SB 878: Insurance business practices.

The bill aims to regulate fire insurance claims in the state. It establishes deadlines for insurers to respond to claims, accept or deny claims, and take action to perform their obligations. Insurers that fail to meet these deadlines will be liable to the insured for interest on the accepted claim, along with attorney's fees. By January 2028, insurers must provide a prompt-payment compliance data report to the department, signed by a corporate officer. The report will detail each insurer's compliance with the deadlines. Starting July 1, 2028, the department will publish a quarterly report online, detailing each insurer's compliance data.