Rhode Island S2771 mandates insurance companies to settle claims or request additional information within 30 days of receiving a claim notice.

Rhode Island S2771 requires insurance companies to either settle claims or request additional information within 30 days of receiving a claim notice from an insured party. If the insurer fails to comply, it must pay a penalty of $250 per day to the insured party. Insured parties can file complaints with the Department of Business Regulation, which will investigate and order payment if the insurer is found in violation. The act does not limit the rights of insured parties to pursue civil action for breach of contract or bad faith.

Rhode Island S2771 mandates insurance companies to settle claims or request additional information within 30 days of receiving a claim notice.

Rhode Island S2771 requires insurance companies to either settle claims or request additional information within 30 days of receiving a claim notice from an insured party. If the insurer fails to comply, it must pay a penalty of $250 per day to the insured party. Insured parties can file complaints with the Department of Business Regulation, which will investigate and order payment if the insurer is found in violation. The act does not limit the rights of insured parties to pursue civil action for breach of contract or bad faith.