Bill Summary

by Caldwell  CS Sponsors: Insurance & Banking Subcommittee

Insurance Claims: Provides requirements under property insurance policy for post-loss assignment of claims or policy provisions not related to liability coverage; provides requirements for an agreement to assign such claims; provides limitations on assignee's rights to collect money from, sue, or claim lien on property of, policyholder; revises timeframe for paying undisputed benefits owed under first-party property insurance policies; authorizes an insurer to require notice of loss within specified time; revises timeframes for an insurer to acknowledge communications, begin investigations, & pay or deny claims; authorizes insurer to limit scope of certain repairs; revises Homeowner Claims Bill of Rights to conform to changes made by act.Effective Date: July 1, 2016

   H Insurance & Banking Subcommittee
» H Regulatory Affairs Committee