Bill > S06595

This bill amends the insurance law to establish standards for the prompt investigation and settlement of claims arising from states of emergency and disasters. The key provisions include: (1) requiring insurers to acknowledge receipt of claims in writing and promptly inspect damaged property, if necessary; (2) allowing alternative proof of loss such as photographs and receipts; (3) requiring insurers to advise claimants within 15 business days whether the claim is accepted or rejected, with a possible 15-day extension; (4) requiring insurers to pay accepted claims within 3 business days of settlement; and (5) authorizing the Superintendent of Insurance to promulgate rules and regulations to implement these requirements.

Business and Industry

https://www.nysenate.gov/legislation/bills/2021/S6595