General Bill
Civil Actions Against Insurers:
Authorizes insured to bring civil action against insurer when insured is damaged by commission of specified acts by insurer; revises notice requirements related to such civil actions; requires insured & any person demanding settlement to cooperate with insurer with regard to facilitating settlement; requiries notice of such actions to contain specified information; deletes exemption for third-party claimant; provides that no action shall lie if damages are paid or circumstances giving rise to insurer's violation are corrected within specified period; extends period for which applicable statute of limitations may be tolled; provides for preemption of other civil remedies; requires insured to prove that insurer's refusal to settle was unreasonable in specified actions; provides that insurer of insured or insureds is not liable for extracontractual damages for failing to pay the insurer's policy limits; provides that insurer that tenders policy limits is entitled to release from its insured if claimant accepts tender; provides circumstances under which civil cause of action does not exist; provides that insured is not prohibited from assigning cause of action to injured third-party claimant for insurer's failure to act fairly & honestly toward its insured & with due regard for insured's interest.
Effective Date:
July 1, 2009
Last Event:
Died in Insurance, Business & Financial Affairs Policy Committee on Saturday, May 2, 2009 12:00 AM
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Subject
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Relationship
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Bill #:
SB 1650
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Subject:
Civil Actions Against Insurers [CPSC]
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Relationship:
Similar
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