230-RICR-20-05-7. Automobile Theft and Insurance Fraud Assessment (version Periodic Refile, 12/19/2001 to 09/03/2002)

Page 1 of 2 Reg. # 83 State of Rhode Island and Providence Plantations DEPARTMENT OF BUSINESS REGULATION Division of Insurance 233 Richmond Street Providence, RI 02903 INSURANCE REGULATION 83 AUTOMOBILE THEFT AND INSURANCE FRAUD ASSESSMENT Table of Contents Section 1 Authority Section 2 Purpose Section 3 Definitions Section 4 Method of Funding Section 5 Payments Section 6 Failure to Comply Section 1 Authority This is promulgated pursuant to R.I. Gen. Laws § 31-50-4 and 42-14-17. Section 2 Purpose The purpose of this Regulation is to set forth the method by which payments made to fund The Office of Automobile Theft and Insurance Fraud are to be implemented. Section 3 Definitions For the purpose of this Regulation: A. "Director" means the Director of Business Regulation or his or her designee. B. "Insurer" means all persons, firms, corporations, or associations authorized to write automobile insurance in this state. C. "Superintendent" means the Superintendent of the State Police. D. "Market Share" means an insurer's percentage share of the total of the automobile liability and physical damage written premiums in this state in a calendar year. Page 2 of 2 Reg. # 83 Section 4 Method of Funding At such times as deemed appropriate by the Director, each insurer shall be notified in writing by the Department of Business Regulation of the amount owed which amount shall be (i) based upon the insurer's most recently determinable annual percentage market share on or before March 1 of each year, and (ii) equal to one ($1) dollar times the total of registrations of vehicles having a gross weight of ten thousand (10,000) pounds or less, as determined by the Director. The number of registrations of vehicles shall be obtained from the Registry of Motor Vehicles. Said amount may be collected by an insurer as a policy surcharge, separately identifiable on either the policy declaration page or billing. Section 5 Payments All amounts payable pursuant to Section 4 shall be remitted by the insurer within thirty (30) days of receipts of the written notification by the Department of Business Regulation of the amount owed. All payments shall be made by check payable to the General Treasurer and delivered to the Superintendent of the State Police for deposit in a restricted receipt account designated as The Office of Automobile Theft and Insurance Fraud Fund. Section 6 Failure to Comply Any insurer who fails to pay the amount owed pursuant to Section 4 may be subject to suspension or revocation of its license. EFFECTIVE DATE: April 6, 1994 AMENDED: November 3, 1998 REFILED: December 19, 2001