The bill amends Section 27-9.1-4 of the General Laws under the "Unfair Claims Settlement Practices Act" to define "consumer accessible fair market value" for vehicle valuation. This definition includes specific criteria that such a valuation must meet: it 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 and options, prior damage, prior service, and prior ownership event information.

Additionally, the bill introduces new provisions regarding the handling of claims, particularly in relation to auto body repair shops and the payment processes involving public adjusters. It specifies that insurers must not limit or discount repair costs based on charges from their preferred shops if the insured chooses a different repair facility. Furthermore, it establishes guidelines for insurers regarding the payment of claims when a public adjuster is involved, ensuring that the adjuster receives their fee while also protecting the rights of the insured and any other interested parties. The act is set to take effect upon passage.

Statutes affected:
877: 27-9.1-4