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Committee sends HB6435 to floor shifting arbitration costs to insurers; exception if claimant rejects pre-arbitration offer
Summary
The committee approved HB6435 to require insurance companies rather than the Department of Insurance to pay arbitration hearing costs for automobile physical and property damage arbitration, with an exception when a claimant rejects an insurer's pre-arbitration offer.
The Insurance and Real Estate Committee voted to send HB6435, concerning the automobile physical and property damage arbitration process, to the floor with proposed substitute language that changes which party pays arbitration hearing costs.
Under the substitute language presented, insurance companies — not the Department of Insurance (DOI) — would bear the costs associated with arbitration hearings. Committee presenters explained the substitute clarifies that those costs are incurred by…
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