Bill > S08262

This bill improves transparency and accountability in the insurance claims process for real property damage by establishing comprehensive new requirements for insurers, insurance adjusters, and technicians. The bill defines a "period of restoration" that includes the entire time necessary to inspect, evaluate, repair, and replace damaged property, and mandates that insurers provide additional living expenses and other specified services during this period. Key provisions include requiring insurers to acknowledge claims within five business days, provide detailed policy information, issue estimated payouts within 60 days, maintain complete claims records, and create accessible grievance procedures. The bill also establishes strict standards for appraisers, mandating they be competent and disinterested, with specific timelines for the appraisal process. Additionally, the legislation introduces licensing requirements for building consultants and independent adjusters, including mandatory training, ethics codes, and photo identification cards. Insurers face potential penalties for non-compliance, including fines, civil action by policyholders, and potential revocation of their business license. The bill aims to protect policyholders by ensuring more transparent, timely, and fair insurance claims handling practices.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/S8262