Pennsylvania HB2854 amends insurance law to require municipalities to return unused fire loss claim proceeds to insured parties.

Pennsylvania HB2854 amends the Insurance Company Law of 1921 to mandate that municipalities return any unused proceeds from fire loss claims to the insured party. If a municipality fails to provide proof of completed repairs or securing of the damaged property within 120 days, it must use the proceeds for repairs. The insured party can file a civil action to recover the proceeds if the municipality fails to return them within three years of receiving them or one year after the effective date of this amendment, whichever is later. The act takes effect 60 days after enactment.

Pennsylvania HB2854 amends insurance law to require municipalities to return unused fire loss claim proceeds to insured parties.

Pennsylvania HB2854 amends the Insurance Company Law of 1921 to mandate that municipalities return any unused proceeds from fire loss claims to the insured party. If a municipality fails to provide proof of completed repairs or securing of the damaged property within 120 days, it must use the proceeds for repairs. The insured party can file a civil action to recover the proceeds if the municipality fails to return them within three years of receiving them or one year after the effective date of this amendment, whichever is later. The act takes effect 60 days after enactment.