NCOIL Insurance Certificate Law May Aid Carriers In Court
By Bibeka Shrestha
Law360, New York (November 20, 2012, 10:23 PM EST) -- The National Conference of Insurance Legislators on Sunday greenlighted a model act to help stop certificates of insurance from being used to deceive contractors, mortgage lenders and others about available coverage, a proposal that attorneys say would also curtail court battles over whether carriers can be held liable under these policy snapshots.
NCOIL's Certificates of Insurance Model Act lets state insurance departments issue cease-and-desist orders and slap fines on parties that ask insurance agents and brokers to provide false or misleading certificates of insurance. These policy...