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Subcommittee advances bill to let courts charge 15% interest on property-claim judgments
Summary
Senate Bill 726 would authorize courts to assess 15% interest on judgments for property insurance claims to encourage faster insurer settlements; the committee advanced the bill and recommended it to the next committee.
Representative Tedford presented Senate Bill 726 and told members the bill would permit courts to assess 15% interest on judgments in property insurance claims, similar to an existing state rule for uninsured motorist claims.
Tedford said the measure aims to shorten claim cycle times by creating an incentive for insurers to settle claims more quickly. The proposal would align property-claim judgments with a 15% post-judgment interest rate already applied in another context.
A motion to advance the bill was seconded, a recorded vote was opened and staff declared the bill passed and recommended it to the next committee. The transcript records Tedford saying "aye" during the roll call; the excerpt includes an ambiguous line "7 9 0 nay" but concludes with the committee declaring the bill passed.
Votes: The transcript records at least one affirmative voice (Tedford) and the chair declared the bill passed; a full roll-call tally was not provided in the excerpt.
What happens next: The committee recommended SB 726 to the next committee; the sponsor said the bill is intended to create an incentive for timelier insurer settlements.
