| Prompt-payment laws instituted in Delaware in the fall of 2001 mean consumers should see faster payments of insurance claims, even as insurers say it puts undue burdens on their checkbooks.
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Commissioner Donna Lee Williams implemented rules that demand prompt
payment of claims by insurance companies after she received numerous
complaints from consumers about delayed payments and excuses from
insurers.
The newest regulation requires insurance
companies to pay settled claims within 30 days, whether settled by the
court or by unchallenged arbitration awards. It also requires insurers
to pay in a timely manner in cases where liability is "reasonably
clear," or where the case has been settled before court action has
taken place.
Insurance companies that violate the
regulation more than three times within three years are subject to
fines and possible license suspension or revocation.
Commissioner Williams says the regulations send a message to insurance companies that consumers will be protected in Delaware.
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