AN ACT RELATING TO INSURANCE -- RHODE ISLAND PROPERTY AND CASUALTY INSURANCE GUARANTY ASSOCIATION

HB 5549 amends Rhode Island’s Property and Casualty Insurance Guaranty Association rules to clarify how the association handles claims from insolvent insurers. It sets specific payment limits: up to $10,000 per policy for unearned premiums, $1 million for property claims (post-January 2026), and lower caps for older claims. The bill also details how insurers are assessed fees (capped at 2% of premiums) to cover these claims and outlines procedures for claim processing and administrative costs. *Note: The official abstract incorrectly mentions a "home hardening program"; the bill text focuses solely on guaranty association operations, not new funding for home hardening.* This is a procedural change affecting insurers and claimants in Rhode Island during insurer insolvencies.