New York S05343 amends insurance law to make payment of interest penalty and attorney fees the exclusive remedy for insurers that fail to make timely.

New York S05343 amends the insurance law to establish that payment of interest penalty and attorney fees to a claimant is the exclusive remedy when an insurer fails to make timely payment on a claim. The bill specifies that if a claim is not paid within thirty days after proof of the claim is submitted, the insurer must pay interest at a rate of two percent per month. Additionally, the claimant is entitled to recover reasonable attorney fees for services related to securing payment of the overdue claim.

New York S05343 amends insurance law to make payment of interest penalty and attorney fees the exclusive remedy for insurers that fail to make timely.

New York S05343 amends the insurance law to establish that payment of interest penalty and attorney fees to a claimant is the exclusive remedy when an insurer fails to make timely payment on a claim. The bill specifies that if a claim is not paid within thirty days after proof of the claim is submitted, the insurer must pay interest at a rate of two percent per month. Additionally, the claimant is entitled to recover reasonable attorney fees for services related to securing payment of the overdue claim.