H1439: Resolution of Disputed Property Insurance Claims

Legislative Summary

Requires, rather than authorizes, parties to property insurance claims dispute to participate in mediation; provides that mediation is condition precedent to commencing litigation; removes provisions relating to eligibility of claims for mediation; provides that parties may mutually agree to conduct mediation by teleconference or by telephone; requires all insureds, or representative thereof, to personally attend mediation; revises & specifying duties as to bearing certain costs of mediation; requires, rather than authorizing, DFS to adopt certain rules; emergency rules; requires policyholder to provide insurer with certain documents within certain timeframe after mediation is invoked; revises conditions under which policyholder has certain timeframe to rescind settlement.