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Lawmakers consider longer cure periods and clearer timelines for insurance notices and payouts
Summary
Several bills and witnesses addressed statutory notice timelines for nonrenewal, proposed 60-day cure periods, and a separate bill (S.787) to set timely loss-draft payout expectations and interest for delays.
Committee members reviewed several proposals that would change statutory timelines insurers must follow for nonrenewal notices and for insurance-related payments to homeowners.
Current statutory baseline and proposals: Industry witnesses said insurers currently must provide 45 days' notice for nonrenewals and are generally prohibited from canceling within 60 days of policy issuance except in limited circumstances. Several bills…
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