230 R.I. Code R. 230-RICR-20-05-9.10

Current through December 3, 2024

Section 230-RICR-20-05-9.10 - Information to be Filed with the Department

A. Each insurer writing liability insurance for Rental Properties in Rhode Island shall file with the Department annually, prior to February 1 of each year, a report detailing the following information with regard to personal and commercial lines for the prior calendar year. The insurer shall utilize the "Information Concerning Lead Liability Coverage" set forth in a bulletin issued for that purpose.

1. The number of policies in force covering Rental Properties for which the insurer wrote any Liability Coverage and the total direct written premium for the liability coverage provided;

2. The number of policies in force covering Rental Properties for which the insurer wrote liability coverage and excluded Lead Liability Coverage by endorsement and the total direct written premium for the liability coverage provided;

3. The number of Rental Properties for which notice of eligibility to the FAIR Plan was given by the insurer;

4. The average premium for policies including Lead Liability Coverage;

5. The average premium for policies excluding Lead Liability Coverage;

6. Claim information including the number of claims made, settlements or judgments under Lead Liability Coverage and the total amount of payments made for Lead Liability during the calendar year;

7. Disclosure of underwriting rules restricting business based upon age or geographic location of the risk and the legal basis for said rule; and

8. Identification of the type(s) of Prima Facie Evidence of Compliance which the insurer is accepting for Compliant Rental Properties.

B. Each Surplus Lines Broker procuring liability insurance for Rental Properties in Rhode Island shall file with the Department annually, prior to February 1 of each year, a report detailing the following information with regard to personal and commercial lines for the prior calendar year. The insurer shall utilize the "Information Submitted by Surplus Lines Broker Regarding Lead Liability Coverage" set forth in a bulletin issued for that purpose.

1. The number of policies in force covering Rental Properties for which the Surplus Lines Broker placed any liability coverage and the total direct written premium for the liability coverage provided;

2. The number of policies in force covering Rental Properties for which the Surplus Lines Broker placed liability coverage which excluded Lead Liability Coverage and the total direct written premium for the liability coverage provided;

3. The average premium for policies procured including Lead Liability Coverage;

4. The average premium for policies procured excluding Lead Liability Coverage;

5. The identity of Approved Surplus Lines Insurers with whom the Broker placed insurance for Rental Properties by policy count.

C. The FAIR Plan shall file with the Department annually, prior to February 1 of each year, a report, detailing the following information with regard to personal and commercial lines for the prior calendar year.

1. The number of applications received for either Stand Alone Lead Liability Coverage or general liability coverage which includes Lead Liability Coverage;

2. The number of Rental Properties for which the FAIR Plan wrote general liability coverage;

3. The number of Rental Properties for which the FAIR Plan wrote general liability coverage which included Lead Liability Coverage;

4. The number of Rental Properties for which the FAIR Plan wrote Stand Alone Lead Liability Coverage;

5. With regard to the Stand Alone Lead Liability policies, the identity of the insurer writing the general liability insurance reported as the number of policies per insurance company;

6. The number of Rental Properties for which Lead Liability Coverage was offered by the FAIR Plan and rejected by the insured;

7. The number of properties rejected for Lead Liability Coverage by the FAIR Plan in accordance with § 9.11 of this Part;

8. The average premium for Stand Alone Lead Liability Coverage;

9. The average premium for general liability coverage which included Lead Liability Coverage;

10. The number of Compliant Rental Properties for which the FAIR Plan wrote Stand Alone Lead Liability Coverage;

11. The number of Non-Compliant Rental Properties for which the FAIR Plan wrote Stand Alone Lead Liability Coverage;

12. The geographic location, by zip code or other method approved in advance by the Department, of all Compliant Rental Properties for which the FAIR Plan provided Lead Liability Coverage; and

13. The geographic location, by zip code or other method approved in advance by the Department, of all Non-Compliant Rental Properties for which the FAIR Plan provided Lead Liability Coverage

D. An insurer or Surplus Lines Broker that fails to make such filing will be subject to administrative action pursuant to R.I. Gen. Laws § 42-14-16 and Chapter 42-35.

230 R.I. Code R. 230-RICR-20-05-9.10