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.
Claims Settlement Practices
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
