RI Fund Seeks to Borrow From Other Lines to Fund Deficit

A bill scheduled to come before the Rhode Island House of Representatives for a vote today would allow the Insurers' Insolvency Fund to borrow up to $14 million a year from other Rhode Island P&C lines, including auto insurers, to finance an anticipated shortfall of nearly $1 million in its workers' compensation account.Four large out-of-state carriers went out of business last year, placing considerable strain on the Insolvency Fund, and placing the account into a projected deficit.Though carriers in the state must contribute up to 2% of their premiums into the fund, the state's largest carri...