FL H0427

Requires 60 days' prior written notice to the Department of Financial Services and insurer before bringing a common-law bad faith action or statutory action against an insurer.

Notice must specify the statutory provision or common-law duty violated, facts and circumstances of the violation, amount of money the insurer failed to pay or tender (if applicable), individual(s) involved, and relevant policy language.

Eliminates the right to sue if the insurer pays the claimed damages or corrects the violation within 60 days of notice; insurer's tender of the amount demanded or applicable policy limits constitutes correction.

Provides that in third-party liability claims, the insured receives a general release from the claimant when the insurer tenders the demanded amount or policy limits.

Tolls the statute of limitations for 65 days from mailing of the notice required by this section; prevents recovery under both common-law bad faith and statutory remedies simultaneously.