NU Online News Service, July 29, 1:50 p.m. EDT
The majority of the American public is not overly supportive of legislation allowing policyholders to file first-party bad-faith lawsuits, the Insurance Research Council (IRC) said in a new report.
IRC conducted the study as several states are seeking to enact legislation that would allow policyholders to file lawsuits alleging their insurer acted in "bad faith" when settling claims.
In addition to authorizing these lawsuits, IRC said some of the proposed legislation would allow courts to impose punitive damages and other costs against the insurer when such lawsuits are successful.
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