Brandon Lewis and the team at Strategic Claim Consultants celebrate the news. Keeping reading to learn more:
Policyholders in Georgia won big recently when the Georgia Department of Insurance passed the new regulation, Rule 120-2-52-.03(3), which imposes guidelines for insurance carriers.
The new regulation provides specific timelines insurance companies must abide by when adjusting insurance claims. For too many years in the state of Georgia, insurance policyholders have had to wait months, sometimes even years, to receive coverage decisions on their insurance claims. Rule 102-2-52-.03(3) aims to eliminate any unnecessary delays that have been inherent in the claims process by setting a definitive time limit a carrier must adhere to in providing claim adjustments and coverage decisions.
One of the most favorable aspects of the regulation is that it applies to “losses arising from fire or extended coverage type policies.” In Georgia, these perils are often covered by homeowner’s and commercial insurance policies and, as such, according to respected legal opinion, this regulation directly applies to property insurance policies – an historic first of its kind regulation in Georgia.
The regulation also requires carriers to complete “a coverage investigation […] to affirm or deny [coverage] within thirty (30) days” of a policyholder putting the carrier on notice of a loss, so long as the underlying insurance policy does not require a proof of loss. If a proof of loss is required, the insurance company will have “sixty (60) days [after] receiving the completed proof of loss” to affirm or deny liability. The new rule will expedite adjustments and will provide relief to many policyholders in Georgia by limiting undue delay on behalf of the carrier.
To view the new regulation, please access it through the following link: Rule 120-2-52-.03(3) Standards for Prompt and Fair
Credit and thanks to: Remington Huggins/Huggins Law Firm, LLC