What Do YOU Expect?

disaster · Site Admin Joined: 01 Jan 1970 Posts: 2

RULES...they are changing

Excerpt from the book,"Policy Ensurance" -- http://www.disasterprepared.net/contents.html

Both the N.A.I.C Unfair Claims Settlement Practices Model Regulation (previous model) and the NAIC Unfair Property/Casualty Claims Settlement Practices Model Regulation (current model) were reprinted by permission of the National Association of Insurance Commissioners. The two are included for reference so policyholders are aware of the rules change.

There are conspicuous differences in the old versus the current model. The first noticeable difference is the statement under Section 1. Authority: The old model specifies that insurance companies are prohibited from engaging in unfair claims settlement practices with such frequency as to indicate a general business practice and that those acts shall constitute an unfair or deceptive act or practice in the business of insurance. The current model merely says, "This regulation is adopted under the authority of the Unfair Claims Settlement Practices Act." An average policyholder reading this current model would probably not understand what is or is not a violation of the regulation because the wording that gave that explanation has now been eliminated...

Full article is here.

Your Insurance: You Know What to Expect