HB 451

Bill Subjects

Abstract

Court Judgment Interest Rates and Insurance Reports and Practices; Revises calculation that CFO performs to set rate of interest payable on judgments or decrees; requires OIR to create specified reports on insurance-related entities & compensation of executive officers for insurers, licensees, & registrants; revises factors office must consider in determining whether insurance rate is excessive, inadequate, or unfairly discriminatory; requires property insurers to send policyholders written estimate of amount of loss; specifies certain requirements for insurers when creating & sending such estimates; prohibits insureds & insurers from waiving such requirements; revises manner in which property insurer must respond to notice to initiate litigation; requires claimant & property insurer to participate in mandatory mediation; requires court to determine attorney fees in specified manner for cases arising from property insurance dispute; requires property insurers to disclose to policyholders dollar amount of credit or premium discount for mandatory binding arbitration endorsement.