Iowa SF2196 mandates a 72-hour waiting period before settling motor vehicle insurance claims.

Iowa SF2196 introduces a waiting period of 72 hours before settling motor vehicle insurance claims. Insurers are prohibited from settling or attempting to settle claims within the first 72 hours after an event. During this period, an insurer's duty to promptly settle a claim is suspended. Violators face a cease and desist order, civil penalties from $1,000 to $50,000, and potential suspension or revocation of their business license.

Iowa SF2196 mandates a 72-hour waiting period before settling motor vehicle insurance claims.

Iowa SF2196 introduces a waiting period of 72 hours before settling motor vehicle insurance claims. Insurers are prohibited from settling or attempting to settle claims within the first 72 hours after an event. During this period, an insurer's duty to promptly settle a claim is suspended. Violators face a cease and desist order, civil penalties from $1,000 to $50,000, and potential suspension or revocation of their business license.