Bill > SB466

This bill modifies provisions relating to settlement demands made to liability insurers. It defines key terms such as "extracontractual damages" (damages exceeding the liability insurance policy limit) and "settlement demand" (an offer to settle a claim within the insurer's policy limit). The bill outlines specific requirements for a settlement demand to be considered a reasonable opportunity to settle, including being in writing, sent by certified mail, remaining open for at least 90 days, and containing certain material terms. The bill also specifies requirements for the information that must accompany the settlement demand, and it prohibits certain settlement demands from being considered reasonable or admissible in lawsuits alleging extracontractual damages against the insurer.