Insurance Regulation 110-Residential property insurance-Hurricanes
230-RICR-20-05-13 INACTIVE RULE EMERGENCY RULE
|Title||230||Department of Business Regulation (includes the Office of the Health Insurance Commissioner)|
|Subchapter||05||Personal Lines - Automobile and Homeowners Insurance|
|Part||13||Insurance Regulation 110-Residential property insurance-Hurricanes|
|Type of Filing||Adoption|
|Effective||04/30/2008 to 08/24/2008|
R.I. Gen. Laws §§ 27-5-3.7, 27-29-4(7), 27-29-4.1 and 42-14-17.
Purpose and Reason:
The purpose of this Regulation is to implement R.I. Gen. Laws § 27-5-3.7. This regulation applies to residential property insurance policies issued or renewed in Rhode Island on or after July 1, 2008. This regulation is not applicable to commercial insurance policies.
Brief statement of Reason for Finding Imminent Peril:
Notice is hereby given, in accordance with R.I. Gen. Laws 42-35-3(b), that the Department of Business Regulation (“Department”) finds an imminent peril to the public health, safety, or welfare requiring immediate adoption of Insurance Regulation 110 – Residential Property Insurance – Hurricanes. The regulation is designed to implement the provision of R.I. Gen. Laws § 27-5-3.7. The The Department finds that this emergency regulation is necessary as R.I. Gen. Laws § 27-5-3.7 becomes effective for insurance policies issued or renewed after July 1, 2008. As quotes for renewal policies are commonly issued sixty (60) days prior to renewal, the public welfare would be placed in imminent peril if the regulation did not become effective immediately. The emergency adoption of this regulation remains effective for one hundred and twenty days (120) from the effective date. The Department intends to hold a public hearing on the regulation and finalize the same within that time period.