Rhode Island Department of Business Regulation News

R.I. Regulators: Insurers Must Pay ‘Fair Market Value’ for Total Loss Vehicles

Rhode Island’s Department of Business Regulation, Insurance Division, issued a bulletin Monday stating that pursuant to the state law, auto insurers must pay the “fair market value” for a vehicle that is declared a total loss. R.I. Gen. Laws § …

NCCI Proposes Increase for Workers’ Comp Loss Costs in Rhode Island

The National Council on Compensation Insurance (NCCI) recently delivered a workers’ compensation loss cost filing to the Rhode Island Department of Business Regulation. Based upon its review of the most recently available data, NCCI has proposed on Nov. 25 an …

Rhode Island Approves 7.4% Workers’ Comp Loss Cost Increase

The Rhode Island Department of Business Regulation approved this month a 7.4 percent overall voluntary loss cost increase for new and renewal workers’ compensation policies. The change will take effect in August. The National Council on Compensation Insurance (NCCI) had …