The bill amends Section 27-10.3-1 of the General Laws regarding the mandatory arbitration provision for motor vehicle liability insurance. It increases the threshold for claims that can be submitted to arbitration from $50,000 to $100,000. This means that any person suffering a loss due to the ownership, maintenance, or use of a motor vehicle can elect to submit their claim to arbitration if the amount is $100,000 or less. The bill outlines the process for selecting an arbitrator and conducting hearings, and it establishes the binding nature of the arbitrator's decision.

The act also requires individuals maintaining motor vehicle liability insurance to agree in writing to be bound by the provisions of this chapter when applying for or renewing a motor vehicle operator's license or registering a vehicle. The act is set to take effect upon passage.

Statutes affected:
8076: 27-10.3-1