Relating to the duties of insurers; declaring an emergency.
Catchline/Summary:
Provides that insurer that has duty to defend insured against claim has fiduciary duty toward insured if insurer does defend against claim. Provides that insurer that has duty to defend insured against claim has fiduciary duty toward insured if insurer does defend against claim. Provides that if insurer defends claim under reservation of rights or if insured has potential liability that exceeds policy limits, insurer shall provide independent counsel that represents only insured. Prevents insurer from participating in defense, controlling settlement and contesting coverage if insurer breaches insurer's duty to defend. Specifies insurer's liability for damages if insurer breaches duty to defend.
Prohibits insurer from taking position in action brought on insurance policy that is inconsistent with statement or representation insurer made to Director of the Department of Consumer and Business Services when seeking approval for language in insurance policy. Requires director to keep record of insurer's statements and representations and make record available as public record.
Includes tractor or equipment designed for and ordinarily used on farm within uninsured motorist coverage unless tractor or equipment is used on public highway.
Requires Department of Consumer and Business Services to make information available about complaints against insurer for unfair claim settlement practices.
Becomes operative 91 days after effective date of Act.
Declares emergency, effective on passage.
Chapter Number:
Fiscal Impact:
May Have Fiscal Impact, But No Statement Yet Issued
Revenue Impact:
May Have Revenue Impact, But No Statement Yet Issued
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