The bill amends Section 9-21-10 of the General Laws in Chapter 9-21, which pertains to the calculation of interest in civil actions. It establishes that in any civil action resulting in a verdict for pecuniary damages, the court clerk will add interest to the damages amount from the date of filing the civil action. This interest will be calculated at a rate equal to the coupon issue yield equivalent, as determined by the United States Secretary of the Treasury, based on the average accepted auction price for the last auction of fifty-two-week U.S. Treasury bills settled immediately preceding the date of filing the action. Additionally, post-judgment interest will also be calculated using the same Treasury bill rate.

The bill removes the previous fixed interest rate of twelve percent per annum and the stipulation that interest accrues from the date the cause of action accrued. It also eliminates specific provisions regarding medical malpractice actions that were previously exempt from this interest calculation. The changes aim to standardize the interest calculation method in civil actions and ensure it reflects current economic conditions as determined by Treasury bill yields. The act will take effect upon passage.

Statutes affected:
5179: 9-21-10