Effective Jan. 1, 2007, all Rhode Island resident insurance producers are required to carry errors and omissions insurance coverage as a condition of obtaining and retaining their insurance producer license.
Individual resident insurance producers may satisfy this requirement with a policy in the name of the licensed firm insuring each licensee employed by the firm. Licensees are required to maintain copies of all E&O policies and shall make the information available to the public and the Rhode Island Insurance Division upon request.
The failure to maintain E&O insurance may result in the suspension or revocation of the resident insurance producer license.
The statute does not prescribe any minimum limits so producers should use their best judgment in the purchase of the policy, according to the Department of Business Regulation.
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