Current through September 18, 2024
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.
