Relating to arbitration of disputes over insurance policy claims.
Catchline/Summary:
Requires all mandatory arbitration provisions in insurance policies between insureds in this state and insurers to make State Insurance Arbitration Board arbitrator. Requires all mandatory arbitration provisions in insurance policies between insureds in this state and insurers to make State Insurance Arbitration Board arbitrator. Requires Director of the Department of Consumer and Business Services to appoint members of board based upon public contracting process. Compensates members of board from state funds.
Allows insured to terminate arbitration proceedings filed after January 1, 2009, and before effective date of Act, and vacate decisions on such claims. Allows insured to refile such claims with State Insurance Arbitration Board.
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SB 713 Senate Committee On General Government, Consumer and Small Business Protection
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