New York S08262 amends the insurance law to improve transparency in the insurance claims process, regulate insurance adjusting professionals.

New York S08262 amends the insurance law by adding new sections and modifying existing ones to improve transparency in the insurance claims process. It regulates insurance adjusting professionals, institutes licensing standards for insurance professionals, ensures timely responses to insurance claims, and enhances policyholder protections. The bill mandates insurers to acknowledge claims within five business days, issue estimated payouts within sixty days, and provide detailed explanations for any claim denials or reductions.

New York S08262 amends the insurance law to improve transparency in the insurance claims process, regulate insurance adjusting professionals.

New York S08262 amends the insurance law by adding new sections and modifying existing ones to improve transparency in the insurance claims process. It regulates insurance adjusting professionals, institutes licensing standards for insurance professionals, ensures timely responses to insurance claims, and enhances policyholder protections. The bill mandates insurers to acknowledge claims within five business days, issue estimated payouts within sixty days, and provide detailed explanations for any claim denials or reductions.