An Act to provide prompt payment following settlement by insurance company
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill aims to ensure that individuals receive prompt payment after an insurance company settles a claim. It seeks to streamline the payment process following a settlement, reducing delays and improving the experience for those affected. The bill intends to clarify and expedite the disbursement of funds from insurance companies to their policyholders. It addresses concerns about the timeliness of payments after a claim settlement.
Key provisions
- Requires insurance companies to provide prompt payment following a settlement.
- Specifies a timeframe for payment disbursement after settlement.
- Establishes procedures for addressing payment delays.
- May include requirements for insurance companies to provide clear documentation of the settlement.
- Focuses on improving the efficiency of the claims payment process.
Who is affected
- Policyholders
- Insurance Companies
- Individuals seeking compensation after a claim
Notable changes
- Likely aims to reduce delays in receiving funds after a settlement.
- May establish standards for payment timelines.
Bill text
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Sponsors
Official sponsors from legislative records.
2 on record
Primary sponsor
Jeffrey N. Roy
Cosponsor
Jeffrey N. Roy
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