SB 417

Bill Subjects

Insurance Generally Loans

Abstract

Requires a mortgagee that is a joint payee of available insurance proceeds (proceeds) on a claim for property loss to an insured building or other structure to deposit the proceeds in a separate and segregated account. Provides that an insured is entitled to the interest accrued on proceeds held in a separate and segregated account, which shall be payable at the time of the final distribution of the proceeds.