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 before the filing date. Additionally, post-judgment interest will be calculated using the same rate.

The bill removes the previous fixed interest rate of twelve percent per annum and the specific provisions regarding its application, particularly in cases of medical malpractice. The new language clarifies that the updated interest calculation will not apply until the entry of judgment. This act will take effect upon passage.

Statutes affected:
1014: 9-21-10