Proposed Fla. Legislation Limits Policyholder Rights
April 4, 2013, 8:32 PM EDT
Law360, New York (April 4, 2013, 8:32 PM EDT) -- During the current legislative session, Florida House Representative Kathleen Passidomo introduced HB 813, which as originally proposed significantly altered a policyholder’s right to obtain a “common law” remedy when a liability carrier acts in bad faith by not settling a claim within policy limits.
To satisfy its duty of good faith, an insurance carrier must: (1) advise its policyholder of settlement opportunities; (2) advise of the likely outcome of the litigation; (3) advise of the possibility of a judgment that would exceed the limits of the...
Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.