The bill amends Section 27-9.1-4 of the General Laws under the "Unfair Claims Settlement Practices Act" to define a "consumer accessible fair market value" for vehicle valuation. This definition includes several requirements: the valuation must be publicly available or accessible via electronic or print means, commonly used by the automotive industry and car-buying public, VIN-specific, and reflective of a vehicle's unique characteristics, including trim, options, prior damage, prior service, and prior ownership event information.

Additionally, the bill specifies that insurers must comply with these standards when settling claims for vehicles, regardless of the state where the insurance policy was issued. The act also includes provisions that require insurers to itemize deductions for prior damage, ensuring they are fair and reasonable, and mandates that insurers must dispose of or retain salvage appropriately.

The act is set to take effect upon passage.

Statutes affected:
5572: 27-9.1-4