Bill > HB447

This bill amends Kentucky law (KRS 304.12-230) to add a new provision to the existing list of unfair claims settlement practices in the insurance industry. Specifically, the bill makes it an unfair practice for an insurance company to alter an independent, staff, or public adjuster's report related to a homeowner's insurance claim without providing the insured (homeowner) with detailed documentation about the alteration. For each modification that reduces or materially changes the estimate of loss, the insurance company must provide: a detailed description of the alteration, a detailed explanation for why the change was made, the name of the person who ordered the alteration, and the date the alteration occurred. This addition aims to increase transparency in the claims adjustment process and protect homeowners by ensuring they are fully informed about any modifications to professional damage assessments that could potentially reduce their insurance claim's value. The bill is part of a broader set of regulations designed to prevent insurance companies from engaging in unfair or deceptive practices when handling insurance claims.

Business and Industry

https://apps.legislature.ky.gov/record/25RS/hb447.html