The bill amends Section 27-9-4 of the General Laws in Chapter 27-9, titled "Casualty Insurance Rating," to introduce new regulations regarding the establishment of automobile insurance rates. Key provisions include prohibiting insurance companies from considering factors such as education level, race, ethnicity, disability, occupation, income, credit scores, gender, and geographic location when determining premiums or eligibility for coverage. Instead, insurers are required to rely solely on the individual's driving record.

The act also specifies that no insurance company organized to do business within the state shall make any distinction or discrimination in the premiums or rates charged for automobile insurance policies based on the aforementioned factors. Additionally, the bill states that any stipulation or condition made that requires the insured to accept any less sum than the full value of the policy in case of a claim shall be void.

The act is set to take effect on January 1, 2026, applying to any automobile insurance policies issued or renewed on or after that date.

Statutes affected:
5416: 27-9-4