Rhode Island Code of Regulations
Title 230 - Department of Business Regulation
Chapter 20 - Insurance
Subchapter 05 - Personal Lines - Automobile and Homeowners Insurance
Part 7 - Automobile Theft and Insurance Fraud Assessment (230-RICR-20-05-7)
Section 230-RICR-20-05-7.4 - Method of Funding
Universal Citation: 230 RI Code of Rules 20 05 7.4
Current through September 18, 2024
A. At such times as deemed appropriate by the Director, each insurer shall be notified in writing by the Department of Business Regulation of the amount owed which amount shall be
1. based upon the insurer's most recently
determinable annual percentage market share on or before March 1 of each year,
and
2. equal to one ($1) dollar
times the total of registrations of vehicles having a gross weight of ten
thousand (10,000) pounds or less, as determined by the Director.
B. The number of registrations of vehicles shall be obtained from the Registry of Motor Vehicles. Said amount may be collected by an insurer as a policy surcharge, separately identifiable on either the policy declaration page or billing.
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