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 requirements that the valuation figure 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 prior damage, prior service, and prior ownership event information. Insurers must comply with these standards when settling claims for vehicles registered in Rhode Island, regardless of where the insurance policy was issued. The act is set to take effect upon passage, with the new provisions becoming effective on January 1, 2025.

Statutes affected:
877: 27-9.1-4