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Various newly enacted and pending legislative changes target P&C claims and underwriting functions, with differing effective dates. This will present challenges throughout the year for those tasked with assessing the impact on the business while ensuring compliance. A case in point is a newly instated claims settlement requirement in Virginia.

Effective July 1, 2013, SB 984 outlines notification parameters for insurers in certain settlement situations. The requirement states if the insurer sends a settlement check of at least $5,000 to a claimant’s attorney, then it must also send notification of this action to the claimant directly. Additionally, the insurer must send a copy of the notice simultaneously to the attorney or representative of the claimant or judgment creditor.

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