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