Relating to administration of the Insurance Code; and declaring an emergency.
Catchline/Summary:
Permits Director of Department of Consumer and Business Services to seek restitution on behalf of consumer that suffered actual damages as result of insurer's violation of Insurance Code or breach of insurance contract or policy and to seek other equitable relief that director deems appropriate under circumstances. Permits Director of Department of Consumer and Business Services to seek restitution on behalf of consumer that suffered actual damages as result of insurer's violation of Insurance Code or breach of insurance contract or policy and to seek other equitable relief that director deems appropriate under circumstances. Provides that director's actions are exercise of director's regulatory authority and do not create cause of action for any other person.Requires director to acknowledge receiving complaint about insurer, to investigate complaint and to notify person that submitted complaint concerning results of investigation and director's determinations at periodic intervals.]
Declares emergency, effective on passage.
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SB 414
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