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CT SB00275
Bill
Status
2/26/2014
Primary Sponsor
Insurance and Real Estate Committee
Click for details
AI Summary
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Repeals requirement that insurers deposit interest amounts less than one dollar into a separate interest-bearing account for donation to University of Connecticut Health Center at year-end.
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Maintains existing requirement that insurers pay accident and health claims within specified timeframes (60 days for paper claims, 20 days for electronic claims) or pay 15% annual interest plus penalties.
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Effective October 1, 2014, amending Connecticut General Statutes Section 38a-816 regarding unfair insurance practices.
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Simplifies claims payment procedures by eliminating administrative burden of tracking and depositing de minimis interest amounts.
Legislative Description
An Act Concerning The Interest Due A Claimant Or Health Care Provider From An Insurer Where Such Amount Is Less Than One Dollar.
Last Action
Public Hearing 03/04
2/28/2014