Washington HB2399 prohibits post-loss assignment of benefits in property insurance, ensuring policyholders retain control over their claims.

Washington HB2399 aims to protect policyholders by prohibiting the post-loss assignment of benefits in property insurance. This means that once a claim is filed, policyholders cannot transfer their rights and benefits to a third party. Exceptions include retaining a licensed public adjuster, an attorney, a federally insured financial institution, mortgagee, or subsequent purchaser of the property, and liability coverage under personal or commercial line insurance policies. The bill also restricts solicitation of such assignments and allows the commissioner to impose fines for violations.

Washington HB2399 prohibits post-loss assignment of benefits in property insurance, ensuring policyholders retain control over their claims.

Washington HB2399 aims to protect policyholders by prohibiting the post-loss assignment of benefits in property insurance. This means that once a claim is filed, policyholders cannot transfer their rights and benefits to a third party. Exceptions include retaining a licensed public adjuster, an attorney, a federally insured financial institution, mortgagee, or subsequent purchaser of the property, and liability coverage under personal or commercial line insurance policies. The bill also restricts solicitation of such assignments and allows the commissioner to impose fines for violations.