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 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 also be calculated using the same Treasury bill rate.

The bill removes the previous fixed interest rate of twelve percent per annum. It also eliminates specific provisions related to medical malpractice actions that were previously exempt from this interest calculation. The new language clarifies that the updated interest calculation applies universally to civil actions. This act will take effect upon its passage.

Statutes affected:
7033: 9-21-10