New Auto Body Labor Rate Survey Regulations
Posted on Mar 4, 2016 in Insurance Regulation | Comments Off on New Auto Body Labor Rate Survey Regulations
The Rhode Island Department of Business Regulation recently adopted amendments to regulations in the Division of Insurance and the Division of Commercial Licensing governing auto body labor rate surveys. The amendments provide that insurers writing less than 1% of the total premium volume of auto insurance during the prior year can either voluntarily conduct a survey or adopt a labor rate filed by another insurer; clarify that the department will publish a list of insurers with more than a 1% market share every year on May 1; and incorporate language from 2015 legislative changes on the prevailing labor rate formula.
