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

SB 604 amends Rhode Island's Property and Casualty Insurance Guaranty Association law to clarify claim payment limits and assessment rules for insurers facing insolvency. It sets specific caps: $10,000 per policy for unearned premiums, $1 million for property losses (after 2025), and lower limits for older claims. The bill directly affects policyholders filing claims when insurers become insolvent and requires member insurers to pay assessments (capped at 2% of premiums) to cover these claims. The abstract's mention of a "home hardening program" appears inconsistent with the bill text, which focuses solely on adjusting the Guaranty Association's operational framework for handling insolvency claims.