NY A06010

Creates the "Fair Insurance Settlement Practice Act (FISPA)" establishing 14 specific unfair claim settlement practices, including misrepresenting policy provisions, failing to promptly investigate claims, refusing to pay without reasonable investigation, and offering substantially less than amounts ultimately recovered in litigation

Grants policyholders a private right of action in supreme court to sue insurers for damages and equitable relief, including injunctions, for violations of the unfair settlement practices provisions

Requires claimants to send a written demand for relief to the insurer at least 30 days before filing a lawsuit, giving insurers an opportunity to make a settlement offer that could limit recovery if found reasonable by the court

Authorizes double damages plus costs and attorneys' fees when an insurer's unlawful practice is found to be willful and committed with intent to defraud

Prohibits insurers from requiring policyholders to waive their right to a jury trial for disputes arising from violations of this section, and bars insurers from refusing to issue or renew policies solely because a policyholder has filed a claim under this law

Takes effect 90 days after becoming law, with the jury trial waiver prohibition applying only to insurance contracts entered into after the effective date