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CO SB094
Bill
AI Summary
- Entitles first-party claimants to reimbursement from insurers for reasonable costs incurred to substantiate a property and casualty insurance claim if the initial claim denial is overturned
- Applies when a claimant obtains payment for a wholly denied claim or receives payment exceeding the insurer's initial offer on a partially denied claim
- Defines "first-party claimant" by reference to existing Colorado statute section 10-3-1115
- Takes effect July 1, 2022 and applies to claims filed on or after that date
- Includes a safety clause declaring the act necessary for immediate preservation of public peace, health, or safety
Legislative Description
Insurer Liability For Property And Casualty Claims
Last Action
Senate Committee on Business, Labor, & Technology Postpone Indefinitely
2/16/2022
Committee Referrals
Business, Labor, & Technology1/28/2022
Full Bill Text
No bill text available