New York S03673 amends the insurance law to hold insurers liable for refusal or unreasonable delay in paying policyholders if not substantially.

New York S03673 amends the insurance law by adding a new section that holds insurers liable for damages if they refuse to pay or unreasonably delay payment to policyholders, provided the refusal or delay was not substantially justified. The bill specifies instances where an insurer's refusal or delay is not substantially justified, including intentional negligence, failure to act in good faith, failure to provide a written denial of a claim, failure to make a final determination of a claim within six months, and failure to promptly proceed with the appraisal process.

New York S03673 amends the insurance law to hold insurers liable for refusal or unreasonable delay in paying policyholders if not substantially.

New York S03673 amends the insurance law by adding a new section that holds insurers liable for damages if they refuse to pay or unreasonably delay payment to policyholders, provided the refusal or delay was not substantially justified. The bill specifies instances where an insurer's refusal or delay is not substantially justified, including intentional negligence, failure to act in good faith, failure to provide a written denial of a claim, failure to make a final determination of a claim within six months, and failure to promptly proceed with the appraisal process.