Rhode Island S2011 amends insurance regulations to require insurers to notify policyholders of coverage reductions or nonrenewals.
Rhode Island S2011 amends the regulations on the cancellation and renewal of liability and property damage insurance for automobiles, homeowners insurance, and residential fire insurance. Insurers must provide policyholders with the reasons for cancellation or nonrenewal and must give at least 30 days' written notice of any coverage reductions or premium increases over 20%. Violation of these provisions constitutes a deceptive trade practice, punishable by a fine of up to $1,000. The act takes effect upon passage.
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