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IN SB0155
Bill
Status
1/3/2019
Primary Sponsor
Lonnie Randolph
Click for details
AI Summary
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Prohibits property and casualty insurers from denying, excluding, or limiting payment on claims made by an "innocent coinsured" — a person who did not cooperate in or intentionally contribute to a property loss caused by another insured party
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Defines innocent coinsured as someone who signs a sworn affidavit attesting to their lack of involvement and cooperates with claim investigations, police investigations, and any criminal prosecution
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Limits insurer payments to the innocent coinsured's ownership interest in the property or the policy coverage limits, whichever is less
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Repeals several existing provisions including requirements that the other insured must have died or been criminally charged, the 60% minimum settlement threshold, and explicit insurer subrogation rights
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Effective July 1, 2019, applying to policies entered into, amended, or renewed after June 30, 2019
Legislative Description
Coverage of innocent coinsured. Prohibits certain actions by a property or casualty insurer with respect to an innocent coinsured, including denying payment on a claim and refusing to issue or renew a policy.
Last Action
First reading: referred to Committee on Insurance and Financial Institutions
1/3/2019