Bill
Bill > H1303
summary
Introduced
02/27/2025
02/27/2025
In Committee
02/27/2025
02/27/2025
Crossed Over
Passed
Dead
Introduced Session
194th General Court
Bill Summary
Relative to payments following settlements by insurance companies. Financial Services.
AI Summary
This bill amends Chapter 175 of the Massachusetts General Laws by adding a new Section 113A that requires insurance companies to promptly pay settlement amounts to plaintiffs. Specifically, when a legal action for damages has been settled and an insurance company has agreed to cover all or part of the settlement on behalf of a defendant, the insurer must pay the agreed amount to the plaintiff within 21 days after the plaintiff provides a properly executed release document to the defendant. This provision aims to ensure more timely compensation for plaintiffs following the resolution of legal claims, preventing potential delays in payment that could create financial hardship for those who have reached a settlement agreement.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Joint Committee on Financial Services Hearing (10:00:00 5/13/2025 A-2) (on 05/13/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/194/H1303 |
| BillText | https://malegislature.gov/Bills/194/H1303.pdf |
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