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Committee approves raising statutory insurer penalty from 12% to 25% in SB 350
INSURANCE & COMMERCE - SENATE · March 7, 2023
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Summary
Senate Bill 350, presented as a companion measure to strengthen sanctions for insurers that improperly deny or delay claims, would raise the statutory penalty recoverable by insureds from 12% to 25%. The committee voted to report the bill passed to the floor.
Sen. Bryant and other sponsors presented Senate Bill 350 as a targeted change to increase the statutory sanction available to insureds when a court finds an insurer improperly denied coverage. The sponsor described the change as increasing the deterrent effect of the penalty: "It moves us…
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