The bill amends Section 27-9.1-4 of the General Laws under the "Unfair Claims Settlement Practices Act" to redefine the criteria for what constitutes unfair claims practices by insurers. It increases the threshold for requiring an appraisal of motor vehicle damages from $2,500 to $5,000 and mandates that appraisals be conducted within four business days of a request. The bill also specifies that fair market values, as recognized by the automotive or insurance industry, must be used to determine vehicle values.

This act will take effect upon passage.

Statutes affected:
7604: 27-9.1-4