RI INS Vehicle History Score Ins Rating


On Sep. 9, RI INS issued bulletin on vehicle history use in rating.


  • RI INS issued Bulletin 2024-8, vehicle history used in private passenger auto ins rating
  • According to rating provision RI INS 230-20-05-3, insurer may not otherwise alter premium for any loss(es) other than a chargeable accident or moving violation.
  • Vehicle History Scores
  • RI INS is aware that some vehicle history scores being used by insurers include losses that do not meet criteria of chargeable accident or occurred outside look back period.
  • Any rating program that utilizes such a factor is deemed to be in violation of the RI Rating statutes and regulations and insurers should cease using those scores.
  • Filing Deadline
  • Any insurer currently utilizing a non-compliant vehicle history score must submit a filing to RI INS via SERFF removing the non-compliant elements by Nov. 30, 2024.
  • These non-compliant rating elements shall not be included in future filings.

Regulators RI INS
Entity Types IB; Ins
Reference Bul 2024-8, 9/9/2024; Citation: RI INS 230-20-05-3;
Functions Actuarial and Valuation; Claims/Accelerated Benefits; Compliance; Operations; Reporting; Underwriting
Countries United States of America
Category
State
Products Auto/Motorcycle; Insurance; Insurance-Casualty
Regions Am
Rule Type Final
Rule Date 9/9/2024
Effective Date 11/30/2024
Rule Id 225417
Linked to N/A
Reg. Last Update 9/9/2024
Report Section US Insurance

Last substantive update on 09/11/2024