Bill > SB1342

This bill establishes detailed requirements for "time-limited offers" in insurance settlements, creating a standardized process for how liability insurers and claimants can negotiate claim resolutions. The bill mandates that any time-limited settlement offer must be in writing, clearly labeled, and include specific material terms such as the claim number, loss date, claimant names, a firm acceptance deadline (at least 30 days from offer date), the requested monetary payment or policy limits, a complete release of all current and future claims, agreement to satisfy medical liens, a description of known injuries, medical expenses, payment delivery date, and contact information for acceptance. The offer must also include supporting documentation like unredacted medical records, billing statements, and invoices. The bill further specifies that insurers are not liable for extracontractual damages (damages exceeding insurance policy limits) for injuries or losses not identified in the original offer. The legislation also provides protections for both claimants and insurers by allowing clarification requests and extensions during the offer period without constituting a rejection, and by defining key terms like "tortfeasor," "party," and "time-limited offer" to create clear legal parameters for these settlement negotiations.

Budget and Finance

https://apps.azleg.gov/BillStatus/BillOverview/82737