is hereby amended to read as follows:
27-29-17.5.
Insured's right to loss information. [Effective January 1, 2012.] --
(a)
Upon written request by the first named insured
or such insured's authorized agent or broker, the
insurer shall provide the following loss information, for the
period of time coverage has been
provided by the insurer or for five (5) years whichever is
less, within fourteen (14) days of such
request:
(1) Information on
closed claims, including date and descriptions of occurrence, and
payments; and
(2) Information on open
claims, including date and description of occurrence, and
amounts of any payments and or loss reserves;
and.
(3) Information on
notice of any occurrences, including date and description of
occurrence.
(b) Nothing in this
section shall affect the confidentiality requirements pursuant to
chapter 5-37.3 and to insurance regulations 99 (privacy of
consumer financial information) and
100 (privacy of consumer health information) as
promulgated by the department of business
regulation.
(c) This section shall
not apply to life, accident, health, personal automobile,
homeowner's, dwelling and boat, personal recreational vehicles,
personal excess liability,
personal umbrella, or reinsurance policies, nor shall it
apply to loss reserves or notices of
occurrences for the following policies:.
(1) Medical
malpractice and medical professional liability insurance;
(2) Liability
insurance for clinical trials, kidnap and ransom; and
(3) Commercial
property for highly protected risks as defined in paragraph 27-65-
1(a)(4)(i);
provided, however, for commercial property for highly protected risk policies
as herein
defined, all loss reserves or notices of occurrences shall be
required in the event of the non-
renewal or cancellation of the insured.
(d) Notwithstanding
any other provision of this section, loss reserve information for
claims subject to a documented coverage dispute between the
insurer and the insured need not be
provided to the first named insured or such insured’s
authorized agent or broker.
SECTION 2. This act shall take effect upon passage.
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LC01457/SUB A
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