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Commentary

New and Pending Regulations To Impact Claims, Underwriting Procedures

With differing effective dates, insurers must review and implement state-specific changes to several underwriting and claims functions.

By Kathy Donovan | Updated on June 12, 2013

This year is proving to be yet another challenging time for property and casualty (P&C) compliance professionals, especially those charged with identifying legislative changes and assessing their impact on the business. Both claims and underwriting functions are the subject of enacted and pending revisions.

A case in point is an upcoming claims settlement requirement in Virginia. Effective July 1, 2013, SB 984 outlines a new notification requirement for insurers in certain settlement situations. The requirement states if the insurer sends a settlement check of at least $5,000 to a claimant’s attorney they must also send notification of this action to the claimant directly. The insurer must also send a copy of the notice simultaneously to the attorney or representative of the claimant or judgment creditor.

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