S2487 (2023-24 session)

NY State bill

Provides that an insurer doing business in this state shall be liable to a policy holder for such insurer's refusal to pay or unreasonable delay of payment to the policy holder if such refusal or delay was not substantially justified; enumerates instances whereby an insurer's refusal or delay of payment is not substantially justified including intentional negligence, failure to act in good faith, failure to provide written denial of claim, failure to make final determination of claim within six months, and failure to promptly proceed with the appraisal process.

Title
Relates to unfair claim settlement practices
Type
New York State Senate bill
Session
2023-24 session
Status
In Senate Committee
Latest action date
2024-01-03
In committee
Insurance
Introduced
2023-01-20
Same as
A1119
Law section
Insurance Law

Sponsors

Heard in committee

Same as

Sources