Residential property insurance: loss estimate transparency.
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Majority
Fiscal committee
No
Appropriation
No
Current location
In Floor Process
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed Assembly
- To Governor
- Became Law
Overview
This bill aims to increase transparency in residential property insurance claims by expanding the definition of ‘claim-related documents’ to include all valuation, measurement, and loss adjustment calculations. Currently, policyholders can request documents detailing how an insurer calculates loss amounts, but this bill broadens that scope to encompass all relevant documentation. The bill also addresses potential criminal penalties for insurers who fail to provide this information promptly.
Key provisions
- Expands the definition of ‘claim-related documents’ to include all valuation, measurement, and loss adjustment calculations.
- Requires insurers to provide policyholders with copies of claim-related documents within 15 calendar days of a request.
- Establishes a misdemeanor for insurers who fail to provide these documents.
- Provides that no reimbursement is required for local agencies or school districts due to the bill’s changes.
- Updates the standard form fire insurance policy to reflect these changes.
- Clarifies that attorney work product and privileged documents are excluded from required disclosures.
- Specifies requirements for providing a complete policy copy to the insured within 30 calendar days of request.
- Outlines procedures for appraisal in case of disagreement between insurer and insured.
Who is affected
- Residential property insurance policyholders
Bill text
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Sponsors
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4 on record
Primary sponsor
Cosponsors
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