September 19, 2020
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611489
  Amendment
Bill No. 1937
Amendment No. 611489
CHAMBER ACTION
Senate House
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1Representative(s) Johnson offered the following:
2
3     Amendment (with title amendment)
4     Between lines 1296 and 1297, insert:
5     Section 17.  (1)  All property insurance contracts issued
6in this state shall include the following provisions:
7     (a)  Property insurers shall reimburse all claims or any
8portion of any claim from an insured or an insured's assignees,
9for payment under a property insurance policy, within 60 days
10after receipt of notice of the claim by the property insurer. If
11a claim or a portion of a claim is contested by the property
12insurer, the insured and the insured's assignees shall be
13notified in writing that the claim is contested or denied,
14within 60 days after receipt of the notice of claim by the
15property insurer. The notice that a claim is contested shall
16specifically identify the contested portion of the claim and the
17specific reasons for contesting the claim.
18     (b)  A property insurer, upon receipt of the additional
19information requested from the insured or the insured's
20assignees, shall pay or deny the contested claim or portion of
21the contested claim within 90 days.
22     (c)  An insurer shall pay or deny any claim no later than
23120 days after receiving notice of the claim.
24     (d)  Payment shall be treated as being made on the date a
25draft or other valid instrument which is equivalent to payment
26was placed in the United States mail in a properly addressed,
27postpaid envelope, or, if not so posted, on the date of
28delivery.
29     (e)  All overdue payments shall bear simple interest at the
30rate of 10 percent per year.
31
32In the event of a violation of this section, the insurer is
33liable to the insured or an insured's assignees for incidental
34and consequential damages in addition to any other damages
35permitted by law.
36
37
38================ T I T L E  A M E N D M E N T =============
39     Between lines 107 and 108 insert:
40specifying required provisions in property insurance
41contracts; imposing liability on insurers for damages for
42specified violations;


CODING: Words stricken are deletions; words underlined are additions.
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